“DUE DILIGENCE” IS A BROAD TERM that business and real estate attorneys and professionals frequently use, but that is often misunderstood by clients. Typically the term is used to refer to the inspection and investigation of real property before a buyer makes the final decision whether to consummate an acquisition of land.
Due diligence is generally defined as thorough research before signing a contract, especially one involving a purchase or sale. Within a real estate context, it usually refers to a stipulated period within a real estate contract for a buyer to investigate the property in question to ensure that they are satisfied with it before the purchase is finalized. However, long before any initial offer is made, properties considered for real estate investment should be assessed as thoroughly as possible using all publicly available information. This is known as preliminary due diligence. Proper due diligence beforehand will save you considerable headaches afterwards.
LDP can help with the due diligence process and allow you to identify tasks that need to be handled by other professionals (e.g., architectural engineer evaluations, environmental and soil analysis, county or city planning, health, and environmental departments, and State level agencies etc.). We will review all plans, abstracts, maps, reports, surveys, and tests that the seller has within its reasonable control and on file with local governments. These disclosed items often assist us to quickly identify potential issues of concern with a property. With today’s advanced technology LDP can render 3D drawings of your potential property so you can envision the site as you intend.
Let LDP help you navigate this difficult terrain. Call us today!