High Quality Content by WIKIPEDIA articles! Caveat emptor, is Latin for "Let the buyer beware". Generally, caveat emptor is the property law doctrine that controls the sale of real property after the date of closing. The modern trend in the US, however, is one of the Implied Warranty of Fitness that applies only to the sale of new residential housing by a builder-seller and the caveat emptor rule applies to all other sale situations (i.e. homeowner to buyer). Many other jurisdictions have provisions similar to this. In addition to the quality of the merchandise, this phrase also applies to the return policy. In most jurisdictions, there is no legal requirement for the vendor to provide a refund or exchange. In many cases, the vendor will not provide a refund but will provide a credit. In the cases of software, movies and other copyrighted material many vendors will only do a direct exchange for another copy of the exact same title.

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