Pre Acquisition Survey

What is a Pre Acquisition Survey?

A pre acquisition survey is a type of technical due diligence survey and commercial building survey. A technical due diligence survey is undertaken as part of the property acquisition process and instructed on the behalf of a purchaser.

A technical due diligence survey will assist the prospective purchaser with understanding the condition of the property, any legal or health and safety issues, and the associated costs and risks of the acquisition. The pre acquisition survey may also include specialist reports such as an environmental report, mechanical and electrical, cladding etc.

When do you need a Pre Acquisition Survey?

A pre acquisition survey should be undertaken prior to the purchase of a building to understand where there are any significant issues with the building and the cost of any likely repairs. The pre acquisition survey should provide as much time as possible prior to the purchase to enable the commercial building surveyor to complete the survey and the report, and to potentially complete any further investigation or specialist survey works.

To assist with the pre acquisition survey the commercial building surveyor will also need sight of any search documentation, statutory certificates etc.

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What is included in a Pre Acquisition Survey?

A pre acquisition survey will provide a brief description of the instruction, the property location, type and construction. The pre acquisition survey will then include an executive summary, which will set out the principle findings found within the main body of the report. The pre acquisition survey will outline the construction of the various building elements and will also describe the condition of the elements, inclusive of any major defects.

The pre acquisition survey will also include an overview of any health and safety issues including asbestos, fire compliance etc., it will comment upon any statutory issues such as meeting the equality act, and other legal matters. Finally, the pre acquisition survey will then likely include a reinstatement cost assessment and any other specialist reports.

Why do I need a Pre Acquisition Survey?

A pre acquisition survey is required to inform a potential purchaser of any significant issues and risks with a building before proceeding with the purchaser. The pre acquisition survey report can either be used to agree a reduced purchase price or to enable the purchaser to take into consideration all the likely issues.