Before taking possession of a property, it’s crucial to conduct a detailed physical property checklist. Start by inspecting common areas such as lobbies, staircases, and parking for any damage or unfinished work. Ensure all fixtures and finishes, like faucets, lighting, and flooring, meet the agreed standards. Test all utilities, including water and electricity. Verify safety measures like fire alarms and security systems to make sure that they are installed properly and are functional.