Prior owner due diligence docs


#1

When doing due diligence do you ever use the current owners due diligence reports?

For example, a survey. If it’s relatively recent do you accept it or get your own? Do companies “re-certify” their own survey? Meaning will a company verify what they did for less than a full survey?

Or a phase I? If theirs was clean and was done relatively recent, do you still get one? This one seems to me that I should get my own, but what are your thoughts?


#2

I would use the reports as a guide only but it may be worth contacting the Survey and Phase 1 company to ask them if they will ‘re-certify’ their work if it was done relatively recent. If the re-cert process takes less time than the full report and they will insure the accuracy you may save some $$. Since these are very important parts of due diligence I recommend that you don’t ‘cut corners’.


#3

On a survey I would ask about re-certifying it - not much risk. On a Phase 1 ESA would probably get a fresh one from Mike Renz at (614) 538-0451. Quality on environmental reports are allegedly all over the place.