In a commercial transaction the asbestos report stops being a facilities document and becomes a disclosure. Buyers, lenders and their advisers ask whether the duty to manage has been discharged, and the evidence is the survey, the register, the management plan and the record that the plan has been acted on. A report on its own, with no register and no evidence of review, answers only the first of those questions.
What a transaction asks for
The survey report with its plans and analysis certificates. The current register. The management plan with a named responsible person. Evidence of reinspection at the recommended interval. Records of any removal, including clearance certificates and waste consignment notes. And a note of anything presumed rather than identified, because a presumption is a cost the buyer will price.
Who holds it
Whoever is the duty holder, which the lease usually decides. In a multi-let building there may be several, and a well run building has one register that all of them work from rather than three that disagree. On a sale the pack transfers with the building and the duty transfers with the responsibility.
What weakens a report
No plans. Large areas recorded as not accessed with no follow up. Material presumed rather than analysed across a whole floor. An out of date reinspection. And a register that is a copy of the survey rather than a document that has been maintained. Each of those is a discount a buyer can argue for, and each is cheaper to fix before marketing than during.
Keeping it current through a tenancy
Fit outs, strip outs and maintenance all change the building. The register has to be updated as they happen, which means the plan has to require contractors to report what they found and what they did. Buildings lose control of their register during tenant works more often than at any other time.
Questions people ask about asbestos reports for commercial property
Is an asbestos report required to sell a commercial building?
There is no statutory requirement to produce one for the sale itself. In practice a buyer will ask, and the duty to manage means a working building should already have it.
Does the duty transfer with the sale?
The duty attaches to whoever is responsible for maintenance and repair, so it moves with that responsibility rather than travelling as a separate obligation.
What if the report is ten years old?
It describes a building as it was. Expect a buyer to ask for a reinspection or a fresh survey, and expect to pay for it either way.