Also known as: emptor · emtors · emptors · buyer · caveat emptor
Written by attorneys · grounded in primary & secondary sources — see below
A buyer or purchaser in a transaction for the sale of land or goods.
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Edgar Evers contracted to purchase land from Emerald Enterprises. A recorded lien remained unreleased at closing. Edgar refused to proceed because the title failed the marketability standard. He recovered his deposit and pursued damages.
Esther Eisenberg signed a land sale contract with Enigma Technologies. Fire destroyed the building before closing. Esther remained obligated to pay the full price under equitable conversion principles.
Elliot Edmonds rightfully rejected defective goods from Echo Systems. He retained a security interest in the goods for payments made and expenses incurred. Elliot resold the goods to recover his outlays.
Ella Emerson agreed to buy property from Echelon Security. An unreleased easement clouded the title. Ella rescinded when the seller failed to cure before closing.
Eva Espinosa produced a buyer ready to purchase on the seller's terms. The seller refused to close in bad faith. The broker still recovered the commission.
Elise Everly entered a binding land contract with Emerald Enterprises. A storm damaged the structures before deed delivery. Elise had to pay the full contract price.
Title must be free from reasonable doubt so that a prudent purchaser with full knowledge would accept it. Recorded liens or gaps in the chain render it unmarketable and allow the buyer to refuse performance.
Once a valid land sale contract forms, the buyer is treated as owner of the land. In most jurisdictions the buyer therefore bears the risk of destruction before closing and must still pay the price.
The buyer obtains a security interest in the goods for payments made and expenses incurred. The buyer may hold and resell the goods in the same manner as an aggrieved seller.
…of earning a reasonable return; (3) the structure is no longer suitable to its past or present purposes; and (4) the prospective buyer intends to alter the landmark structure. In the event the owner demonstrates that the property in its present state is not earning a reasonable return, the Commission must either find…