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Conducting Due Diligence
Due Diligence ensures that the landlords are the legitimate owners of the property and have the right to sell the property. It also ensures that the declarations made by the landlord in terms of rent and other matters are independently validated.. This also ensures that the landlord clears AML and KYC requirements.
Professional conveyancing lawyers will conduct appropriate Due Diligence based on industry practices.
The Due Diligence will be performed by an independent law firm on CitaDAO panel..
The Due Diligence will be awarded to the panel lawyer that submitted the lowest Due Diligence fee in the Request for Proposal (RFP) and the fees will be paid for by the Landlord.. Additionally, the lawyer will need to have a practice in the same country as the Real Estate asset.
Once the Due Diligence is completed, the panel lawyer will have to upload their Due Diligence template onto the platform and underwrite the Due Diligence before the property is listed. The same panel lawyer will be appointed to handle the conveyancing of the property upon the successful listing of the property.
Nothing happens – the asset does not get listed and there is no change to the existing ownership.
The landlord will bear the associated costs.