'Caveat Emptor,' a Latin phrase meaning 'let the buyer beware,' is a fundamental principle in real estate transactions. It emphasizes the responsibility of buyers to thoroughly inspect and review the property themselves, utilizing due diligence, except for latent defects, which are hidden or concealed defects not immediately detectable during an inspection.
An Inspection Addendum or Clause is an agreement within a real estate contract that allows a buyer to inspect the property before finalizing the sale, enabling negotiations or cancellation based on inspection results.
The Scope of Work is a detailed explanation of the work program undertaken to conduct an appraisal assignment, outlining the research and methods used. It is required by the Uniform Standards of Professional Appraisal Practice (USPAP).
