Due Diligence – Property Condition Report | Property Condition Assessment (PCA’s)
Criterium-Hardy Engineers’ Property Condition Report, also called a Property Condition Assessment, is a comprehensive due diligence service designed to meet the objectives of your real estate portfolio, whether you represent a commercial real estate owner or manager, institutional investor or investment banker. Criterium-Hardy Engineers works with clients to understand those objectives, to develop scopes and formats to serve your needs, and to deliver comprehensive and high quality property condition reports.
To that end, our Property Condition Assessment report contains information about the structure and its components vital to investment and finance decision making. Further, the report provides appropriate due diligence for the real estate transaction with regard to a property’s physical condition. In addition, our reports comply with industry standards such as those of Standard and Poor and ASTM 2018. This said, customized or abbreviated reports and formats for special needs or very large and time sensitive assignments have also been developed to suit your special needs or time constraints.
Furthermore, we realize that each client has a slightly different perspective that is often reflected in what they call the report.
- The investment community uses a Property Condition Assessment to budget reserves and sometimes negotiate with the seller.
- The government may use a Project Capital Needs Assessment to preserve the quality of housing over the term.
- Corporate owners need a Capital Needs Assessment to develop budgets and streamline operations.
- Community Associations require a Reserve Study to be able to properly assess owners for non-annual costs.
In order to meet varying client needs, Criterium-Hardy Engineers does not specialize in any one type of property condition assessment. Rather, we bring our broad expertise to each assignment to ensure the best possible outcome.
For example, in our standard Property Condition Assessment report, we evaluate the:
- Paving & Curbing
- Structural Components (substructure & superstructure)
- Vertical Transportation
- Fire Safety
- Accessibility (ADA) Regulatory Compliance
To summarize, our PCA investigation is designed to address the unique concerns and risk tolerance of our clients. We provide a list of current deficiencies and areas of deferred maintenance along with the cost to cure these deficiencies. At the end of our report is a table of capital reserve requirements. To learn more about what is included in our standard property condition report, please review our detailed Property Condition Assessment scope.