Technical Due Diligence is an essential part of the buying and selling process. Potential purchasers of an asset will usually commission a Due Diligence Report. However, it is becoming increasingly more commonplace for vendors to commission these reports as it can speed up the sale process.
“The benefits of undertaking a Technical Due Diligence:
• gaining an understanding of the condition and design of the property;
• establishing the suitability of the property for its intended use (if known);
• understanding the need for and quantifying future costs and other liabilities;
• providing a level of protection for the new owners or institutional investors; and
• providing a solid foundation for price negotiations and allocation of risk.”
Extract from RICS Best Practice Guidance Note for Technical Due Diligence of Commercial & Industrial Property, New Zealand
If your organisation is considering acquiring or selling a commercial or industrial property and would like to discuss how a Technical Due Diligence Report would benefit the process, please get in touch through the Contact page.