The doctrine of caveat emptor was the rule of law governing disputes from the sale of residential real property. Seller’s disclosures were not required. The seller of real property was not liable or responsible to the buyer for a defective condition in the real property that existed at the time the seller transferred possession to the buyer. A purchaser bought real property at his or her own risk. A seller had no duty to communicate the existence of latent defects unless the seller represented that such a defect did not exist.