The simplest meaning for Caveat Emptor is BUYER BEWARE. This means that the buyer is responsible to find any problems with the home that may affect the decision to purchase the home. The seller is required to disclose any health and safety factors that they know but the definition is broad and not specifically outlined. Therefore, the responsibility to find out the condition of the home and area is the responsibility of the buyer. Buyers can get assistance with this task from their Real Estate Agent. But, once the purchase is consummated based upon certain purchase agreements the home closes in an "As is" condition.
It is incumbent on the buyer to make sure through inspections, and other forms of investigation that the condition of the property is known and the home is acceptable. Remember you are not alone in this because your agent has the Experience and Knowledge to help.
Basic Practice: Pay attention to Details.