Code: PCA (Engineering condition report)
Description: (Property Condition Assessment) is an engineering review of a building’s physical condition, usually done as part of real estate due diligence under the ASTM E2018 standard.
Practical Meaning: (Property Condition Assessment) means an engineer or architect checks the building to find visible defects, safety problems, and major repair needs, then gives a written report with cost estimates.
Where You May See It: Bank or lender due diligence documents, engineer’s proposal, property condition report, title company questions, investor package, emails from a managing agent or real estate attorney.
Why It Matters: A PCA report can influence loan approval, interest rate, and how much money a buyer or owner must set aside for repairs and capital projects over the next years. Do not confuse this with city inspection reports or DOB violation notices, which are issued by NYC agencies, not by private engineers.