(1) At the time of submission of an application for a condominium which involves the conversion of any existing buildings, the Building Inspection Division shall make an inspection of the proposed condominium project to determine compliance with the life-safety provisions of the International Building Code.

(2) Prior to consideration of a condominium project involving conversion of existing buildings, the Building Inspection Division shall submit a report to the Development Services Director or designee specifying any deficiencies of life-safety standards of the International Building Code which are found to exist in the project. This report of the Building Inspection Division shall be submitted as an element of the “Report of Property Condition.”