- Joined
- Aug 22, 2007
- Messages
- 304
Well, it's ACRE weekend and Russell Westcott and I have cooked up a great diligence presentation. Here's why diligence is important.
A member is looking at a condo and had the condominium documents reviewed. That review revealed that NEITHER the management company nor the condominium corporation were aware that the building has what are known as 'post tension cables'. These are cables, encased in grease to prevent rust and corrosion, buried in the concrete that are supposed to stabilize the building. If not properly maintained, it can be a giant special assessment. What kind of maintenance is the management company doing when they don't even know they have post tension cables? Huge potential problem.
Do you think this REIN member is glad they're doing their diligence?
A member is looking at a condo and had the condominium documents reviewed. That review revealed that NEITHER the management company nor the condominium corporation were aware that the building has what are known as 'post tension cables'. These are cables, encased in grease to prevent rust and corrosion, buried in the concrete that are supposed to stabilize the building. If not properly maintained, it can be a giant special assessment. What kind of maintenance is the management company doing when they don't even know they have post tension cables? Huge potential problem.
Do you think this REIN member is glad they're doing their diligence?