|
 New
Standard for Property Condition Assessments
Provided by AmeriSpec Inspection Services
In August of 1999, the American Society for Testing and Materials
(ASTM) published a Standard E2018-99, to define "good
commercial and customary practice for conductinga baseline
property condition assessment (PCA)." This standard was
specifically written for commercial real estate and largely
intended for commercial real estate transactions.
The objectives in the development of the Standard Guide for
Property Assessments were as follows:
- Define good commercial and customary practice for the
PCA of primary commercial real estate improvements.
- Facilitate consistent and pertinent content in Property
Condition Reports (PCRs).
- Develop practical and reasonable recommendations and
expectations for site observations, document reviews and
research associated with conducting PCAs and preparing
PCRs.
- Establish reasonable expectations for PCRs.
- Assist in developing an industry baseline standard of
care for appropriate observations and research.
- Recommend protocols for consultants for communicating
observations, opinions, and recommendations in a manner
meaningful to the user.
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 guide
outlines procedures for conducting a walk-through survey
to identify the subject property’s material 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). The scope of the guide
includes document reviews, research, and interviews to augment
the walk-through survey so as to assist the consultants’ understanding
of the subject property and identification of physical deficiencies.
The work product resulting from completing a Property Condition
Assessment (PCA) in accordance with the guide is a
Property Condition Report (PCR). The PCR incorporates the
information obtained during the Walk-Through Survey, the Document
Review and Interviews, and includes opinions of probable costs
for suggested remedies of certain physical deficiencies identified.
This information can be valuable in helping property owners
and buyers understand operating and maintenance costs and
helps to provide confidence to prospective purchasers that
the transaction is solid.
At AmeriSpec, our professionals work together with clients
to determine the scope of the inspection services needed and
are committed to providing outstanding client service and
satisfaction. AmeriSpec’s professionals are experienced in
inspecting a variety of commercial properties and adhere to
the ASTM Standards for performing a commercial property inspection.
For more information on Commercial Property Inspections from
AmeriSpec and to determine availability in your market click
the following link: rescomorders@amerispec.net
Information about the Standard Guide for Property
Condition Assessments may be obtained from the American Society
For Testing and Materials (ASTM). For more detailed information
on the Standard, visit them online at
www.astm.org
.
|
