ASTM E2018-24 PDF

SIGNIFICANCE AND USE 4.1 Use—This guide is intended to reflect a reasonable baseline process for the completion of PCAs for use on a voluntary basis. No implication is intended that use of this guide be required to have conducted a PCA in a commercially prudent and reasonable manner. The baseline process described in this guide is subject to a moderate level of uncertainty. Because the objectives, risk tolerance, schedule, and budget of users can be dramatically different there are varying levels of PCA and due diligence that can be exercised that are both more and less comprehensive than this guide that may be appropriate to meet the objectives of the user. In accordance with ASTM protocols, this guide does not recommend a specific course of action or scope of work. Users should consider their requirements, the purpose that the PCA is to serve, and their risk tolerance to refine the scope of assessment and consultant qualifications in order to establish appropriate objectives for the assessment. 4.2 Clarification of Use of Assessments: 4.2.1 Specific Point in Time—A user should only rely on the PCR for the point in time that the observations and research were conducted. 4.2.2 Site-Specific—The PCA prepared in accordance with this guide is site-specific in that it relates to the physical condition of primary improvements on a specific parcel of commercial real estate. Consequently, this guide does not address many additional issues in commercial real estate transactions such as economic obsolescence, the purchase of business entities, or physical deficiencies relating to off-site conditions. 4.2.3 Specific Objectives—PCAs are completed to address specific objectives identified to the consultant by the user. The consultant should be consulted prior to use of the PCA to address any other objective. 4.2.4 Intended Users—PCAs are typically completed for use by contracting parties. In some cases, the use of or reliance on reports may be extended to additional parties by mutua... SCOPE 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 th...