Inspection or Commercial Buildings: The inspection is defined as the process of an inspector collecting information through visual observation during a walk-through survey of the subject property, conducting research about the property, and then generating a meaningful report about the condition of the property based on the observations made and research conducted by the inspector. A commercial inspection requires the inspector to make observations, conduct research, and report findings.
The inspector may request that the owner, building manager and/or client fill out pre-inspection questionnaires to gather information. The inspector may rely that these responses are truthful. In cases where parties refuse to fill out questionnaires in writing, the inspector may interview the parties and fill out the questionnaires for them. The inspector should note in the report if he/she filled out the questionnaire based on an interview and whether such interview was performed in person, by telephone, or by email. Copies of all responses to such questionnaires should be included in the inspection report.
In August of 1999, the American Society for Testing and Materials (ASTM) published a Standard E2018-99, which defined ?good commercial and customary practice for conducting a baseline Property Condition Assessment (PCA).? This standard was specifically written for commercial real estate and largely intended for commercial real estate transactions. The Standard was updated in July of 2008 and renamed E2018-08.
Most banks will require a Phase I inspection/assessments followed by a Phase II inspection if required. The Commercial Building Inspector provides this service in the Toronto and surrounding area. This requires a review of documents, interviewing tenants and previous tenants and a complete site inspection. As early as the 1970s specific property purchasers in the USA undertook studies resembling current Phase I ESAs, to assess risks of ownership of commercial properties which had a high degree of risk from prior toxic chemical use or disposal. Many times these studies were preparatory to understanding the nature of cleanup costs if the property was being considered for redevelopment or change of land use.
Often a multi-disciplinary approach is taken in compiling all the components of a Phase I study, since skills in chemistry, atmospheric physics, geology, microbiology and even botany are frequently required. Many of the preparers are environmental scientists who have been trained to integrate these diverse disciplines. Many states have professional registrations which are applicable to the preparers of Phase I ESAs.
Environmental Assessment has little to do with the subject of hazardous substance liability, but rather is a study preliminary to an Environmental Impact Statement, which identifies environmental impacts of a land development action and analyzes a broad set of parameters including biodiversity, environmental noise, water pollution, air pollution, traffic, geotechnical risks, visual impacts, public safety issues and also hazardous substance issues.
Thermal Imaging during your Commercial Building Inspection can find various defects that might not be visible during a visual inspection. Water under roof coverings may be invisible but will show up during a thermal imaging scan. Electrical hot spots in equipment can be identified which could be a potential fire risk. Your Commercial Building Inspector has the tools and knowledge to perform a comprehensive inspection of your property and provide you with a report that will allow you to make an informed decision on your real estate investment.
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Source: http://worldstockmarketindices.com/investing-in-commercial-real-estate/
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