What Is Due Diligence?

Due diligence in a real estate transaction is an important part of the home purchase, it gives the buyer an opportunity to have the home inspected, appraised, and work with his or her lender to determine if the transaction will close. Due diligence begins after a home offer is accepted by the home seller and ends before the closing. The length of the due diligence period is typically negotiable between both buyer and seller. The buyer is to give the seller a due diligence fee to have a due diligence period and it is non-refundable. The fee amount is usually negotiable.

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