There is more that goes into due diligence than physical inspection of a property. Due diligence can cover several different areas. “Due Diligence” refers to the due diligence time frame and begins when a real estate contract has been signed by all parties. It also includes the various checklist items that cover the physical, financial, and legal inspection of the property.

Due Diligence Time Frame:

The most important element within the buying process which allows a buyer to back out of an agreement without incurring a penalty or facing potential litigation. The typical length of time is ten days from the last signed contract is delivered and becomes legally binding.

Due Diligence Review:

More than just a physical inspection of the property, this includes review of all legal and financial documentation.

It’s important to note that the law protects homebuyers, yet buyers should still do their due diligence when purchasing a home. McHenry County Law offers a helpful checklist to use for this process. Please keep in mind this is a basic guide to give you an idea of what to do during this time. It is always advised to deal with an experienced real estate law firm such as McHenry County Law to make sure your interests are protected.