During a real estate transaction, the period between the acceptance of an offer and the closing is known as due diligence. This is the time frame where the buyer is given the opportunity to inspect the property before completing the sale, which is agreed upon by both the buyer and seller. Essentially, due diligence serves to ensure that the buyer is receiving what they have paid for and that the lender is satisfied with providing funds for the purchase.
What Happens During a Due Diligence Period?
When purchasing a property, it is essential to have access to all the necessary information to make an informed decision. The due diligence phase provides an opportunity to thoroughly examine every aspect of the transaction before finalizing the deal. In some instances, discovering unfavorable information may permit you to legally withdraw from the purchase without incurring any penalties. It is recommended that you review all the following items before the due diligence period concludes:
1. Home Inspection
2. Home Appraisal
3. Title Search
4. Land Survey
5. Disclosures
7. Zoning Rules
8. Insurance
6. Homeowners Association (HOA) Rules
Expert Consulting On Real Estate Due Diligence
At Azure Brio Associates, we aim to safeguard our clients’ interests by mitigating risks associated with their real estate transactions. We conduct comprehensive assessments and analyses of your real estate assets and associated matters across the United States. Our prompt and thorough reports allow you to make informed decisions when it comes to your real estate acquisitions.