Sometimes it’s the smallest details that cause the biggest of problems. Those big problems can hold up a real estate closing, purchase or financing. In this post, we will offer some tips to help you avoid these issues.
Provide the Right Information
When ordering your Environmental and Property Condition Assessments, you’ll want to be sure you provide correct and basic information about the property before the assessment begins. This basic information includes:
- All addresses (current and former, if known) associated with the property
- Information of a knowledgeable site contact who is familiar with the property and can arrange access
- A rent roll, if applicable
- An accurate description of the property including:
- Site plan
- ALTA Survey – preferred format for accurate description of the property.
- Building information such as age, square footage, construction information, and past and planned capital expenditures
- Any previous reports
Providing this information as timely and accurately as possible will lead to a smoother closing.
What is included in a Property Condition Report?
The field observer preparing the report will note any material physical deficiencies or deferred maintenance for the following:
- Structural framing and building envelope
- Life safety/fire protection
- ADA compliance
- Interior elements
- Site improvements
The report will identify and categorize any deferred maintenance issues based on severity. A Replacement Reserve Table is included in the scope of a PCA. The Replacement Reserve Table will typically estimate the building’s capital replacement schedule over the designated evaluation period.
Bock & Clark Due Diligence Services
At Bock & Clark, our staff has the experience and knowledge to provide high-quality reports to put the client at ease during a commercial real estate transaction. Services we offer include:
- ALTA Surveys
- Zoning Reports
- Phase l Environmental Assessments (ESAs): Identifies all Recognized Environmental Conditions (RECs) that are associated with the property that could impact its value.
- Phase ll Environmental Assessments (ESAs): This is an additional study that is conducted as needed when the Phase I Environmental Site Assessment warrants additional study.
- Property Condition Assessments (PCAs): This report assesses the physical condition of a property by conducting a limited walk-through survey.
- Other services which include:
- Probable Maximum Loss Surveys
- Asbestos Surveys
- Lead Based Paint Surveys
- Moisture Minimization plan
- Radon Surveys
- ADA Studies
We recognize that sometimes specific items not contained in a full report are needed, and that a faster turnaround time may be necessary. That’s why we offer a variety of additional services to meet your specific needs.
Bock & Clark is committed to supplying well-researched, quality real estate due diligence services at a competitive price. Don’t let a small detail turn into a huge problem; request a quote today or contact us to learn more about our reports.