property investment

Entry And Exit Property Condition Reports – Needs And Importance

Do you own a house, land, or commercial space and are you willing it to rent out, then it is best to opt for Rental Inspection. In many countries it has evolved to help the Owner as well as the Tenant. This is the process of preparing a property condition report and this is important to both Owner and the Tenant. Most of them ignore this while renting out their house, land or commercial space. During the Rental Inspection the professionals will prepare the reports. The Rental Inspection is accomplished in the presence of both Owner and Tenant. There are 2 kinds of reports Entry Report and Exit Report. The Entry Report is done when the owner rents the property to the tenant. This report consists of details of each object's current condition available in the property. They do a survey of all the rooms available in the property. In some cases it may require to take photographs of the existing condition of the property. For example the number of fans, bulbs and their condition (if working or not working), cracked walls broken handle of a door will all be put into the papers. The final Entry report prepared should be signed by both Owner and Tenant so that to avoid the conflicts. The Exit Report is once again done when the tenant decides to vacate from the property. The same procedure is carried for this as well. By this both the Owner and the Tenant can find the differences or changes done in the property during the rental period. Apart from these Reports, there can be periodical inspection done for example yearly, half-yearly or quarterly. The periodical rental inspection depends on the Owner's interest. By doing intermediate inspection, it ensure the owner that their property is safe and clean. This kind of inspection is mainly done to make sure that they do not lose overall control on their property. In many cases the periodical examination team notifies the tenant about the date and time of review, at that time both owner and the tenant will be requested to present themselves. Another type of review is drive by inspection wherein the owner drives in to the property for inspection; this does not require any prior notification. There are few scenarios of the damage for which the tenant is not responsible such like regular wear and tear of the walls due to climatic changes or seasonal changes, the fabrics used for door or window curtains become dull. Vice Versa if the tenant or the tenant's family do damages then they are subjected to take the responsibility. These damages include breakage of door or window intentionally, kids drawing on the walls, stains of the home furnishings etc. By now we all came to know the importance of the Property Inspection to either owners or the tenants. So if you are planning to rent a house, property or commercial space make sure to contact the Rental Inspection Agencies in order to avoid future conflicts. The best thing about this inspection is proof and the documentation, which will be duly signed by both the owner and the tenant.