Free Schedule of Condition - Why You Need it
What many tenants fail to realise is that when they move out, the landlord will expect the building to be in the same state it was in on the day they arrived. A Schedule of Condition (SoC) or inventory is a way for you to achieve this. It is a factual record of the condition of a property, normally prepared as part of the tenancy contract.
These schedules of condition can be prepared for both residential or commercial buildings and provide a complete record of the condition of the property on a particular date. This can then be used as a benchmark against which its condition can be assessed in the future. Any significant changes can be used to make claims for deposit deductions or more substantial compensation for property damage or dilapidation.
Who creates a Schedule of Condition?
Schedules of Condition may be prepared under the instruction of a landlord, a tenant, an employer or contractor. To give the report greater credibility if there are any claims or negotiations between parties, it is best, but not strictly necessary, for these reports to be carried out by independent experts.
To encourage agreement between all parties, it is often beneficial to choose an expert together so there are no disputes in the future, once the report is completed. This will help to make sure the information is a fair reflection of the condition of the property when it is prepared and not influenced by any of the parties for their own interests.
It is important to remember that identifying a change in the condition of a property does not necessarily attribute blame to anyone in particular in its own right.
When Is a Schedule of Condition Needed?
For commercial or residential property, a Schedule of Condition is recommended when a new tenancy is entered into. This will confirm the condition of the property for both parties.
This report will ensure that any existing defects or damage are recorded and not later attributed to the tenant, as well as making sure that any damage during tenancy is the responsibility of the tenant. When it comes to identifying the cause of various dilapidations, these reports are incredibly useful for giving all parties accurate context for what has happed in the time a property has been rented by the tenant.
A schedule of conditions might also be prepared before construction begins for adjacent properties or structures, or when a building is being extended or refurbished. It will help to protect against claims from nearby property owners about future defects or dilapidations which could be seen as caused by construction or refurbishment work.
What are Dilapidations?
To put it simply, dilapidations represent exit costs for a tenant at the end of their lease. They are costs that can be attributed to returning the property to its original, pre-tenancy state, and may require a number of repairs.
It is advisable to appoint an independent expert to prepare a Schedule of Condition in order to ensure the relevant party is tasked with providing the necessary repair work at the end of a tenancy.
Many tenants often do not realise the extent of change that has occurred to the rental property when they move out. The landlord’s expectation will be to receive the property same state it was at the start of tenancy. Rather than relying on good faith, it’s crucial to carry out the necessary work at the start. At Reports2Go, we provide a free schedule of condition report and tools that can help you avoid unnecessary disputes and disagreements with your tenants.
Gary, 24 July 2020
Post Titles
- New to Letting? What you should know about Property Reports
- Three Pillars of Good Property Management
- How can PropTech reduce your Property Inventory burden?
- Choosing the right Rental Management Strategy
- Some Tips for Promoting your Letting Agency Business
- The Importance of an Inventory to you as a Tenant
- Some Ideas to Consider in Order to Reduce your Overheads
- Legislation Concerning Landlords and Tenants is Constantly Changing
- What’s your Property Management approach?
- How to maintain a Positive Relationship with your Tenant
- How important is a Condition Report?
- Tools for New Landlords and Property Managers
- The Check-in Process in the Reports Cycle
- Doing an Inventory: Part 5 - Enhancing the Report
- Doing an Inventory: Part 4 - Finishing Up
- Doing an Inventory: Part 3 - Describing Items
- Doing an Inventory: Part 2 - At the Property
- How to do an Inventory: Part 1 - Preparation
- All you need to know about Property Reports as a Tenant
- Use the FREE Reports2Go App to Speed-up Inventories
- Using on-board Dictation Software for Reports
- A guide to Inventory, Check-In, and Check-Out reports
- Reasons for Landlords to carry out Mid-term Inspections
- How to Carry out an Inventory Quickly, Accurately, and Easily
- What does an Inventory Clerk do, and should I hire one?
- Inventory – A Guide for Tenants
- Things to keep in mind when conducting a Check-in Report
- Free Schedule of Condition - Why You Need it
- End-of-Tenancy clean? All you need to know
- Reports During Covid - 19 Restrictions
- Mid-term inspections as a Landlord
- How to avoid Deposit Angst with the Reports2Go app
- The Importance of the Reports2Go App for Inventories
- All about the Reports2Go App
- The Importance of an Inventory for a Tenant
- Dictation makes for a much faster and more Accurate Inventory
- How the Reports2Go app works
- Free Property App
- Completely Free App
- Tenant Fees Act and Inventories
- When you have a lot of Inventories, Reports2Go will save you time
- Periodic Inspections and why they are good idea
- Inventory meets the 21st century with Reports2Go
- Our App saves you a lot of time on Mid-Term inspections
- What is an inventory and why have one?
- Text Mode
- Audio Mode
- Our Inventory App
- Inventory Associations
- The life cycle of a Report
