Manual: Property acquisition checklist

When acquiring property, whether donated or purchased, Covenant Partners should perform due diligence on every property before acquired. 

 Site Inspection

  • Walk the grounds. Look for signs of prior use.  Was the property used for farming or commercial operations?  If so, contamination could be an issue and further inspection is necessary.
  • Look for old tanks, pipes and discolored dirt. These could be signs of contamination.
  • Check neighboring properties. Were there gas stations or dry cleaners in the area?  If so, contamination plumes can run downhill to subject property, in which case a Phase 1 Environmental Assessment should be completed.
  • Are there trees that need to be removed or other obstacles that can add to building expense?

 Records Check

  • Property must have clear title (title insurance required). If title search reveals environmental concerns, a Phase 1 Environmental Assessment would be required.
  • Look for liens, code enforcement actions and other possible actions.

 Building Considerations

  • Tree removal
  • Fill needed
  • Local setback and size requirements

 Other Considerations

  • Proximity to mass transit
  • Is the neighborhood safe?
  • Schools and services available
  • Survey
  • Appraisal

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