When would you want/need as-built surveys done during the investment process?

Question

Admittedly, this is a self-serving question, as my “9-5” is operating a nationwide architectural as-built company. But I’m genuinely curious and wanting to prepare for when it comes time for my own CRE investments. This topic is just one of a few hundred questions I’ll have.

I typically work on projects that are ready to proceed into the tenant improvement phase and need architectural design drawings. In other cases, are architectural surveys/as-built floor plans needed during due-diligence phase, just prior to closing on a deal, for insurance policy purposes, or anything else you can list?

Thank you ahead of time for taking a moment to respond.

Thai Chau · Answer

Thank you so much for your feedback, @Ronald Rohde & @Chris Seveney! I hate to admit it but I had to research what ALTA and PSA meant. So thanks to you both, I learned something new. I'm truly grateful.

Chris Seveney · Answer

Typically they are provided as part of the DD phase with an ALTA survey and the building also is provided. Interiors typically have floor plans that layout core/shell and tenant spaces.

Ronald Rohde · Answer

after PSA, before closing.

When would you want/need as-built surveys done during the investment process?

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