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.