ASTM E 2018 : 2023 : REDLINE

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.

1.2Objectives—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.

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.