Property Condition Assessment
The due diligence process of property
acquisition is a method of evaluating the risks in ownership or
underwriting the financing of real property.
Key elements of that process include assessment of any potential environmental impacts, and the
physical condition of the property including expected repair and
replacement cost over a specified evaluation period.
WGSA performs Property Condition Assessments
and prepares Property Condition Reports using
ASTM E 2018 Standard Guide for
Property Condition Assessments: Baseline Property Condition
Assessment Process as our basic guideline.
This process includes the assessment of the physical condition
of the subject property and consists of documentation and review,
interviews, walk-through survey, and opinions of probable costs to
remedy immediate needs and a replacement reserve schedule over the
evaluation term.
The Standard also recognizes there are varying levels of assessment and due diligence both more and less comprehensive than the guide. WGSA’s policy is to establish an understanding of our clients’ purpose for commissioning a PCA and their risk tolerance so that any deviations from the Standard are mutually agreed upon and clearly stated in the engagement documents and final report.
In general the standard scope of work includes:
WALK-THROUGH SURVEY:
Objective:
The objective of the walk-through survey is to visually observe and
obtain information describing the general condition of materials,
systems, and components of the subject property. Observations made
are recorded with specific emphasis on conditions needing immediate
attention and conditions that will require capital expenditure over
the evaluation period.
Photographs:
WGSA documents representative present conditions including physical
deficiencies, if any.
OBSERVATIONS OF THE SITE TO INCLUDE:
Topography
Storm Water Drainages
Ingress and Egress
Paving, Curbing and Parking
Flatwork
Landscaping and Appurtenances:
Recreation Facilities
Utilities
Structural Frame and Building Envelope
Roofing
Plumbing
HVAC
Electrical
Vertical Transportation
Life Safety/Fire Protection
Interior Elements