What is an inventory and schedule of condition? What is a check out report?
Once a tenant moves in to a property the landlord and tenant should both sign a copy of the inventory and a schedule of condition. An inventory is simply a list of items in the property, a schedule of condition is an objective report of the condition of those items and the general standard of cleaning and decoration. We always recommend the services of an independent inventory clerk for this purpose. This document forms part of the contract between the landlord and tenant. At the end of the tenancy a check out report is prepared by, ideally, the same inventory clerk. This process is indispensable when damages or losses (if any) are being determined at the end of the tenancy. Thus, if there are any deductions due from a tenant’s deposit they can be agreed to allow the swift return of the tenant’s deposit and any amounts due to the landlord.
