Are you looking to buy a new piece of commercial or residential property? If so, you will of course want to make sure you are getting what you are paying for. While the seller is generally expected to provide accurate information about the property, sometimes there can be things wrong with the property that the seller sincerely does not know about. In order to have better peace of mind about your upcoming property transaction, it may be a good idea to bring in some outside help. Hiring a consultant for a property condition assessment can give you the additional information that you need to make sure you are making the right decision. Here's what a property assessment consultant can do for you.
Identify Areas That Might Be Out of Compliance with Local Property Regulations
If you are buying a commercial piece of property, there are sometimes additional environmental regulations that you will be expected to comply with as the owner. Maybe there is water that runs along the property and the local authorities want to make sure there is no waste runoff. A property assessment will look at the surrounding environment and make sure that the property is not in danger of violating any local, state or federal regulations. If it is, you can alert the current owner so the problem can be fixed prior to the sale.
Identify Areas That Are in Need of Repair
Your property assessment will of course look in detail at any building or structure that is on the property as well. The seller likely already made some repairs or conducted an inspection before listing the property, but maybe they missed something. Maybe there is a flaw in the building design or there is an issue with a utility line that could end up becoming a headache for the new owner. An outside consultant will look with an unbiased eye and make suggestions for any additional repairs as needed, which you can then pass on to the seller before the closing.
A Property Assessment Can Give You Additional Bargaining Power
If your property assessment discovers an issue that the seller did not know about, you may want to start from the point of getting the seller to fix the problem, as was just mentioned. But if the problem is not severe and does not need to be fixed immediately, you could instead use the condition of the building as a bargaining chip to get the seller to bring the price of the property down.