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What is a property inventory?
A property inventory (also known as landlord inventory) is a comprehensive inventory report of a rental property that details the property condition at the beginning of the tenancy.
Further, a landlord inventory contains a detailed list of various items in the rental property that a tenant can use and their state of condition before the tenancy begins and before the tenant leaves.
Why is it important to use a property inventory?
When letting a residential property, a property inventory is the second most important legal document after the tenancy agreement itself (or a lease or license agreement as the case may be).
The law now requires that tenant’s deposits are more closely protected during the tenancy and that tenants are duly given back their deposit unless there has been adverse damage (other than reasonable or fair wear and tear) to the property.
Deducting damages from tenant deposit
Under the Tenancy Deposit Scheme Regulations, the law provides for the swift return of a deposit to the tenant at the end of the tenancy. Therefore, you need a thorough property inventory to document the condition of items before your new tenant moves in and before he leaves to clarify to what damages need to be paid for out of any deposit.
If there is a dispute, there are now set procedures for dealing with the dispute. To avoid lengthy litigation, all parties should agree to the contents of the property thoroughly.
What should be in a property inventory?
A property inventory should include and detail all the items at the rented property. Even if the property is not furnished, a londlord inventory template should be used to prepare the condition of fixtures including walls, sinks, and carpets.
It is pertinent that when completing the inventory, you are specific and that the inventory is detailed. You can also include photopgraphs to record the current state to reflect any exisiting damage or defects. Where there are multiple similar items but in different conditions, each item should be separately included in the inventory.
When should you use a property inventory template?
This property inventory template is suitable for:
- use by a landlord, tenant, or a letting agent
- use with all types of tenancy agreement, leases and licenses
- use as an addition to an existing tenancy agreement where there is currently no inventory
About this property inventory template
All our residential tenancy documents include this comprehensive inventory. However, if you already have a lease or license agreement in place and have no inventory, it is a good idea to download this free landlord inventory template today and agree it with your tenant or landlord as a priority.
Using this property inventory template you can create your own inventory for rental property.
Contents of this property inventory template
Our property inventory template covers the following subject areas:
- Definition of ‘Reasonable Wear and Tear’
- Comprehensive list of items that might be included in the property
- Examples of how to rate the condition of the items “(both fixtures and fittings)
- Space for estimation of cost to replace / repair the item in question
- Signatures showing agreement of all parties
If you have any further questions, feel free to contact us.
This document was written by a solicitor for Net Lawman. It complies with current English law.
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