Elevator Due Diligence

 An elevator due diligence assessment is a comprehensive evaluation of an elevator system during a real estate transaction to determine its current condition and future needs. This assessment typically includes:

• A physical inspection of the elevator equipment and components
• Review of elevator maintenance and inspection records
• Evaluation of the elevator’s compliance with relevant codes and regulations
• Analysis of the elevator's current usage and future needs
• Cost projections for maintenance, repairs, upgrades, and replacement The purpose of an elevator due diligence assessment is to provide the buyer or lender with information on the condition of the elevator system, any potential costs and liabilities associated with it, and the overall impact on the value of the property.