Expert Witness Blog
Self storage expert witnesses may opine on public storage, self storage facilities, and self storage buildings. Here, self storage expert Julie C. Farrar writes on due diligence in the industry:
Whether buying or selling; here’s a typical list of what to expect when “due diligence” is required. Generally, within 10 days after the effective date, the seller is expected to deliver to the buyer a number of documents. Stock up on toner; a lot of reports will be printed and copies made. Don’t have it? A typical purchase contract assumes non-disclosure indicates the item is “not in seller’s possession” or is “not readily available”. Of course, you can’t produce what you do not have.
Here’s a standard list of what’s required today:
· Rent Roll · Copies of Leases · Inventory of Business Personal Property · Copies of current warranties and/or guaranties related to the property · Copies of Insurance policies, including fire, hazard, liability, etc.
· Copies of all leasing or commission agreements relating to the property · Copies of “as built” plans, specifications and a plat of the property · Copies of all invoices for utilities and repairs incurred by seller in the 24-months prior to the effective date of the offer.
Read more: selfstorageguide.com.