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  • ASTM E2018-23

ASTM E2018-23

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

ASTM International , 06/01/2023

Publisher: ASTM

File Format: PDF

$54.00$108.00


Standard By:ASTM International , 06/01/2023
Published:06/01/2023
Pages:21
File Size:1 file
Language:English
Note:This product is unavailable in Russia, Ukraine, Belarus
1.1Purpose-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.
1.1.1Physical Deficiencies-The goal of the baseline process for property condition assessments is to identify and communicate material physical deficiencies to a user.
1.1.2Walk-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.
1.1.3Document 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.
1.1.4Property 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.
1.2Objectives-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.
1.3Out 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.
1.4Organization 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 Additional Considerations 10.9 Qualifications 10.10 Limiting Conditions 10.11 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 Modifications to the Baseline Process Appendix X2 AMERICANS WITH DISABILITIES ACT (ADA) ABBREVIATED ADA SCREENING Appendix X3 FAIR HOUSING ACT (FHA) ABBREVIATED FHA SCREENING
1.5Multiple Buildings-If the subject property is comprised of multiple buildings, it is the intent of this guide that all of the primary improvements are discussed in one PCR.
1.6Safety Concerns-This guide does not purport to address all 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 protocols when conducting a PCA.
1.7This international standard was developed in accordance with internationally recognized principles on standardization established in the Decision on Principles for the Development of International Standards, Guides and Recommendations issued by the World Trade Organization Technical Barriers to Trade (TBT) Committee.

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