Technical Due Diligence for vendors, purchasers or prospective lessees
Gaining a full understanding of an asset prior to purchase is critical in deciding whether to proceed with a purchase. Cardoe Martin
Vendors pre-disposal survey
The benefits of a survey prior to purchase are well understood, however surveying prior to selling less so. Accordingly, many properties enter the market with defects and issues laid open for a diligent acquisition surveyor to identify and give purchasers the upper hand in negotiation. The purpose of a vendor’s survey is to appraise the property before going to market and demonstrate to a potential purchaser that you have considered any issues in your market price, or to have the opportunity to address issues and present your asset in the best possible light to achieve maximum return on investment.
FREQUENTLY ASKED BUILDING SURVEY QUESTIONS
What does a full commercial building survey include?
This is a detailed report, carried out prior to a purchase or new lease, and involves the thorough inspection of all easily accessible areas of a property. It will confirm the type of construction, identify any defects or future risks that may compromise the building’s integrity and assess the general condition. A schedule of defects will be provided as will a schedule of queries. This is usually a list of points that need clarification from the seller to prevent future misunderstanding or transference of risk.
What is a RICS building survey?
This is the most comprehensive report available. It is intended for large scale properties, older or historical ones or when major works are planned. It particularly advises on defects, repairs and future maintenance.