In 2006, a client approached REMCO’s founder, Lisa Gerard, wanting to sell the largest asset in his portfolio and take advantage of a 1031 tax exchange. Lisa assisted in the sale of the asset at a significant price, and therefore identified not one but three new assets to purchase with the proceeds.

After an offer is made on a property, a set period of time known as “due diligence” takes place, allowing the potential buyer to investigate property details more closely before being obligated to close the deal. In this time period, “asset discrepancies” may arise, which are important factors about the property or portfolio that are not clearly enclosed in the offering memorandum.