Property Condition Assessment Pre-Survey Questionnaire

[charliealphabravo]

Hi all,
I'd like to hear some opinions with regard to the purpose and aims of the pre-survey questionnaire described in ASTM E2018 PCA Guide and other PCA guides (Standard & Poor). Particularly when the PCA is being conducted for a prospective buyer (the client).

1. Are the responses to be relied upon or is the purpose of the survey mainly to get the current owner on record with regard to the condition of the building?
2. If the building is being sold as-is then wouldn't the questionnaire likely be ommitted?
3. Should the questionnaire be signed by the owner?
4. Is is proper for the buyer to fill out the questionnaire?
5. Who should complete the questionnaire for a remortgage?
6. The questionnaire can be pretty lengthy, even a bit onerous. 7. What is the appropriate response to an incomplete response?

Thanks in advance,

 

[pmadson]

I've been doing PCAs for the past 17 years and have rarely used pre-survey questionnaires. You learn much more about a building by sitting down with the building engineer/maintenance manager and interviewing him/her about the condition and maintenance history of the property. This allows you to follow up with questions or ask questions in different ways to get to the "real" answer. You also find that as you develop trust with that person, they open up more about the property. The questionnaires are a hassle for the current owner and makes some people not want to answer your questions because "they already answered them in the questionnaire". However, some clients require you to have one filled out but those clients tend to have their own forms. With that said, my answers to your questions are:

1. I think the real purpose is to have a written record from the owner stating things about the condition of the building to protect the consultant. For example, if you client buys the building and finds out that there are plumbing leaks all over the place and you didn't see that and report that, you can point to the written response from the owner saying "there are no plumbing leaks." This MIGHT help you, but doesn't help your client. You still need to try and verify what they tell you.

2. It is my understanding that all commercial buildings are sold as-is. It is up to the buyer to do their due diligence.

3. It would make it more legit.

4. I don't see the value for the buyer to fill out the questionnaire because they are hiring you to figure out the condition of the building.

5. For a re-fi, it would be the owner or building manager. Ideally it is the person who knows the most about the condition and maintenance history of the building.

6. Agreed

7. You should follow up on all answers to verify that they understood the question and see if you can get other tid bits of information.

Pete Madson

http://www.npcg.net