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Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process
1.1 Purpose—The purpose of this guide is to provide a framework for conducting a property condition assessment (PCA) of the primary improvements at commercial real estate properties by performing a walk-through survey and conducting research as outlined within this guide.
1.1.1 Physical Deficiencies—The goal of the baseline process for property condition assessments is to identify and communicate material physical deficiencies to a user.
1.1.2 Walk-Through Survey—This guide outlines procedures for conducting a walk-through survey to identify physical deficiencies, and recommends various building systems and building components that should be observed by the field observer.
1.1.3 Document Reviews and Interviews—The scope of this guide includes document reviews, research, and interviews to augment the walk-through survey to assist with understanding the subject property and identification of physical deficiencies.
1.1.4 Property Condition Report—The work product resulting from completing a PCA in accordance with this guide is a property condition report (PCR). The PCR incorporates the information obtained during the Walk-Through Survey, the Document Review and Interviews sections of this guide and includes opinions of costs for suggested remedies of observed physical deficiencies.
1.2 Objectives—Objectives in the development of this guide are to: (1) provide a framework for conducting a property condition assessment (PCA) of the primary improvements located on a parcel of commercial real estate; (2) facilitate consistent and pertinent content in PCRs; (3) develop pragmatic and reasonable recommendations and expectations for site observations, document reviews and research associated with conducting PCAs and preparing PCRs; (4) establish reasonable expectations for PCRs; (5) assist in developing an industry standard of care for appropriate baseline observations and research; and (6) recommend protocols for the consultants for communicating observations, opinions, and recommendations in a manner meaningful to the user.
1.3 Out of Scope Considerations and Excluded Activities—The use of this guide is strictly limited to the scope set forth herein. Section 11 and Appendix X1 of this guide identify, for informational purposes, certain considerations and physical conditions that may exist on the subject property, and certain activities or procedures (not an all-inclusive list) that are beyond the scope of this guide but may warrant consideration by parties to a commercial real estate transaction to enhance the PCA. Users should work with a knowledgeable consultant to identify additional considerations and concerns to be evaluated. The decision to inquire into out-of-scope considerations or extend the assessment to include excluded activities is to be made by the user. No assessment of out-of-scope considerations is required for a PCA to be conducted in conformance with this guide.
1.4 Organization of This guide—This guide consists of several sections, an Annex and two (2) Appendixes. Section 1 is the Scope. Section 2 on Terminology contains definitions of terms both unique to this guide and not unique to this guide, and acronyms. Section 3 sets out the Significance and Use of this guide, and Section 4 describes the User's Responsibilities. Sections 5 through 10 provide guidelines for the main body of the PCR, including the scope of the walk-through survey, preparation of the opinions of costs to address physical deficiencies, and preparation of the PCR. Section 11 provides additional information regarding out-of-scope considerations, activities, and procedures (see section 1.3). Annex A1 provides guidance relating to specific asset types that are considered as integral to this guide. Appendix X1 describes additional concerns a user may consider in modification of the scope of the PCR. Appendix X2 and Appendix X3 outline an approach to limited accessibility screenings.
TABLE OF CONTENTS | ||
1 | Scope | |
1.1 | Purpose | |
1.2 | Objectives | |
1.3 | Out of Scope Considerations and Excluded Activities | |
1.4 | Organization of This guide | |
1.5 | Multiple Buildings | |
1.6 | Safety Concerns | |
2 | Terminology | |
2.2 | Definitions | |
2.3 | Abbreviations and Acronyms | |
3 | Significance and Use | |
3.1 | Use | |
3.2 | Clarification of Use of Assessments | |
3.3 | Principles | |
3.4 | Prior PCR Usage | |
3.5 | Use of Prior PCR Information | |
3.6 | Actual Knowledge Exception | |
3.7 | Contractual Issues | |
3.8 | Rules of Engagement | |
4 | User's Responsibilities | |
4.1 | Objectives and Scope of Assessment | |
4.2 | Point of Contact | |
4.3 | Access | |
4.4 | User Disclosure | |
5 | Property Condition Assessment | |
5.1 | Objective | |
5.2 | PCA Components | |
5.3 | Coordination of Components | |
5.4 | Consultant's Duties | |
6 | The Consultant | |
6.1 | Qualifications of the Consultant | |
6.2 | Staffing of the Field Observer | |
6.3 | Independence of the Consultant | |
6.4 | Qualifications of the Field Observer | |
6.5 | Qualifications of the PCR Reviewer | |
6.6 | The Field Observer and PCR Reviewer May Be a Single Individual | |
6.7 | Not a Professional Architectural or Engineering Service | |
7 | Document Review and Interviews | |
7.1 | Objective | |
7.2 | Verification of Information Provided by Others | |
7.3 | Accuracy and Completeness | |
7.4 | Government Agency Provided Information | |
7.5 | Pre-Survey Questionnaire | |
7.6 | Owner/User Provided Documentation and Information | |
7.7 | Interviews | |
8 | Walk-Through Survey | |
8.1 | Objective | |
8.2 | Frequency | |
8.3 | Photographs | |
8.4 | Scope | |
8.5 | Additional Considerations | |
9 | Opinions of Costs to Remedy Physical Deficiencies | |
9.1 | Purpose | |
9.2 | Scope | |
9.3 | Opinions of Costs Attributes | |
10 | Property Condition Report | |
10.1 | Format | |
10.2 | Writing Protocols | |
10.3 | Documentation | |
10.4 | Executive Summary | |
10.5 | Purpose and Scope | |
10.6 | Walk-Through Survey | |
10.7 | Document Reviews and Interviews | |
10.8 | Additiona General InformationStatus : Historical Standard Type: Main Document No: ASTM E2018 : 23 Document Year: 2023 Pages: 21 Life CycleACTIVE Currently Viewing Historical ASTM E2018 : 23 Historical Historical Historical Historical Knowledge Corner Expand Your Knowledge and Unlock Your Learning Potential - Your One-Stop Source for Information! © Copyright 2024 BSB Edge Private Limited. | |
