When I started my real estate career some 30 years ago, buyers took more risk than in these modern times.  Caveat Emptor, (the Latin term for buyer beware), was the cautionary phrase that warned buyers to pay careful attention so they would not be taken advantage of.  That phrase may have also subtly implied that they would have no recourse for fraudulent behavior by a seller.  That phrase is still important today, except in a much different way, especially to say that fraud of any type is simply not tolerated in this modern era.
Modern brokers have created improved business practices, and legislators have enacted Disclosure Statutes that protect buyers much more than was the previous norm.  The State mandated Disclosure Statement and the now generally used practice of completing home inspections as a contingency of the sale, make it easier for buyers to purchase with eyes-wide-open.
Thirty years ago it was rare for a buyer to take advantage of a home inspection, but now educated brokers are careful to always include the specifically crafted Inspection Contingency which basically gives purchasers a free look, or what we call a get-out-of jail-free-card.  That means they can walk away during the time frame specified without losing their earnest money.  Buyers still have some risk, but that is mostly limited to the cost of hiring a licensed home inspector to check out every nook and cranny, every system and appliance, and critical structural aspects of the property.

Some of the details of this addendum include the following; 1) The home will be inspected by a licensed inspector.  2) It specifies a time frame for the inspection to be completed or else it is waived 3) Buyer may require additional time for further evaluation by specialists.  4) Buyer may request modifications or repairs, and then seller can agree, reject or propose alternatives. 5) As mentioned above, buyer can walk away from the deal for any reason if they cannot come to an agreement acceptable to them.

Attitudes among Realtors® concerning this topic have changed dramatically through the years, especially among listing brokers. It became obvious to most that a thorough inspection by the buyer was also a huge risk reduction for sellers.  When a proper home inspection is allowed, the seller inadvertently sheds some liability and buyers become more acutely aware of what they are purchasing, thus limiting litigation in the future.