Property Condition Assessment
Property Condition Assessments (PCAs) are routinely performed on commercial properties to allow a purchaser and/or lender to assess the general condition of the property, identify any deferred maintenance issues & the associated costs to rectify and to quantify routine annual maintenance expenses. Comprehensive loan underwriting standards suggest that a financial institution should require receipt and review of a PCA prior to closing on a loan secured by commercial real estate.
The typical scope of services for a PCA prepared by Site Engineering Services, LLC include:
- Site reconnaissance to visually identify the condition of all physical improvements, including the interior and exterior of the building(s), interior finishes, exterior facades, roofs, mechanical systems, utility systems, site roads, paving, parking, access, signage, and landscaping. Numerous photographs are taken to document current conditions.
- Investigation of available property data including land surveys, topographic maps, land divisions, cadastral maps, aerial photography, floodplain maps, wetland maps, and Federal, State and local databases.
- Interviews with Municipal Departments (building, fire, zoning) and available site personnel with knowledge of the property.
Preparation of a final report summarizing the findings and conclusions of the assessment activities which will also include:
- A list of physical deficiencies/deferred maintenance items with estimated repair costs.
- A list modified capital reserves summarizing routine maintenance costs.
- A discussion of seismic considerations, mold, and compliance with the Americans with Disabilities Act (ADA).
All PCAs performed by Site Engineering Services, LLC, follow the requirements of ASTM International E2018-08 STANDARD GUIDE FOR PROPERTY CONDITION ASSESSMENTS, as well as generally accepted industry standards.
Site Engineering Services, LLC was formed in 2010 and has completed dozens of PCAs for purchasers and lenders alike. Our staff has decades of diverse experience in all aspects of civil engineering, code review, municipal and regulatory relations and building assessments.
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