The three terms are often used as if they mean the same thing, but they are different visits with different jobs. Together they give a complete record of the property from the start of the tenancy to the end.
The inventory
The inventory is the full record of the property before the tenant moves in: every room, every item, its condition and cleanliness, with dated photographs throughout. It is usually carried out when the property is empty and ready to let.
The check-in
The check-in happens on the day the tenant moves in. The clerk goes through the inventory with the tenant, notes anything that has changed since it was written, records the opening meter readings and lists the keys handed over. The tenant then signs to confirm they agree. Because the tenant has agreed the condition at the start, there is far less room for disagreement at the end.
The mid-term inspection
Part way through a tenancy, a mid-term inspection checks how the property is being looked after. It flags maintenance problems, damp or mould and any concerns early, while they are still small.
The check-out
At the end of the tenancy the check-out compares the property against the check-in report, item by item. Changes in condition and cleanliness are recorded with photographs, fair wear and tear is taken into account, and the closing meter readings and returned keys are noted. The landlord or agent then uses the report to agree any deductions from the deposit.
Do you need all of them?
The inventory and check-out are the essentials, because the deposit is settled by comparing one against the other. The check-in makes that comparison much stronger, because the tenant has signed to agree the starting point. Mid-term inspections are optional, but most landlords find one or two a year worthwhile.
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