The term Vendor Survey is commonly used to describe an inspection commissioned by a vendor for their property prior to be put on the market. The Vendor Survey is commissioned and funded by the Vendor for the benefit of an eventual purchaser. Vendor Surveys are sometimes also obtained to help an owner understand the condition of a property, prior to putting it up for sale – or a portfolio when considering selling one of your properties.
Although the norm in Commercial property transactions, Vendor Surveys are now being widely accepted in the Residential property market.
A Vendor Survey gives a seller an independent and impartial analysis of their property and greater control of the transaction process. The property inspection will also enable vendors to resolve or correct any deficiencies that a purchaser may raise, enabling the sale price to be maximised.
The inspection is intended to satisfy the due-diligence requirement of potential buyers, avoiding the need for them to conduct their own independent survey.
It provides reassurance that the purchaser isn’t going to come across a problem or building defect that affects the sale, delays completion, reduces the selling price or even breaks the deal altogether. These surveys often need to be carried out quickly to avoid delaying a property transaction. Watsons can react rapidly to ensure any property are is inspected quickly with a fast turnaround on reports.
Benefits of a Vendor Survey