A schedule of condition (SOC) is a factual record of the condition of a property, normally prepared for legal or contractual reasons. They create a complete record of the condition of the property on a particular date that can be used as a benchmark against which its condition can be assessed in the future and any changes identified.
For residential property leases, a schedule of condition can be required when a new lease is entered into to confirm the condition of the property. This ensures that the condition recorded so that any existing defects and their repair costs are identified prior to a commitment to lease being made, and can help with lease negotiation.
It can also be used to establish responsibility for dilapidations and reinstatement, typically towards the end of a lease.