Schedules of Condition are required to record the condition of the property at a certain time - usually in connection with a forthcoming event.
That event is commonly the granting of a new lease to a tenant. The schedule then records the condition of the property - or certain parts of it - in order that the repairing and/or decorating liabilities of either party can be limited.
This can only be achieved with the agreement of both parties and it should be included as part of - and referred to in - the lease documents. There are however only limited instances where this may prove to be beneficial and you should seek advice well before finalising the terms for occupation if a schedule of condition is being considered.