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The legal term of the week is, “caveat emptor.” Latin for “let the buyer beware,” it’s a term often used in the context of real estate transactions to imbue in buyers the need to complete their due diligence. While subject to a few exceptions, the principal of caveat emptor is presently alive and well. In general, a buyer has the duty to inspect the property and obtain as much information about it as possible, while the seller is limited in what they need to disclose to the buyer. One major exception is that a seller cannot actively conceal defects from the buyer that are otherwise not readily discoverable or ascertainable. And, there are statutory disclosures that sellers of real property must make to buyers including knowledge of the presence of lead paint in a home and septic system compliance.