Which principle states that buyers are responsible for investigating the value and condition of property?

The doctrine that states buyers are responsible for investigating the value and condition of property is indeed the Doctrine of Caveat Emptor. This principle, often translated as "buyer beware," signifies that it is the buyer's responsibility to conduct due diligence on a property before completing a purchase. Under this doctrine, buyers must investigate the property's condition, including any defects or issues that may not be immediately apparent.

This principle emphasizes that sellers are not obligated to disclose all conditions or potential issues with the property; rather, the onus is on the buyer to take the initiative in assessing the property. This approach encourages buyers to conduct thorough inspections and inquiries regarding the property's characteristics and history.

In the context of real estate transactions, understanding the Doctrine of Caveat Emptor is crucial because it shifts the responsibility to the buyer, making them aware that they should not rely solely on representations made by the seller or agents. This is particularly relevant in New Jersey, where the doctrine serves as a foundational concept in real estate law, informing buyers about the need for vigilance during their purchasing process.