A property inventory report also known as a Schedule of Condition is a brief report that describes the condition of a property or any lettable space in a building whether residential or commercial before renting out the property to suitable tenants.
An inventory report is needed as evidence for both parties (landlord and tenant) in that it helps to compare the condition of a property before and after letting it out to tenants. The landlord wants their property used and kept in a good tenantable condition to enable someone else to rent the same property at the expiration of the current tenancy.
Often, when old tenants park out of a property, they leave the apartments in a messy, dirty and poor state, leaving the landlord to take care of the repairs and cleaning of the apartment. This is very devastating, it is for this reason that most landlords demand refundable caution deposits from intending tenants as security for any future damages done on the property during the tenancy period.
The refundable caution deposits are to be returned to the tenants at the end of their tenancy period provided that the property they occupied is kept in the same state they met it at inception. If any part of the apartment occupied gets damaged due to rough handling or general usage, the refundable caution deposit is used to repair the damages done.
However, to carry the tenants along, an inventory report sometimes referred to as a schedule of conditions is prepared on-site in the presence of both the landlord and the new tenant, if the report is accepted by the parties they will append their signatures and keep a copy each of the reports as evidence pending when the tenancy period will expire to compare the future state of the apartment with the initial inventory in their possession to ascertain whether a repair will be carried out on the said apartment or the initial caution deposit will be refunded to the outgoing tenant.
The contents of a property inventory are:
- The heading or title
- The description of the subject apartment or property
- Accommodation details of the apartment or property
- Items captured during the exercise
- The condition of each item captured during the exercise
- Brief remarks on the state of the apartment under review
- Summary or conclusion
- Signatures of both landlord and tenant
A comprehensive template of property inventory reports is presented below to give you a clearer understanding and help you prepare yours.
Property Inventory Report Sample
| S/N | ACCOMMODATION/ ITEMS | CONDITION | REMARKS |
| A | GROUND FLOOR | ||
| Sitting Room | |||
| 2No. SMC Ceiling fan | Good | Yet to be hung | |
| 3No. Wall lamp | Good | ||
| 1No. Fluorescent tube | Good | ||
| 1No. Intercom phone | Good | ||
| Guest Room 1: | |||
| 1No. Wardrobe | Good | Newly sprayed | |
| 1No. Wall lamp | Good | ||
| 3No. Curtain hanger | Good | ||
| Toilet and bathroom | Good | ||
| 1No. Bath | Good | ||
| 1No. Twyford toilet seat | Good | ||
| 1No. Towel hanger | Good | ||
| 1No. Wash hand basin | Good | ||
| 1No. Tissue hanger | Good | ||
| Staircase: | |||
| 2No. Control switch | Good | ||
| 1No. Bulb | Good | ||
| Kitchen: | |||
| 1No. Washing sink | Good | ||
| 1No. Cupboard | Good | ||
| 2No. Shelves | Good | Newly installed | |
| 1No. Wall bell | Good | ||
| Garage: | |||
| 1No. Bulb with shade | Good | ||
| B | TOP FLOOR: | ||
| Lobby: | |||
| 1No. Wall mirror | Good | ||
| 2No. Control switch | Good | ||
| 1No. Bulb point | Good | ||
| Family Lounge: | |||
| 1No. Air-conditioned | Good | ||
| 1No. Wall lamp | Good | ||
| 3No. Curtain hanger | Good | ||
| Balcony: | |||
| 1No. Bulb with shade | Good | ||
| Master Bedroom: | |||
| 3No. Wall lamp | Good | ||
| 1No. Air-condition | Good | ||
| 3No. Curtain hanger | Good | ||
| 1No. Wardrobe | Good | ||
| Toilet and Bathroom: | |||
| 1No. Bathtub with telephone coil shower | Good | ||
| 1No. Twyford toilet seat | Good | ||
| 1No. Towel hanger | Good | ||
| 1No. Wash hand basin | Good | ||
| 1No. Tissue hanger | Good | ||
| Verandah: | |||
| 1No. Bulb | Good | ||
| Room 2: | |||
| 1No. Wall lamp | Fair | To be replaced | |
| 1No. Air-condition | Fair | To be fixed immediately | |
| 1No. Fluorescent tube | Excellent | ||
| 1No. Wardrobe | Excellent | Newly installed | |
| 3No. Curtain hanger | Good | ||
| Toilet and Bathroom: | |||
| 1No. Bath tube | Good | ||
| 1No. Twyford toilet seat | Good | ||
| 1No. Towel hanger | Good | ||
| 1No. Bulb point | Good | ||
| Room 3: | |||
| 1No. Wall lamp | Good | ||
| 1No. Air-condition | Good | ||
| 1No. Wardrobe | Good | ||
| 2No. Curtain hanger | Good | ||
| 1No. Wooden hanger | Poor | ||
| Outside: | |||
| 4No. Bulb point | Excellent | ||
| 1No. Fluorescent tube | Good | ||
| 1No. Gee Pee tank | Good | ||
| 1No. Pumping machine | Fair | ||
| 1No. Fluorescent tube | Good | ||
| C | BOYS QUARTER: | ||
| Room 1: | |||
| 1No. Bulb point | Good | ||
| Room 2: | |||
| 1No. Bulb point | Good | ||
| Kitchen: | |||
| 1No. Bulb point | Good | In working condition | |
| Toilet and Bath: | |||
| 1No. Towel hanger | Good | ||
| 1No. Twyford with seat | Good | ||
| Lobby: | |||
| 1No. Control switch | Good | ||
| 1No. Bulb point | Good |
SUMMARY
The house is well-fenced with a gate and concertina wire. All windows in the main house are of louvres with anti-burglary proof and window blinds.
………………………………………
Name and signature of Landlord
…………………………………………
Name and signature of the tenant