ASTM International

Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process
 N E2018

Annotation

Purpose—The purpose of this guide is to define good commercial practice in the United States of America for conducting a baseline property condition assessment (PCA) of the improvements located on a parcel of commercial real estate by performing a walk-through survey and conducting research as outlined within this guide.

Physical Deficiencies—In defining good commercial and customary practice for conducting a baseline PCA, the goal is to identify and communicate physical deficiencies to a user. The termphysical deficiencies includes the presence of conspicuous defects and material deferred maintenance of a subject property’s material systems, components, or equipment as observed during completion of the PCA. This definition specifically excludes deficiencies that may be remedied with routine maintenance, miscellaneous minor repairs, normal operating maintenance, etc., and excludes de minimis conditions that generally do not present material physical deficiencies of the subject property.

Walk-Through Survey—This guide outlines procedures for conducting a walk-through survey to identify the subject property’s physical deficiencies, and recommends various systems, components, and equipment that should be observed by the field observer and reported in the property condition report (PCR).

Document Reviews and Interviews—The scope of this guide includes document reviews, research, and interviews to augment the walk-through survey so as to assist the consultant’s understanding of the subject property and identification of physical deficiencies.

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 the physical deficiencies identified.