Real Estate Due Diligence Process in International Real Estate Transactions in Latvia

International real estate transactions, especially in countries with different legal systems, are characterised by the fact that each transaction is unique in its complexity, confidentiality, different risk factors, and the limited availability of information regarding the real estate. The Due Diligence (DD) process is an instrument that can help avoid risks and assist in making important decisions regarding real estate transactions. The term “Due Diligence” has a number of different meanings. The aim of this paper is to determine the etymology of this term and to identify its most common contemporary meaning. Each DD process is to be recognized as a project requiring management because of the potential number of individuals that could be involved, i.e. experts from various fields, including: real estate agents, lawyers, attorneys, licensed conveyancers, notaries (in the countries of the Civil Law system), tax consultants, economists, facility managers, asset managers, property managers, land surveyors, appraisers of immovable property, architects, builders, etc. The professional organisation of the DD process is the key factor in making an informed decision regarding whether or not to engage in an international real estate transaction