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Due Diligence Document Management and Storage | International Residential Real Estate Investors Association
Thursday June 29th 2017

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Due Diligence Document Management and Storage

Most of us assume we won’t be taking the seller to court.  In general this is a reasonable assumption.  However, sometimes events do not transpire as we might expect.  Because of this, the due diligence process requires preparing documents anticipating that potential exists for legal issues.

The approach should provide for:

  1. Keeping copies of all agreements,
  2. Keeping copies of all correspondence from the seller, the seller’s broker, and attorney’s.  These should be kept with the item to which they apply,
  3. Assuring all info is requested and the status of this info noted as received with copies, not received but closing without this and noting as an issue to the seller,  not received and not closing without receipt,
  4. Post closing all  the information should be verified as complete, status noted to your legal representative and a copy sent to the seller.
  5. The objective should be to protect your rights under the  contract as fully and for as long as possible.

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