Years ago, caveat emptor was the rule in real estate transactions. A home buyer's own inspection was considered reliable in determining if the house was structurally sound and habitable. Today, the situation is different. Potentially troublesome conditions in a house are easily concealed, and inspection by the buyer may not reveal latent defects. For this reason, the doctrine of implied warranty has replaced caveat emptor in many jurisdictions.
Deborah C. Welsh,
Virginia's Reaction to an Implied Warranty in Real Estate Transactions: Bruce Farms, Inc. v. Coupe,
U. Rich. L. Rev.
Available at: http://scholarship.richmond.edu/lawreview/vol13/iss2/12