Glossary of Terms

Property Condition Report 2016-02-15 08:00:00

Property Condition Report

Provides an analysis of a building or facility to help establish a buyer's risk due to the physical condition of the facility. The analysis includes architectural, structural, mechanical and electrical systems and elements. Property condition reports typically contain cost projections based on the remaining useful life of the various building components. The cost projections are typically segmented between items requiring immediate repair or replacement and those to be repaired or replaced over a longer period, often ten years or more. A property condition report is considered a key item in conduction due diligence and is usually required by a lender.

 


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