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Open framework, no email required

The 46-point commercial due-diligence framework.

Forty-six checks in order: the searches you run, the questions you ask, the documents you read, the red flags they surface. The exact discipline Bold applies on every commercial acquisition. Published in full, no email wall.

46 checks Physical Legal Financial Tenant Environmental Planning

01 Physical & building 8 checks

Will the building stand up to the price?

Structure, services and fabric, dated and costed, so deferred capital expenditure is priced in, not discovered after settlement.

Structural survey & foundations
An independent structural report on the frame, slab and footings: movement, settlement and the cost to put it right.
Defects, visible and latent
A scheduled list of fabric defects, including the ones a walk-through hides: concrete spalling, facade rectification, water ingress.
Services age & remaining life
HVAC, electrical, plumbing and lifts dated against their useful life. What fails inside the hold, and on whose account.
Essential-safety & fire compliance
Current essential-safety measures and the annual statement: fire systems, exits and life-safety, signed off and up to date.
Accessibility / DDA audit
Whether the building meets disability-access obligations, and the capital cost of any upgrade the use will force.
Roof & waterproofing
Roof condition, membrane life and any surviving waterproofing warranties: the single most common deferred-capex surprise.
Hazardous-materials register
Asbestos, lead and PCBs identified, registered and costed: a management plan you inherit, not a liability you discover.
10-year capex forecast
A landlord-side capital plan over a decade, set against the headline yield to show what the income actually has to absorb.
02 Legal & title 8 checks

Can the vendor sell what is being marketed?

Title, disclosure and contract read against the searches: ownership, rights and obligations confirmed before exchange, not on trust.

Title search & certificate
A current title search confirming the vendor can sell what is being marketed: ownership, lot and plan, clean of surprises.
Easements & rights of way
Registered easements and access rights that bind the land: drainage, services or a neighbour’s right to cross it.
Restrictive covenants
Covenants on title, registered and unregistered, that limit how the asset can be used, built on or changed.
Caveats & encumbrances
Caveats, mortgages and other encumbrances flushed out before exchange, so nothing is carried into settlement unseen.
Vendor disclosure statement
The vendor’s contract disclosure read in full, with every material fact cross-checked against the searches, not taken on faith.
Special-conditions review
Every special condition tested for what it shifts onto the buyer: sunset dates, vendor outs, finance and DD windows.
GST & margin-scheme treatment
How GST applies to the price, whether margin scheme, input-taxed or not, modelled before it changes the real cost of acquisition.
Going-concern eligibility
Whether the sale qualifies as a leased going concern, GST-free on the right terms, with the contract drafted to hold it.
03 Financial & valuation 7 checks

Is the income real, and is the price right?

The rent roll, the outgoings and the value verified independently: the true net behind the headline yield, and what it all costs to acquire.

Rent roll & arrears history
The rent roll verified tenant by tenant, with arrears history: the income you are buying, not the income that is quoted.
Outgoings reconciliation
Three years of outgoings reconciled, recoverable against non-recoverable, to find the true net the headline yield hides.
Independent valuation
An independent valuation, cap rate benchmarked against comparable sales, formed before you ever make an offer.
Depreciation schedule
Plant and building depreciation quantified, so the after-tax return is modelled, not assumed, with your accountant.
Acquisition-cost model
Stamp duty, legals and the full cost-to-acquire built into the number, so the offer is the all-in price, not the sticker.
Holding-cost & cash-flow projection
A cash-flow projection across the hold, covering vacancy, reviews and outgoings, that shows what the asset funds and what it does not.
Sensitivity & break-even
The return stress-tested against a rate move, a vacancy and a soft re-letting, to find where it breaks before you commit capital.
04 Tenant & lease 8 checks

How reliable is the income, and for how long?

Every lease and covenant tested: the contracted term, the security behind it and the re-letting risk that drives commercial pricing.

Lease terms & review mechanism
Each lease read in full, term, rent and review mechanism, so the contracted income is known, not inferred from a summary.
Options & extension rights
Who holds the option to renew and on what terms: the difference between a long WALE and a short one in disguise.
Incentives & rent-frees
Incentives, rent-free periods and abatements surfaced: the effective rent behind the face rent, and when the gap bites.
Make-good & reinstatement
Make-good obligations at expiry: what the tenant must restore, and the cost you wear if the clause is weak or absent.
Guarantees & bank security
Personal and parent guarantees, bank guarantees and bonds: the security that actually stands behind the lease covenant.
Tenant trading & turnover
Trading history and turnover where disclosed, telling you whether the tenant can pay the rent through the cycle, not just today.
Sector & covenant risk
The tenant’s industry tested for structural risk. An ASX-listed national chain reads very differently from a private operator.
WALE & occupancy
Weighted average lease expiry and occupancy calculated from the leases: the re-letting risk, dated and weighted by rent.
05 Environmental 7 checks

What does the land carry that the price does not?

Contamination, hazard overlays and use history surfaced at the source: the liabilities that bind the next owner, found before you become one.

Phase 1 site assessment
A Phase 1 environmental assessment of the land and its history, with contamination risk identified before it becomes your liability.
Soil & groundwater review
Soil and groundwater quality reviewed where the history warrants it, with a Phase 2 scoped if the first phase flags it.
Asbestos register & plan
An asbestos register and management plan for the building: a known, managed obligation rather than a discovered one.
Flood, bushfire & coastal overlays
Flood, bushfire and coastal-hazard overlays searched at the source: the insurability and the use you are paying for.
EPA notices & clean-up orders
Any environmental-authority notice or clean-up order on the site, registered against it and binding on the next owner.
Previous-use history
Prior industrial, fuel or agricultural use traced: the legacy uses that leave a contamination tail decades later.
Indemnity & insurance position
Vendor warranties and environmental insurance tested, so you know who carries the remediation cost if something is found post-settlement.
06 Planning & statutory 8 checks

Does the use you are paying for actually stand?

Zoning, overlays and permits confirmed from the planning portal, so the current use is lawful and the upside you are pricing is allowed.

Zone & overlays
The planning-scheme zone and every overlay confirmed from the state portal: the controls that govern what the asset can do.
Permitted & conditional uses
Permitted, conditional and prohibited uses analysed, so you know whether the current use is lawful and the intended use is achievable.
Heritage & precinct controls
Heritage listings and precinct controls checked: constraints that can stop a change of use or a redevelopment outright.
Development controls
The development-control framework reviewed for height, setback and yield: what the upside you are pricing actually allows.
Rezoning & future-zoning risk
Pending strategic plans and rezoning that cut both ways: the upside, and the constraint a future control could impose.
Occupation permit
A current occupation permit or certificate of occupancy, confirming the building is approved for the use it is being sold for.
Outstanding works & permits
Permit history checked for unfinished or unapproved works: the non-compliance you would inherit and have to resolve.
Condition compliance
Compliance with planning conditions, from parking to signage to trading hours, the operational limits that travel with the asset.
Checks cleared · file complete

Every line above, run and dated, then a senior advocate signs the recommendation. The engine weighs it; a person stands behind it.

Two checks, on real deals

What a single check is worth.

Forty-six is a number until one line item changes the deal. Here are two that did: one that bought a warranty, one that killed a price.

Physical · roof & waterproofing

A warranty that wasn’t in the price.

The surveyor dated the roof membrane at eight years of life left against a fifteen-year design: a re-roof inside the hold, landlord-side and unbudgeted. We made it a condition. The vendor carried a fresh 12-year membrane warranty, roughly $12k of their cost, before exchange.

Outcome · cost shifted to the vendor, not discovered after settlement

Planning · zone & overlays

The upside that didn’t exist.

The campaign pitched a change-of-use rezone as the value play, and the price was set to it. The planning portal showed a heritage overlay across the title. The rezone the buyer was paying for was not permissible. The upside was illegal.

Outcome · buyer walked, capital intact for the next one

Who runs your brief

A senior advocate runs all 46. And signs them.

When Bold runs this framework on a live deal, it is not a checklist a junior fills in. A principal reads every search, makes every call to the council, the surveyor and the solicitor, and puts their name to the recommendation. The same person you brief is the person who hands it back.

A principal, not a junior

Senior advocate, end to end

The person who scopes your due diligence is the person who runs it and signs it. No handoff to a coordinator working their first deal on your capital.

Reachable

We answer the phone

A DD window moves fast. When a search comes back at 6pm or a surveyor flags a defect, you reach the advocate running your file directly, not a queue.

Conflict-free

Only ever the buyer’s side

We take nothing from vendors, selling agents or developers. The 46 points exist to protect your number, not to close a sale. The only fee is yours, agreed in writing first.

Past the keys

We stay through settlement

The framework runs to exchange, then we coordinate the conditions and the settlement, and hand back a file you keep: the obligations you inherit, documented, not discovered.

The framework, answered

Questions, answered straight.

Is the framework free?

Yes. The full 46-point framework is on this page. No email, no sign-up, no download wall. This is the exact discipline Bold applies on every commercial acquisition. A serious buyer should be able to see how the work is done before they engage us.

Who is it for?

First-time commercial buyers, SMSF trustees, residential investors stepping up into commercial, and portfolio buyers who want one standard across every acquisition. If you are running your own due diligence, this tells you what to ask and in what order.

Does it replace a solicitor or building inspector?

No. You still need a commercial property solicitor for title and contract, a surveyor for condition, and an accountant for tax and structure. The framework organises and prioritises that work so nothing is missed. It does not substitute for it.

Can Bold run this on a live deal?

Yes. We can scope a standalone written due-diligence review against these 46 points for an asset you are already pursuing, or run a full acquisition engagement: brief, off-market sourcing, the 46-point DD, negotiation and settlement coordination, end to end. Standalone due-diligence reviews are quoted per asset; send us the property and we will come back with a scope.

On a live deal

Run all 46 points on the deal in front of you.

Send us the asset and we will scope a standalone written review against all 46 points, or run the full acquisition end to end. Standalone due-diligence reviews quoted per asset.