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Due dilligence
1. Strict adherence to and accomplishment of professional (especially fiduciary) responsibilities, duties, and tasks;
attention to detail in research or the performance of legal and professional obligations, especially by one acting as agent or attorney.
2. The obligation of a buyer (or prospective buyer) of real or personal property to verify and substantiate all claims and representations made by the seller and/or his or her agents. Due diligence on the part of the buyer is often accomplished by retaining qualified, licensed professionals to conduct various inquiries or perform various duties on his or her behalf. Examples of such professionals include, but are not limited to:
Real estate brokers, agents and salespersons
Licensed home inspectors
Real estate attorneys
Title research and title insurance companies
Licensed real estate appraisers
Added: Fri Jan 06 2006
Last Modified: Tue Jun 03 2008
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