Doing your due diligence literally means using the care that a reasonable person takes to avoid harm. In short, do your research! You should undertake due diligence on a property before signing an agreement. Sometimes you may feel constrained by the timing to sign the agreement before you complete your due diligence so it is essential you insert an adequate due diligence condition (click here for a comprehensive due diligence condition). This means you can agree on the price and then do your research.
The "due diligence condition” is a special condition that gets inserted into the further terms of the ADLS Agreement. Once you have completed your due diligence, you can either declare the agreement unconditional or cancel the agreement. This is a bit like doing a wine tasting before you buy a bottle of wine. If you want to make an unconditional offer, you need to do your due diligence on a property before making an offer. Click here to find out more about our comprehensive due diligence clause and how it can protect you.
It depends on how diligent you want to be. Click here to check out some costs you may encounter for each task.
Click here to download our free due diligence checklist.
Click here to download our paid due diligence checklist.
The purpose of this guide is to explain to you the tasks that:
1. are solely your lawyer’s job that are included in your fixed fee price;
2. are not your lawyer’s job and are for you to complete; and
3. can be completed by your lawyer at an additional cost and sit outside your fixed fee price.
HouseMe Legal takes no responsibility for completing any tasks that are listed as “your job”. For clarity, we have separated your lawyer’s tasks and your tasks below.
