The due diligence period is a critical phase in the real estate transaction process that begins after an offer is accepted and lasts until closing. It allows buyers to conduct property inspections, review title documents, secure appraisals, and identify potential issues that could influence their purchasing decision. Distinct from earnest money, due diligence money may be non-refundable and compensates sellers during this evaluation period. Buyers should prioritize inspecting the home to identify structural, plumbing, and electrical concerns before finalizing their decisions.
The due diligence period grants buyers time to inspect a property, ensuring it meets expectations and meets financing requirements, making it a crucial phase in real estate transactions.
Due diligence money is typically non-refundable, compensating the seller for taking the home off the market, distinct from earnest money which is a good-faith refundable deposit.
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