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Pre-Acquisition vendor condition surveys are carried out to develop a complete understanding of the present condition of a property including electrical & mechanical services, lift services and fire risk management systems etc. prior to acquisition or disposal of the property.
Vendor survey is similar to pre-acquisition surveys with the difference that it is normally carried out on behalf of the current owners of the property.
The report shall be used to identify specific defects and carry out maintenance and rectification work to enhance the value of the property prior to marketing. The report shall also be used to carry out planned maintenance to maximise the future financial returns of the property.
Vendor condition surveys are also carried out to assess the adequacy of fire risk management systems such as fire detection and warning systems, fire fighting systems, means of escape, emergency lighting, signs and notices, fire isolation, fire resistance of structural elements and building components etc.
The report submitted by Besten will highlight any significant defects and differed maintenance issues of the building, identify areas of non-compliance with local codes and standards, allowing investors as well as sellers to take informed decisions prior to entering into a contract or final settlement.
The report also can also be used as part of the marketing dossier issued to the potential investors to develop confidence to purchase the property and also may be signed over to the new owners of the property.