Due diligence is a period of time after signing a purchase and sell contract to buy a property in which the buyer of a property conducts inspections, appraisals, surveys, etc at the buyer’s own expense.
Buyers should make thorough inquiries into whether the property is a good fit for the buyer now and in the future, whether the home is structurally sound, and whether the property is priced correctly, taking into consideration comparable properties in the surrounding area. Within the agreed-upon due diligence period, the buyer of the property may walk away from the transaction without fear of legal recourse.