Lease abstraction is the key to financial and legal information and is very important for Real estate companies require immediate access to important data from the leases so as to ensure that no financial obligations or relevant deadlines are missed. Lease abstraction, is the key to financial and legal information that helps real estate companies to keep up to date on renewals, payment, and terminations. However, lease abstraction can be a very time-consuming process. To save time, outsourcing lease abstraction jobs to a third party vendor is the best solution as it also proves to be cost effective. The offshore vendors extract the valuable data needed from contracts and complete all the requisite paperwork.
What is a Lease Abstract?
A lease abstract is a summary of the important financial, business and legal information that exists in a commercial real estate lease. It brings to the reader’s attention any unusual lease provisions, financial obligations or other issues of importance. The purpose of a lease abstract is to keep things short and simple and one must not forget that lease abstraction is the key to financial and legal information.
What does a lease abstract contain?
The size of each abstract varies as it depends upon the needs of the client. An abstract usually is an outline of the lease, that gives out a summary of selected lease information and directs the reader to a particular section or clause from where the information has been abstracted. A lease abstract can be defined as a summary with referenced section headings so as to access all critical lease information at a glance.
Why is a lease abstract needed?
Abstraction of Leases has become important before acquisition, merger or assignment of a property as it helps in effective decision-making. The abstraction team at Complete Legal Outsourcing abstracts information after carefully reviewing all relevant documents. The abstracts produced at Complete Legal Outsourcing allows lease administrators and property manager to review all relevant information of the lease without reading each page of the lease, thus saving time that can be fruitfully utilized elsewhere. Lease abstraction, key to financial and legal information allows real estate companies in efficient management of their portfolio of leases. The purpose of Lease abstraction is to organize the lease data so that all the important information is readily available as lease abstraction is the key to financial and legal information.
What lease information should be abstracted?
The information that needs to be abstracted differ as per the individual needs of the client and also depends on various factors like complexity of the lease document and the purpose for which the lease is being abstracted. The abstracts usually range from two to twelve pages per lease depending upon the size of the lease and the information that needs to be abstracted. Some of the important information that a lease abstract should contain relates to the commencement, expiration, and renewal dates, and payment of Rents, Operating Expenses, and Utilities.
Outsource your abstraction projects to Complete Legal Outsourcing for hundred percent accurate abstracts delivered within a stipulated time frame as we strongly believe lease abstraction is the key to financial and legal information