The law on Caveat Emptor was summarized in 1960 by Professor Bora Laskin as follows:
“Absent fraud, mistake or misrepresentation, a Purchaser takes existing property as he finds it, whether it be dilapidated, bug-infested or otherwise uninhabitable or deficient in expected amenities, unless he protects himself by contract terms.”
Bora Laskin rose to sit on the Supreme Court of Canada as the Chief Justice of that Court. However, the extremity of that Statement has now been modified by Statute and Common Law. The general principal of Caveat Emptor remains the governing principle …