If used properly and if conducted by a reputable asset search company, asset searches can be used as a valuable pre-investment tool for an investor, partnership, joint venture or other business entity before entering into a contract. Often is the case when an investor or attorney has a client that is about to complete a deal and knows very little about the other side, other than what they know from “word of mouth” or Google. The question then becomes whether to take a chance and just invest and/or contract or whether one should do a little more digging to satisfy his or her “due diligence.“ Moreover, what duty does the investor or attorney have to the client to reveal potential liabilities, liens, lawsuits or state and federal criminal records that the subject has that could endanger the deal. Also, what happens to the attorney or investor who fails to inform the client, or other partners, that they could have conducted an asset search to uncover all existing liabilities?
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