Due diligence
The buyer's work to check a property before committing, such as inspections, surveys, HOA documents and zoning. In some states, like North Carolina, it is a defined period with a fee paid to the seller.
Also called: due diligence period, DD period, due diligence fee
Related terms
A contract term that gives the buyer time to inspect the property and then cancel, ask for repairs or renegotiate based on what is found. Waiving it means accepting the home's condition as is.
A Texas contract feature where the buyer pays the seller a small fee for a set number of days to cancel for any reason. Other states use inspection or due diligence periods instead.
A visual check of a home's structure and systems by a trained inspector, usually during the buyer's contingency period. It finds problems before you're locked in; it is not a pass or fail test.
A map made by a licensed surveyor showing the property's boundaries, buildings, easements and any encroachments. Some lenders or title companies require one; in other areas it is optional.
Local rules that control how land can be used, such as residential, commercial or mixed use, plus limits on density, height and setbacks. Zoning affects what you can build or rent.