1905494

ASTM E2018-15

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

standard by ASTM International , 08/15/2015

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1.1 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.
1.1.1 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 term physical 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.
1.1.2 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).
1.1.3 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.
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 the physical deficiencies identified.
1.2 Objectives-Objectives in the development of this guide are to: (1) define good commercial and customary practice for the PCA of primary commercial real estate improvements; (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 baseline standard of care for appropriate observations and research; and (6) recommend protocols for consultants for communicating observations, opinions, and recommendations in a manner meaningful to the user.
1.3 Considerations Beyond Scope-The use of this guide is strictly limited to the scope set forth in this section. Section 11 and Appendix X1 of this guide identify, for informational purposes, certain 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.
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 Remedy Physical Deficiencies, and preparation of the PCR. Section 11 provides additional information regarding out of scope considerations (see 1.3). Annex A1 provides requirements relating to specific asset types, and where applicable, such requirements are to be considered as if integral to this guide. Appendix X1 provides the user with additional PCA scope considerations, whereby a user may increase this guide's scope of due diligence to be exercised by the consultant beyond this guide's baseline level. Appendix X2 and Appendix X3 outline the approach to Accessibility Surveys.
1.5 Multiple Buildings-Should the subject property consist of multiple buildings, it is the intent of this guide that only a single PCR be produced by the consultant to report on all of the primary commercial real estate improvements.
1.6 Safety Concerns-This guide does not purport to address all of the safety concerns, if any, associated with the walk-through survey. It is the responsibility of the consultant using this guide to establish appropriate safety and health practices when conducting a PCA.
      TABLE OF CONTENTS 1 Scope     1.1 Purpose   1.2 Objectives   1.3 Considerations Beyond Scope   1.4 Organization of This Guide   1.5 Multiple Buildings   1.6 Safety Concerns 2 Terminology   2.2 Definitions   2.3 Definitions of Terms Specific to This Standard   2.4 Abbreviations and Acronyms 3 Significance and Use   3.1 Use   3.2 Clarification of Use   3.3 Who May Conduct   3.4 Principles   3.5 Prior PCR Usage   3.6 Rules of Engagement 4 User's Responsibilities   4.1 Access   4.2 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 Reliance   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 Credentials   10.5 Executive Summary   10.6 Purpose and Scope   10.7 Walk-Through Survey   10.8 Document Reviews and Interviews   10.9 Additional Considerations   10.10 Opinions of Costs   10.11 Qualifications   10.12 Limiting Conditions   10.13 Exhibits 11 Out of Scope Considerations   11.1 Activity Exclusions   11.2 Warranty, Guarantee, and Code Compliance Exclusions   11.3 Additional/General Considerations 12 Keywords Annex A1 GUIDANCE AND ENHANCED DUE DILIGENCE SERVICES   A1.1 Multifamily Properties   A1.2 Commercial Office Buildings   A1.3 Retail Buildings     Appendix X1 GUIDANCE AND ENHANCED DUE DILIGENCE SERVICES   X1.1 Qualifications   X1.2 Verification of Measurements and Quantities   X1.3 Research   X1.4 Flood Plain Designation Appendix X2 AMERICANS WITH DISABILITIES ACT (ADA) ACCESSIBILITY SURVEY Appendix X3 FAIR HOUSING ACT (FHA) ACCESSIBILITY SURVEY
 

Product Details

Published:
08/15/2015
Number of Pages:
21
File Size:
1 file , 190 KB
Redline File Size:
2 files , 400 KB
Note:
This product is unavailable in Russia, Ukraine, Belarus
 

Document History

  1. ASTM E2018-24


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

    • Most Recent

  2. ASTM E2018-23


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

    • Historical Version

  3. ASTM E2018-15

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

    • Historical Version

  4. ASTM E2018-08


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

    • Historical Version

  5. ASTM E2018-01


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

    • Historical Version

  6. ASTM E2018-99


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

    • Historical Version