A schedule of condition is a detailed document or report that describes the condition of a property or asset at a specific point in time.
It is typically used in various real estate and property-related transactions, such as lease agreements, property acquisitions, or dilapidations assessments.
When is a schedule of condition needed?
The primary purpose of a schedule of condition is to provide an accurate record of the property’s condition to protect the interests of one or more parties involved in a property transaction.