Inventory & Schedule of Condition

By: Amber Properties  29/05/2012
Keywords: estate agent, property management, Maintenance

What is a property inventory?
The property inventory is a summary of the property and its’ contents.  A schedule of condition is a record of condition.  Most commonly the two are combined into one report and are called the inventory & schedule of condition. 
The inventory/schedule of condition has several functions: it is a catalogue of the property being let it records the condition of the property and any items that are included in the tenancy it forms part of the legally binding contract that is set out in the tenancy agreement between the tenant and the landlord.
Why it’s important to prepare a property inventory / schedule of condition?
For years when it comes to inventories, landlords have got away with scribbling a few notes on a bit of paper about the condition of their property.  The general principle being that an accurate inventory were not needed.  This was because as a landlord you were both ‘judge and jury’ and if and what part of the deposit was withheld to cover the costs of repair and cleaning.  This is not to say that tenants had no remedies if they felt aggrieved with the decision.  Under the pre April 6 2007 system they were able to take the landlord to court if they thought that they were unreasonably withholding their deposit.  The judge would then decide on the merits of their claim.  However, the ‘hassle’ and inconvenience to the tenant of carrying this through meant that in most cases tenants do not take matters any further, especially where the sums involved were small.
Please call us today for more information.

Keywords: estate agent, Maintenance, properties, property management, rent, residential property

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