For a seamless real estate transaction, National Due Diligence Services is your reliable partner. Leveraging the importance of real estate due diligence, our experts ensure thorough investigations and comprehensive assessments are conducted for each deal.
When acquiring a commercial property, it’s crucial that you do your research and conduct any necessary assessments to ensure the property meets any criteria you have before purchasing. This step is often referred to as real estate due diligence, and it’s to your advantage to explore all the tools available to protect your financial investment. We’re here to assist in the due diligence inspection period to ensure there are no surprises regarding your property purchase. In this blog, we’ll go into detail about the due diligence inspection period, why it’s important, and how we can help you during your acquisition process.
What Is Real Estate Due Diligence?
The real estate due diligence period is the time frame in which a buyer is obligated to investigate a property to determine if it is up to their standards and if they want to complete the transaction. The steps necessary to complete this inspection period include the following:
- Property Inspection
- Property Appraisal
- Title Search
- Land Survey
- Environmental Site Assessments (if applicable)
- Contracts and Disclosures Review
- Homeowners Association Rules (if applicable)
- Zoning Rules
Some crucial property documents to examine are title and zoning matters, tenant and lease matters, insurance papers, property inspections, and more.
Our services include a professional Property Condition Assessment to assure your property, and all operating components, have been properly maintained and have the proper capital reserve schedule to maintain the standards and efficiency. A title search is a crucial first step in the real estate due diligence process. This search can look for any previous financial components, such as mortgages, tax status, property liens, and other encumbrances attached to the property.
ALTA Land Surveys
In addition to a title search, conducting an ALTA Land Survey on your property is in your best interest to better understand property components like zoning laws, property boundaries, land improvements, encroachments, easement and encumbrances, and more. All of these survey components could negatively impact the value of your property in the future if you aren’t made aware of them prior to the transaction’s conclusion.
Environmental Site Assessments
When acquiring a commercial property, another crucial step in the real estate due diligence process is ensuring any environmental assessments are conducted, such as a Phase 1 Environmental Site Assessment. These tests ensure there are no environmental hazards that could negatively affect the property in the future, which would, in turn, affect your financial investment. A Phase 1 ESA may find Recognized Environmental Conditions (REC’s) and may make a recommendation that a Phase 2 ESA be done. The Phase 2 can involve drilling and/or boring for soil testing and offer lab results as to the extent of any potential contaminants. Our dedicated and professional team specializes in these site assessments and recommends them whenever you acquire any property that may present contaminants from previous use.
How National Due Diligence Services Can Help You
We provide professional and efficient real estate due diligence services in the form of Environmental Site Assessments, Land Surveys, Property Condition Assessments, Zoning Reports, and more. We’re here to help you make educated and financially responsible decisions for your real estate transactions. Contact us today to learn why we’re the perfect company for all your due diligence needs!