What is the term for the inspection and review of a property before purchase?

The term that refers to the inspection and review of a property before purchase is due diligence. This process is critical for potential buyers as it involves a thorough investigation of the property to assess its condition, legal status, and compliance with relevant regulations. Due diligence helps buyers identify any potential issues or risks associated with the property, such as structural problems, environmental concerns, or title disputes, and enables them to make informed decisions about the transaction.

Conducting due diligence can involve a variety of activities including inspections by qualified professionals, reviewing legal documents, and examining financial records. This comprehensive approach ensures that buyers are fully aware of what they are purchasing and helps prevent unexpected costs or complications after the sale.

The other options represent different concepts related to property but do not encompass the full scope of what due diligence entails. A final walkthrough typically occurs right before closing to confirm the property's condition, while a site assessment might focus on specific environmental factors. Property evaluation generally refers to a broad appraisal process aimed at determining the market value of a property, rather than the extensive investigative process that due diligence involves.