When you buy a home, there may be phrases or terms that you may not know. Today we’re going to talk about the due diligence period. Due diligence is a term every buyer needs to understand before signing a contract.
Due diligence is the negotiated amount of time at the beginning of a sales contract that allows the buyer to walk away for no reason at all. It is intended to do inspections, an appraisal, etc. If the buyer terminates during that period, their earnest money is always returned to them. Typically, due diligence is 10 – 14 days, or as low as seven or even zero in a competitive situation. It’s best to take the due diligence period and its requirements very seriously. Make sure you hire a strong agent who will protect your money during due diligence.
I’m a good referral for your brother, who really wants to be in Florida. Tell him an introduction to Renee will get him on his way.