What is “due diligence”?

Due diligence is the act of exercising the proper amount of diligence when you are doing something. In the context of conveyancing, it means that you are doing research and investigations on a property to make sure that it serves the purpose that you intended. Some due diligence can be completed by your conveyancing lawyer, but even more must be completed by other professionals. For example, if you are looking to purchase a property for investment purposes, then you may want to speak to a property manager to make sure that they are confident in getting you a long term tenant to help you service the mortgage. If you are purchasing the property to live in, it is up to you to make sure that the property suits your needs, such as that the building you are moving into allows pets to be kept in the apartment units.

Understandably you will only know what you know and may miss out on checking on certain issues. That’s why you should contact your conveyancing lawyer as early as possible to seek their general guidance. Your experienced conveyancing lawyer will at least be able to provide you with a checklist to go through as a part of your due diligence.