definition
strict definition
condition
The state of a property with respect to market expectations at a particular time.
The condition of a property is a general indicator of its state of repair, freshness, and up-to-dateness as determined by widespread market expectations for that type of property at the time assigned.
Condition does not refer to the actual quality of a space, although in certain markets various inferences about quality may be made from this.
The assessment is relative to expectations for the property's use and the time in question. New and renovated condition distinguish recent construction from significant renewal of older space.
More specific definitions
3 sub-definitions-
new
Space within a structure or extension of a structure built within the past 5 years. -
renovated
Space in a structure more than five years old that has received significant qualifying improvements within the past five years. -
unrenovated
Space more than 5 years old which has not been significantly renovated in the past 5 years.