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2015-03-25 20:48:19
Due Diligence...What is it and Why is it important

Hello,

I had an interesting issue today with a client and his Due Diligence which made me realize most people buying a home have no idea about Due Diligence or the Due Diligence period.  Hopefully, this post will help you understand more about Due Diligence.

Due Diligence in a real estate contract is the period the buyer has to find out about the home/condo they are buying.  That means it's the time for the buyer to have the property inspected to see if the electrical, plumbing, heating, air conditioning, fireplace, roof, pool, foundation and structure are in good condition or if they may need repairs.  This is the time to call an insurance company to see if the home is insurable.  You may want to have a pest or mold inspection completed.  It's time for the buyer to find out about the neighborhood and to check crime statistics.  It's time to check for the schools your children will be going to.  Where the nearest shopping, doctor offices and hospitals are.  It's your time as the buyer to check for anything negative that will keep you from buying the home/condo.

Due Diligence Period is a negotiated time frame for the buyer to do their Due Diligence.  Within the purchase contract you will select a time that allows you to perform your Due Diligence.  In Nevada, this is usually 7-10 days.  I prefer 10 days because it gives you more time to complete your inspections.  If the contract is accepted on March 15th and you have 10 days to complete your Due Diligence, your Due Diligence period will start on March 16th and run until midnight of March 25th.  At any time during this Due Diligence period, you may cancel the purchase contract and have your earnest money returned to you.  This must be done in writing.

I hope this helps you understand this very import part of the Real Estate Purchase Agreement.  If you have any questions, please feel free to call, text or email me.  Thanks and have a good day!

Call me at 702-809-6300 with any questions.

Sincerely,
James 'Brad' Zebio
Realty ONE Group
702-809-6300
bradzsellsvegas@gmail.com
www.bradzsellsvegas.com

 
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