The term ‘vendor survey’ is commonly used to describe a pre-acquisition survey commissioned by a vendor for an asset in the divestment stage of its ownership cycle. 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 portfolio to select suitable buildings for sale.
Vendor survey reports are rapidly becoming the norm in commercial property transactions, but have not been widely accepted in the residential property market. As such, the information covered in this section relates to commercial property vendor surveys only, or multi-unit residential property types in institutional ownership.
This section is maintained by Chris Gibbons of Tuffin Ferraby Taylor LLP.