While seller disclosure requirements have become a part of residential real estate transactions, caveat emptor still applies to commercial real estate transactions in Florida. Caveat emptor is Latin for let the buyer beware. It is a warning to the purchaser that he is assuming the risk that the property might be either defective or unsuitable to his needs.
Every commercial real estate transaction should be based on a contract that has been drafted for the specific transaction and clients. Luxury real estate attorneys are beneficial for drafting as well as other aspects of a real estate transaction. Provisions in the contract should address the various issues that may arise and the options for relief. A buyer should use due diligence to discover latent defects because the seller is not required to disclose any known latent defects.