What should be in a property inventory?Ī property inventory should include and detail all the items at the rented property. To avoid lengthy litigation, all parties should agree to the contents of the property thoroughly. If there is a dispute, there are now set procedures for dealing with the dispute. 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. 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. 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. 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). Why is it important to use 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.įurther, 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.
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