What is a schedule of condition?
A Schedule of Condition is a detailed and systematic record of the condition of a property or asset at a specific point in time. It is typically prepared by a professional surveyor or inspector and is commonly used in property transactions, such as lease agreements or building contracts.
The picture above is a typical picture taken to record the condition of the chimney before the adjoining owners commence with a loft conversion.
The purpose of a Schedule of Condition is to provide an accurate and objective assessment of the property’s condition before any changes or alterations take place. It serves as a reference point to document the existing state of the property, including its structural integrity, finishes, and any existing defects, damages, or areas of concern.
By creating a comprehensive Schedule of Condition, all parties involved in the transaction can have a clear understanding of the property’s condition prior to any contractual obligations or works. This helps to minimize disputes and disagreements that may arise later regarding responsibility for repairs or dilapidations.
A Schedule of Condition typically includes a written description of the property’s condition, supported by photographs, drawings, and sometimes videos. The level of detail can vary depending on the specific requirements of the project or agreement, but it generally covers all relevant areas and components of the property.
It’s important to note that a Schedule of Condition is different from a Schedule of Dilapidations, which is prepared to assess the state of disrepair or breach of repairing obligations during or at the end of a lease.