Due diligence means making sure that you are fully informed about any property that you are interested in bidding on.
Due diligence at property auction includes:
- Checks on the property - condition, works required, location etc
- A thorough check and understanding of the legal pack
This includes checks on the property itself, the condition, remedial works required, location, design, and suitability.
It also refers to thorough inspection of the legal pack including title documents, searches, special conditions of sale and other related papers. Many buyers will engage the services of a solicitor to check the legal pack and advise on their findings. It may also be advantageous to seek advice from surveyors, engineers, architects etc. regarding the property or land as well.
Due diligence for buyers is essential as you cannot change your mind if you are the successful bidder.