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Due Diligence

Due diligence refers to the steps taken by an individual to properly vet and research a situation before proceeding. This can apply to any number of fields, but it is often used as a legal term that applies to a business deal, financial transaction, or real estate contract. Due diligence is a comprehensive process that involves reviewing documents, verifying value, checking assets and liabilities, procuring insurance, and any number of other tasks that relate to purchasing or selling something.