What does the statement that the sale is made at the risk and peril of the buyer mean?

Even if it is stated that the sale is made without the legal warranty, the seller may not exclude or limit his liability if the latter has not disclosed the defects of which he was aware or could not have been unaware: the latter therefore incurs the risk of being sued if such defects were discovered.

However, it is possible for the seller to completely exclude his liability for defects affecting the property provided that the latter is a not professional seller and it is stated that the sale is made "without warranty at the buyer's own risk and peril".

In contrast, a professional seller, such as a developer, is deemed to know the existence of the defect at the time of the sale and can never fully exclude his liability. A clause in favour of such professional seller to the effect that the sale is made without warranty at the risk and peril of the buyer would therefore be invalid.