What is the common term for a buyer's right to inspect a property before finalizing a sale?

The common term for a buyer's right to inspect a property before finalizing a sale is due diligence. Due diligence encompasses the various processes and investigations a buyer undertakes to confirm the condition and value of the property they intend to purchase. This typically includes inspections, reviewing property documents, and assessing any potential issues that could affect the property's worth or their decision to complete the sale.

The significance of due diligence lies in its role in protecting the buyer's interests. It allows buyers to gather information about the property, ensuring they are making an informed decision and can identify any major concerns, such as structural problems, zoning issues, or other liabilities associated with the property.

Contingency refers to conditions that must be met for the sale to close, which could include due diligence, but it is a broader term that encompasses various types of conditions. A title search is a specific investigation into the property's legal ownership and any claims against it, not an inspection of the property itself. Financing condition pertains to the necessity of securing financing before finalizing the purchase, unrelated to the buyer's inspection rights. Due diligence specifically addresses the buyer’s ability to inspect and evaluate the property before committing to the sale.