A Schedule of Condition is often used in real estate transactions, when a tenant is taking on a lease for a property.
The Schedule of Condition is a way for both Landlords and Tenants to protect themselves and their interests by outlining and agreeing the state of a property at the outset. Avoiding potential disputes and costly claims for damages during the team or at the end of a lease. This is often invaluable where the property being leased is not new and subject to age related wear.
Conversely, a Schedule of Condition can help a landlord where the property to be leased is new, or refurbished to a good standard of repair, which can be evidenced in a Schedule of Condition and the standard of repair it should be returned at lease end, by the tenant.