CHAPTER 24 Inspections
After your lease is completed and you have your company’s future space, there are still a few final things to finish. A full property inspection is needed to ensure there won’t be any big problems for you and the landlord to deal with. Failing to do this could lead to problems down the line that were hiding under the surface. Past the physical condition of the building being inspected, you need a deeper inspection that looks at some of the intangibles that need to be assessed. The recent history of the building, repairs, and remodeling need to be investigated so no surprises will ever come up. This is the start of your due diligence process. There are some essential parts to doing this. Usually, after the lease is signed you have up to 30 days to get inspections done and brush through any concerns you have. If something comes up, the lease can be voided. However long your due diligence time period is, it will give you time to hire someone to do an inspection or to do one with your team and broker. This is the deepest look into the property and much different than a standard walkthrough. If you are leasing a free-standing building, it is much more in-depth than just getting your space in a building looked at. I wouldn’t sign the lease until the inspections have been done or there is a clause about the inspection. Findings on them can help you get better terms if done right. There’s also an option in the lease to leave a few days for inspections before the deal is complete. 149
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