Analysis

Research is key to this due diligence requirement. If purchasing real estate, analysis of the property transaction includes checking for lead paint, nearby environmental concerns and back taxes. In the legal world, due diligence requires analysis of all the evidence and possibilities in each case. Overlooking information or not paying close attention to analysis of pertinent information means that due diligence was not done. Many attorneys will require buyers and sellers to sign a due diligence affidavit when a real estate transaction takes place. This affidavit and sales documents show both parties swear to performing due diligence in their part of the transaction. A due diligence affidavit can also be asked for in business transactions and personal matters before a court.

Legal Ramifications

If an attorney, real estate professional or other business professional fails to perform due diligence in a task, he could lose his license and possibly face criminal ramifications. A purposeful lack of due diligence can be seen as fraud in a court case. An example is if a homeowner says he checked for lead paint in a home when he actually did not. A family could buy the home, and, thinking there was no lead paint, expose their children to this known medical threat. If the original homeowner purposefully neglected to inform the new homebuyer of the lead paint, then criminal charges and fines are possible.

When to Use

References

More Like This

Checklist for Due Diligence

How to Write a Due Diligence Report

What Is a Legal Due Diligence?

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