(A) Let the purchaser take heed ; that is, let him see to it, that the title he is buying is good. This is a rule of the common law, applicable to the sale and purchase of lands and other real estate. If the purchaser pay the consideration money, he cannot, as a general rule, recover it back after the deed has been executed; except in cases of fraud, or by force of some covenant in the deed which has been broken. The purchaser, if he fears a defect of title, has it in his power to protect himself by proper covenants, and if he fails to do so, the law provides for him no remedy. (B) A phrase that applies to as-is goods or products being sold. The buyer must beware of the fact that the product may contain defects and imperfections which, after the sale and exchange of money has taken place, is final and not subject to refunds should defects be found later. As such, a buyer is warned to perform a good inspection prior to purchase. Recent legal consumer protections and implied warranties have limited the full import of the buyer beware phrase, e.g. Lemon Law.
Law Dictionary – Alternative Legal Definition
Let the buyer take care. This maxim summarizes the rule that the purchaser of an article must examine, judge, and test it for himself, being bound to discover any obvious defects or imperfections. Caveat emptor, qui ignorare non detrait quod jus alienum emit. Hob. 99. Let a purchaser beware, who ought not to be ignorant that he is purchasing the rights of another.