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You can trade civs for their cities or if your at war with them they will usually offer you a city for a peace treaty
For their military, it would only have any major effects on either new units (lost of instant xp,) and any stationed in the city's territory would suddenly have lost their reinforcement (healing) bonus for being in friendly territory.
Don't expect much in the way of debuffs: losing your original capital is a very steep price to pay at any rate. Think of how much economic might in the form of produce, production, and gold flow into your coffers. The AI is a little worse for wear building their cities up I've found. Maybe they just do terrible when at war, idk.
As for other civs, they will likely start denouncing you in a domino effect. Some may declare war on you, but it shouldn't be all that hard to repulse them until you are ready to assault them yourself. (Just use whatever of your surviving army that you used to take the capitol.) Depends on the civ really. Some don't give a ****, others take the invasion as a threat to themselves.
Finally, yes you can buy cities, but expect a huge price. Never have done it in peace times. I don't know why you would even dare do that. War is cheaper. Civs will give you cities if it buys peace. They will never sell out their original capital: it's not possible.
Hope I helped. With all this text, I should hope thatI'm not just rambling aimlessly. Good day mate.