Preparation for Sale (Vendors TDD)
How to prepare a property for sale?
The technical due diligence process can be a complex stage of a property purchase, where the differences between the vendor's and purchaser's opinion and valuation of the property become clear. A common frustration for vendors is when the purchaser's technical due diligence identifies a list of remedial works, which the purchaser then uses to 'chip' or reduce the purchase price. Frustration can be felt by the vendor as they consider the asking price to account for the identified works. A gap can form between the vendor and purchaser valuations, which unfortunately can result in the deal failing.
How can Pinnacle help?
We offer two key services to commercial property vendors:
1. Preparation for Sale
This survey will identify the likely issues that a typical pre-acquisition technical due diligence survey will encounter. It gives the vendor the opportunity to resolve any obvious issues, and compile the relevant documentation relating to other issues. It allows for disclosure of known issues, and ensures the purchaser(s) are aware of issues prior to making offers.
2. Vendor's Technical Due Diligence Survey
This is a full technical due diligence survey, instructed and paid for by the vendor, undertaken prior to taking the property to market. This is disclosed to bidders as part of the data room, and the final purchaser can rely on the report produced by Pinnacle Building Consultancy. This significantly reduces the risk around the due diligence process, as purchasers do not have to procure their own survey, but can rely on Pinnacle's expertise and professionalism, as well as full disclosure of any issues.