Caveats are warnings, often written to a potential buyer, to exercise caution and due diligence; usually offered as a means for the seller or broker to minimize liability for potential deceptive trade practices.
A contingency clause specifies conditions that must be met for a real estate contract to become binding, providing a safeguard for both buyers and sellers.
Due diligence is the process by which an individual or organization makes a reasonable effort to gather and provide accurate, complete information before executing a financial transaction or agreement. It often precedes the purchase of property and includes a careful examination of physical, financial, legal, and environmental characteristics.
An Environmental Report provides crucial information about the environmental conditions of a property. It assesses potential environmental liabilities and compliance with environmental regulations before any property transaction.
An escape clause is a provision in a contract that allows one or more parties to cancel all or part of the contract if certain events or situations do or do not happen.
Gazumping is a term used in real estate to describe the practice of reneging on an oral commitment to buy or sell a property when a better offer or opportunity arises before a legal sales contract is finalized.
The origination process encompasses all the steps required to fund a loan, including due diligence, financial planning, and necessary lender approvals, aiming at assessing and mitigating risk while optimizing financial outcomes.
A Site Assessment (Environmental) is a crucial evaluation process used to identify any potential environmental contaminants or liabilities present on a specified piece of real estate.
