This article will cover some classic uses of the Latin language in the context of the law. Hopefully by the end of this article, you will gain an appreciation for how the law has evolved from simple principles to cover a broad range of situations that can affect you as a home owner.
The first Latin expression we will cover is caveat emptor. This expression may be the most widely used Latin expression in real estate law. This legal principle means that buyers have an obligation to perform due diligence before making their purchase, since a buyer may assume the risk of defects or issues with the property unless the seller actively concealed or misrepresented those defects. This area of the law is complex and it is advisable to speak with a legal representative if you discover issues after closing your home.
Next, we will cover “consensus ad idem”, and this means a meeting of the minds. This is a central principle to the formation of a valid contract because both parties have to understand and accept the same terms for any agreement to be binding. For example, if both parties to a contract agree to transact a certain parcel of land, but both are mistaken regarding the size of the lot, this mutual mistake could render an agreement void. A seller is often not liable for damages if the misrepresentation was innocent and if both parties relied on mistaken or incorrect data. Circumstances vary and legal advice is recommended if you find yourself in this situation.
Last, we will cover the meaning of Bona Fide. This Latin expression is often seen in the mainstream media as meaning “legitimate”. When it comes to buying property, a bona fide purchaser is someone who pays for land and holds no knowledge of any competing legal claims to the property. For example, if a fraudster sells property that they do not own, a bona fide purchaser who buys the land without notice of the fraud and pays fair value may still gain good title. Previous owners or claimants to the land may have remedies against the fraudulent seller, but they typically cannot reclaim the property back from a bona fide purchaser. This is especially important today and given the risk of fraud or other unknown title issues. Residential real estate lawyers will typically order title insurance for home buyers as a way to minimize the legal costs that can be involved if such claims arise post-closing.
For all of your real estate needs, do not hesitate to reach out to Liddiard Law!
(905) 932-5437
4-3305 Harvester Rd
