Technical Due Diligence for Existing Buildings or Plots of Land
Regardless of the type of property involved, technical due diligence (TDD) is a crucial step in any real estate transaction. It is a thorough assessment of the property’s physical state, adherence to enforced laws, and potential risks. TDD reports can assist you in locating any potential issues with the property before you purchase it, allowing you to decide whether to move forward with the transaction in a well-informed manner.
Optim Project Management offers due diligence services for a wide range of properties, including existing buildings, brownfield sites, and greenfield plots of land. In order to make a wise investment decision, our skilled team of engineers can assist you in identifying and evaluating all potential risks connected to the property.
In order to identify any potential issues of an existing building, we typically assess based on the site inspection and documentation made available for review by the Client/Seller, the structural integrity, mechanical, electrical, and plumbing systems, roofing, exterior envelope, interior finishes and fixtures, environmental compliance, fire safety and security systems, as well as the building’s history and maintenance records.
Greenfield sites are undeveloped plots of land that have not been previously used for any purpose. We typically evaluate the following factors when performing a TDD on a greenfield site: the site’s physical characteristics, such as a topographic survey to identify site borders and possible overlaps; geotechnical study to identify soil types, load capacity and founding recommendations; georadar investigation to identify any possible underground networking, preliminary environmental study to identify the presence of any environmental hazards, such as wetlands or threatened or endangered species; and the potential effects of development on the surrounding environment.
Brownfield sites are properties that have been previously used for industrial or commercial purposes and may be contaminated with hazardous materials. Such investigations are included in a full environmental study and we typically evaluate the following factors when performing a TDD on a brownfield site: the kind and degree of contamination, any potential risks to human health and the environment, the expense of cleanup and remediation, etc.
Why conduct a Technical Due Diligence?
Both buyers and sellers of real estate can benefit from due diligence in a variety of ways. Before purchasing a property, buyers can benefit from TDD’s assistance in identifying any potential issues with it. They could end up saving money and prepare for the challenges the property may come with. Before listing a property for sale, TDD can assist the seller in identifying and resolving any potential issues with the property. This can speed up the closing process and increase the property’s appeal to potential buyers.
We strongly advise getting in touch with Optim Project Management to learn more about our TDD services if you’re thinking about buying or selling a property. We can help you to make an informed decision about your investment and protect your interests.
