While performing due diligence on the storage facility I have under contract, I discover that there is a "party wall" on the property which adjoins the property next door. It is the sand colored wall which is both, the interior wall for the back of the storage buildings and the exterior wall for the red brick building next door.
The problem is the wall is roughly 100 years old and in suspect condition. I was able to enter several of the storage units and found that the mortar has turned to sand. You can literally pull the bricks out of the wall by hand creating an opening directly into the other building.
Do any of you have experience with party walls? If the wall has to be removed and replaced it will cost more than the property is worth. Even if the cost is split among both parties. Plus, there is no way the other owner would participate. I really want to close this deal but am concerned that the wall is a deal-breaker.
Get out of this deal!
If that wall comes down the liability is on you. if one of your tenants goes through that wall into the warehouse and steals stuff who do you think is going to get sued? I don't see a way to win this one unless the other owner is up for rebuilding the wall. That thing looks pretty bad just from the pictures.
It looks even worse up close...
The owner of the building next door isn't being responsive to my request to enter his building to inspect the entire wall and his wife has already made it clear that they want nothing to do with spending any money to aid in its repair. If I understand the law correctly the expense should be split between both parties.