The ASTM E2018-15 Standard is the industry standard for baseline Property Condition Assessments. Fully named “ASTM E2018-15 Standard Guide for Property Condition Assessments: Baseline Property Condition Assessment Process,” the Standard outlines the purpose and scope of the Property Condition Assessment including the walk-through survey, document reviews, and interviews, as well as the contents of the Property Condition Report. According to ASTM E2018, the goal of the Property Condition Assessment is to identify and communicate physical deficiencies of the subject property.
Standards for PCA assessments are published by the ASTM. Standards should be carefully reviewed to fully understand the work to be completed as well as the limitations of reports. In addition, the National Engineering and Environmental Due Diligence Association (NEEDDA) has published a white paper that can provide a useful starting point. The National Engineering and Environmental Due Diligence Association or “NEEDDA” is a 501(c)(6) non-profit organization formed to improve the practice of engineering and environmental due diligence for all stakeholders, members, clients, vendors, and non-member firms. Read the full White Paper here.
