Due Diligence

Due diligence is the performance of an investigation prior to entering into a proposed transaction with another party. The auditor examines all relevant facts, conditions, rules, laws, regulations, and financial considerations pertinent to the situation under review.

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Fiduciary

A fiduciary is a person or entity appointed to act in the best interests of another party. Being a fiduciary requires operating with integrity, candor, and good faith.

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Fraud

Fraud is the intentional use of misleading information to secure a personal or financial gain.

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Business father showing heritage of property to his son that young boy will be heir.

Heir

A person who inherits an asset or estate of another due to entitlement by law or by the terms of a will.

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Joyful Young African American Couple Showing Keys. Joint Tenancy With Right of Survivorship Concept.

Joint Tenancy With Right of Survivorship (JTWROS)

Joint tenancy with right of survivorship is a form of real estate ownership. Under JTWROS, two or more tenants share an undivided interest in a property. Also, each tenant has equal rights and obligations. Intrinsically, this type of arrangement creates a right of survivorship. Therefore, if one owner dies, his or her interest automatically transfers to the surviving owner(s).  

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Financial Advisor: A financial advisor sites down with a couple to discuss their needs. Know Your Customer Concept.

Know Your Customer (KYC)

“Know Your Customer” is a New York Stock Exchange rule. KYC requires member firms to obtain essential background information about their clients. Prior to opening an account, broker-dealers must verify each customers’ investment knowledge, risk tolerance, and financial profile.

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Two People at Contract Signing. Liability Concept.

Liability

A liability is an obligation to pay money, goods, or services to another party in the future. Compare to asset.

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