We study microlocally the transmission problem at the interface between an isotropic linear elastic solid and a linear inviscid fluid. We set up a system of evolution equations describing the particle displacement and velocity in the solid, and pressure and velocity in the fluid, coupled by suitable transmission conditions at the interface. We show well-posedness for the coupled system and study the problem microlocally, constructing a parametrix for it using geometric optics. This construction describes the reflected and transmitted waves, including mode converted ones, related to incoming waves from either side. We also study formation of surface Scholte waves. Finally, we prove that under suitable assumptions, we can recover the s- and the p-speeds, as well as the speed of the liquid, from boundary measurements.