What is a Lease Abstract and how can abstracting commercial real estate leases for wide variety of business parameters can help a real estate industry?
To define the term lease abstraction in simple words, it can be said that a lease abstract is a summary of the important terms, definitions and other useful information from a given lease contract. The real estate industry, in the recent past, has shown a high demand for quality lease abstracts for multiple uses, like retailing and for use with new and innovative technologies. Whether its a single property that needs to be leased or an complete portfolio, crucial information like contact details and payment dates need to be tracked. Lease abstraction is the most important tool that helps in keeping track of such information as abstraction summarizes all the information pertaining to contact details, payment dates, renewal options, late fee, holdover, operating expenses and all other relevant information thus making it easier for the reviewer thus saving him from the burden of going through numerous pages so as to look for the much needed info and thus helping the real estate investors in wide variety of business parameters. Abstracting commercial real estate leases for wide variety of business parameters helps in stabilizing and growth of a business.
How does commercial lease abstraction help in wide variety of business parameters?
A good lease abstract is one that contains all crucial information from lease agreements, amendments, exhibits, addendum and other correspondence. It is very important that all information is accurately abstracted so as to help the reviewer in keeping a track of important details like rent payment dates, renewals, common area expenses and other relevant info pertaining to a particular lease document. The well defined lease abstraction process ensures that the data thus abstracted is accurate and reliable. The abstraction process is either done on a software or on a customized template so as to suit the requirements of the client. An accurate abstract helps future investors to gain an insight into the net worth and the earnings of the property as well thus making decision making easier.
What are the contents of a commercial lease abstract?
A well drafted lease abstract contains all the important information and key terms that one needs to know before signing a lease agreement, thus saving time and money. When a commercial property is being leased, getting a good and accurate lease abstract can help in breaking down extra obligations like responsibility for property repairs, maintenance of common areas or any obligation for contributing towards capital improvements and payment of taxes. A well drafted lease abstract also ensures that the landlord doesn’t has any hidden clauses like mandatory contributions towards property maintenance or other tenant obligations.
Managing, complying and reviewing a single lease contract is itself difficult and one can very well imagine if an entire portfolio of properties needs to be managed. A quick and simple lease abstract for each property helps in quickly locating key terms thus helping in effective management of the properties. A good lease abstracts helps in quickly responding to the demands of the landlord. A well drafted lease abstract can also help in answering questions affecting the business like termination dates and rent increases, and also provides a go-to resource in case of any sublease or assignment issues that may come up with the passage of lease term.
Why choose Complete Legal Outsourcing for your lease abstraction projects?
Complete Legal Outsourcing are well known for converting the tiring and lengthy lease documents into easy to read-out abstracts with current and updated information. The lease abstraction team at Complete Legal Outsourcing are experts in abstracting all relevant key information from lease agreements, exhibits, amendments, addendum’s and other correspondence. The team is well versed in abstracting lease data with hundred percent accuracy into different property management software systems. The abstracts abstracted by Complete Legal Outsourcing helps the reviewer in managing and reviewing the leases. The team highlights and escalates all issues and concerns pertaining to a particular lease in the agreement with the client’s staff in a timely manner. Complete Legal Outsourcing is also well known for delivering quality output within a stipulated time frame.
Abstraction of commercial real estate leases for wide variety of business parameters may seem like an laborious task for busy individuals and business houses, the lease abstraction team at Complete Legal Outsourcing is the best solution to overcome such barriers. Outsource your lease abstraction projects to Complete Legal Outsourcing and let us take care of the rest. We promise to deliver quality output within a stipulated time frame and our 24 X 7 work environment is an added advantage that helps you in getting the work done while your offices are closed for vacation or weekends.