What is a Vendor Survey?
A Vendor Survey is a type of commercial building survey or technical due diligence survey that is undertaken on behalf of a vendor to assist prospective purchasers with understanding the condition of a commercial building before progressing with a proposed acquisition. The purpose of a vendor survey is to help highlight any issues with the property that the vendor may not be aware of, which will enable them to remedy any issues. The vendor survey will also provide an interested party with an overview of the building so that they can be made aware of any significant issues before progressing and the acquisition process. Any interested party will likely undertake their own pre acquisition survey / technical due diligence survey to check that the vendor survey is accurate.
When do you need a Vendor Survey?
A vendor survey is a useful document to have when looking to sell a building. Although a vendor survey is not always necessary, it will help the vendor to understand if there are any issues with the building, and should enable the sale process to be expedited. The vendor survey should be undertaken prior to a property being marketed so that the vendor survey can be issued to any prospective buyer.
