PCR / Property Condition Report
A property condition report is a technical description of the building that details the condition of the primary systems and components, with the emphasis being on defects or conditions needing repair.
Surprisingly, many home owners and condominium associations enter into long term capital management "plans" without first understanding their building's condition. Management companies usually rely on reserve studies, but that's not always the best idea. Reserve studies are a fine management tool, but not necessarily in all situations, as very often assets are allocated for conditions that don't need repair.
It's best to understand where the building is at regarding current condition, then plan for maintenance expenditures where they will provide the most value. A good Property Condition Report gives you the necessary information for understanding the condition of your building.