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.
A detailed, physical examination of property or documents to ascertain their condition or accuracy. Inspections are essential for validating compliance with building standards, property sales requirements, and legal scrutiny of agreements.
A clause in a real estate sales contract that allows the buyer to have the property inspected for termite infestation, often requiring the seller to treat the property or providing the buyer with the option to cancel the contract.
