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Technical due diligence
Technical due diligence involves research, analysis and discovery of information about the physical characteristics of a property.
Similar in terms of process to a building survey, the term technical due diligence is increasingly common and represents a risk reduction measure. The guiding legal principle in property transactions is that the party acquiring the property is legally obliged to discover as much about it as possible.
A technical due diligence inspection would include a review of building fabric and building services systems to evaluate repair and maintenance that can materially affect the operation and value of a property.
The inspection of the property should be early in the acquisition process. This allows for time to obtain the information from the existing building owner and check the operation of the building. Inevitably the information will not be available and sometimes tests will need to be undertaken if there is concern about the building performance.