The purpose of a Property Condition Assessment (PCA) is to observe and report on the physical condition of the subject property and to provide professional recommendations regarding future issues including financial risk or liability to the client.
Major structural, electrical, plumbing and HVAC components of each structure, as well as site improvements, are carefully examined for condition, status of completion, general code conformance, life cycle costs, sufficiency for their intended use, and extent of defects and depreciation in a Property Condition Assessment report. Our team interviews site personnel, perform document reviews and conduct walk-through surveys noting the physical condition of the building systems and components of a Property Condition Assessment report.
Upon completion of the physical property condition assessment, we will provide a Property Condition Report (PCR) outlining the systems and components along with any deferred maintenance or deficiencies observed. Based on industry standard, we then formulates a list of immediate repairs and costs that will be incurred during the life of a loan. Immediate repairs can be defined as significant building code violations, fire code violations, safety concerns and deterioration to the building caused by deferred maintenance. In addition to the assessment, we develops a Modified Capital Reserves Schedule that approximates repairs and replacement costs most likely to occur over the evaluation period. This schedule allows our clients to plan for large expenditures in advance of their replacement.
Our reports comply with industry standards based on ASTM E-2018-15 requirements along with Freddie Mac, Fannie Mae or HUD guidelines. Customized scopes are also available.