TECHNICAL DUE DILIGENCE (TDD)


Technical Due Diligence is an important task acquiring and disposing of commercial property, ito make sure you are fully appraised on the potential liabilities going forward. This applies to a large portfolio of assets to a standalone commercial unit. Prudent purchasers are seeking to de-risk matters as best they can to ensure their property is an asset and not a liability. Therefore, we have seen a shift in recent years of the vendor obtaining a survey which is then transferable to the purchaser. This generally enables the process to run much smoother with less last-minute stumbling blocks and deals falling through at the eleventh hour. Therefore, if you are looking to offload property, enquire about our TDD services and obtain a building survey which can be presented to the interested party. Similarly, if you are looking to acquire property and the vendor is unable to provide a transferable building survey which fully appraises the potential recoverable and non-recoverable costs then please get in touch with our team.
Unfortunately, the standard of TDD reports and commercial building surveys differ significantly in the industry. We often see reports which are silent on costs and include no dilapidations commentary whatsoever. A tenant’s dilapidation liability, recoverable and non-recoverable costs should always be ascertained before committing to the purchase of the freehold property.
