Due diligence may sound like a vague term, but it can mean the difference in a smooth, successful real estate transaction and a legal nightmare. Due diligence simply translates to taking reasonable steps to satisfy legal requirements. This term is especially important in transactions and in buying or selling real estate.
The due diligence process takes on increased importance when you’re facing a high-dollar real estate transaction. However, no matter what type of property you’re looking into, you should be taking the right steps for your inspection during the due diligence process. This process can be segmented into three main steps:
While having an attorney guide you through due diligence will help you protect your high-dollar transaction and give you the confidence that you’re making a good purchasing decision, there are several steps you can and should look into on any real estate transaction. Some of these include:
If conducting all of these steps sounds like a daunting or time-consuming task, remember that an attorney can complete many of these for you — and catch red flags that you may not even know to look out for. With 32 years of experience under his belt, Thomas H. Keen can provide you with more information about the due diligence process, and its complexities in Plano, Texas, to ensure that you are preparing correctly for your real estate transaction.
Thomas H. Keen is a lifelong Texan with extensive litigation experience dealing with a variety of civil issues. He has represented local and national banks, insurance companies, and private and public corporations in the state of Texas for more than 30 years. Thomas holds the highest peer ratings from Martindale-Hubbell in areas including quality and ethics. Whether you’re seeking legal representation concerning real estate, business transactions, probate, or wills and trusts, your case will receive Thomas’ personal attention.