NEWS | August 31, 2021
Webinar Recording: Do Your Due Diligence - The Importance of Property Condition Assessments
Property condition assessments (alternately known as due diligence or prepurchase assessments) are regularly completed to support property transfer and are essential to evaluating a property's current condition, salient financial items, and future repair and maintenance needs. In addition to supporting responsible repair and maintenance planning, property condition assessments can also provide insight into elements that require additional, more detailed evaluation.
In this webinar, WJE structural engineers Ken Kosteva and George Taylor outline the property condition assessment process, highlight the importance of completing these assessments to support property purchase as well as the development of repair and maintenance budgeting, and review examples of critical items identified through previous due diligence assessments.
By the end of the presentation, you will be able to:
- Summarize the property condition assessment process, including key components, roles, responsibilities, and objectives,
- List important elements to review and commonly identified repair and maintenance needs,
- Plan for latent deficiencies and other conditions identified during assessments, and
- Provide guidance on when property condition assessments that are not related to property purchase should be completed.