Legal due diligence in Scottish commercial property acquisitions
Produced in partnership with Rachel Oliphant of Pinsent Masons
Practice notesLegal due diligence in Scottish commercial property acquisitions
Produced in partnership with Rachel Oliphant of Pinsent Masons
Practice notes
The Purpose of Due diligence
Due diligence (the process by which information about the proposed purchase is collated and assessed by the buyer's advisers) enables the buyer to make informed decisions about the property that it is proposing to buy. The due diligence will reveal if there are any potential risks which the buyer will be exposed to and the buyer can then decide how to minimise these risks. This may be by:
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an adjustment to the price
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warranties from the seller in the missives
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title indemnity insurance to cover the risk
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corrective conveyancing or an application to the Lands Tribunal to vary or remove title conditions, or
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not proceeding with the purchase
Scope of due diligence
The buyer's solicitor's first step is to find out as much as possible about the proposed transaction by reviewing the heads of terms, speaking to their client to find out what the client's plans are for the property (what they want to use it for)
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Jurisdiction(s):
United Kingdom
Related legal acts:
Key definition:
Due diligence definition
What does Due diligence mean?
Due diligence means that all reasonable precautions were taken and all due diligence was exercised to avoid the commission of the offence. This requires the defendant to produce evidence of the system and procedures it has devised in an effort to avoid unfair practices.
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