Propertymark L3 Residential Inventory Management flashcards

32 cards. Read the term and the definition here. The deck at the top of this page is optional.

Inventory purpose

A dated, signed record of a property's condition, contents and meter readings at a point in time, used as evidence when comparing condition at the end of an occupation.

Schedule of condition

A photographic and written record of existing defects and condition agreed by both parties at the start of an occupation, limiting later liability for pre-existing damage.

Fixtures vs fittings

Fixtures are permanently attached items that normally pass with the property; fittings are freestanding or removable items that pass only if listed in the contract or inventory.

Gross internal area

Measurement taken to the internal face of external walls, including internal partitions and columns, while excluding external walls, open balconies and internal voids.

Gross external area

Measurement taken to the external face of external walls, commonly used for whole-building descriptions and for commercial premises where internal measurement is impractical.

Net internal area

Lettable area measured to the internal face of perimeter walls, excluding internal walls, columns, stairwells, lift shafts and plant rooms.

Meter reading evidence

A photograph showing the meter serial number, the reading and the date, used to allocate utility consumption correctly between successive occupiers.

Defect description standard

Defects should be recorded factually with room, position and extent stated, avoiding subjective wording, so the record can be relied on in a later dispute.

Fixture exclusion clause

Contract wording that expressly removes an item which would otherwise pass with the property, such as a fitted appliance or garden ornament.

Marketing accuracy duty

Property particulars and inventory descriptions must be accurate and not misleading; errors about size, condition or inclusions can give rise to claims or regulatory action.

Tenancy deposit protection

In England and Wales a deposit must be protected in an approved scheme within 30 days of receipt, with prescribed information served on the tenant in the same period.

Check-in report

The signed record produced at the start of a tenancy listing condition, cleanliness, contents, keys and meter readings, forming the baseline for the eventual check-out comparison.

Check-out report

A record made at the end of a tenancy comparing current condition with the check-in baseline, noting deterioration, damage, missing items and final meter readings.

Fair wear and tear

Deterioration caused by normal use of the property over the tenancy period, for which the tenant is not liable, as distinct from damage or neglect.

Betterment principle

A landlord cannot recover the full cost of a new replacement where the damaged item was already old; recovery is reduced to reflect the item's age and remaining life.

Apportionment of damage

Calculating a tenant's share of replacement cost by reference to the item's age, expected lifespan, quality and condition recorded at check-in.

Deposit deduction evidence

Photographs, signed inventories, invoices and correspondence that substantiate a proposed deduction; the burden of proof rests with the party claiming the loss.

Key reconciliation

Counting and identifying all keys, fobs and access devices at check-in and check-out, so that missing items can be evidenced and charged where appropriate.

Utility transfer readings

Meter readings taken at the start and end of a tenancy so that gas, electricity and water charges are split correctly between landlord and tenant.

Alarm testing record

A dated note in the inventory confirming that smoke, heat and carbon monoxide alarms were tested and their operational status at check-in.

Prescribed information

The statutory details about a deposit scheme that must be given to the tenant, including scheme name, contact details and dispute resolution procedure.

Mid-term inspection

A periodic visit during the tenancy to check condition and report maintenance issues, recorded in writing but not used to vary the check-in baseline.

Cleaning standard baseline

The recorded level of cleanliness at check-in, against which the property must be returned; professional cleaning can only be required if the tenancy agreement says so.

Commercial measurement basis

Commercial areas must be quoted with the measurement standard stated, typically net internal area for lettable space and gross areas for whole buildings.

IPMS

International Property Measurement Standards: consistent definitions for measuring floor area across asset classes, improving comparability between properties and markets.

Dilapidations claim

A landlord's claim for breach of lease covenants to repair, decorate, reinstate or yield up, assessed against the lease terms and the recorded condition at commencement.

Reinstatement obligation

A lease requirement that the tenant removes alterations and restores the premises to an agreed original specification before the lease ends.

Service charge apportionment

The percentage or fraction of total service costs allocated to a unit, recorded at handover so the tenant can verify future demands and budgets.

Contracted-out lease

A lease granted outside security of tenure following the statutory procedure, so the tenant has no automatic right to renew at expiry.

M&E asset schedule

A handover list of plant and machinery recording make, model, serial number, location and service history, supporting future maintenance and dilapidations assessment.

Commercial compliance file

Documents recorded at handover including EPC, gas safety certificate, EICR, fire risk assessment and asbestos register, evidencing statutory compliance for the premises.

Yield-up condition

The state in which the lease requires the premises to be returned, interpreted by reference to the lease covenants and any annexed schedule of condition.