What does the phrase "caveat emptor" mean?

The phrase "caveat emptor," which translates from Latin to "let the buyer beware," emphasizes that it is the buyer's responsibility to conduct due diligence before making a purchase. This principle is particularly relevant in transactions where the seller may not disclose all information about the product or property being sold. It places the burden of checking the quality and suitability of the item or service on the buyer, thereby encouraging careful consideration and investigation prior to any purchase.

In real estate, for instance, this means that buyers should be proactive in researching property conditions, market value, and any potential issues before committing to a sale. Understanding this phrase is crucial for both buyers and real estate professionals, as it highlights the importance of making informed decisions in transactions.