Lease Abstraction- A medium to identify the client’s liabilities and obligations
Posted by skjjuris on April 10th, 2020
What is lease abstraction?
Have you ever wondered how commercial properties go on rent? Well, they usually undergo the lease abstraction process. Lease abstraction refers to the process of producing a concise version of a lease document. Precisely saying it is a document that accords the deal between the tenant and the landlord. This document can be procured for either an entire portfolio of commercial estates or just even a single building too. It is made to make both parties aware of the terms and legality in an easy way.
What does it contain?
A lease abstract contains all necessary and important information or rather includes the client’s obligations i.e. date of commencement of the lease, total area of a property that is going to be on lease, subletting options, rental amount, provisions, terms, and conditions, etc. It also contains the names of both the parties, term of the lease, address, rent escalations, percentage rent, etc. Whatever information is necessary for both the parties, will be mentioned in the lease abstract.
What is the purpose of a lease abstract?
A lease abstract is made like the usual contract which may extend up to hundreds of pages and going through that becomes hectic. It contains all the crucial facts and information that is required for the business; and relevant to both parties; cutting out all the unnecessary information. Hence a lease abstract functions as a contract or an obligation for the client containing all the crucial information in a document, without wasting hours of searching it in the original document.
Why it is important to consult an expert for it?
Some of us may think that a lease abstract is very simple and easy to make; hence why not make it ourselves, but it may not be such a great idea. The main idea of a lease abstract is to make the document short, comprehensible and precise, which varies in each specific case. Preparing a good quality lease abstract requires skills and expertise. Hence it is very vital to consult the experts, as one may forget about the standard clauses that contain alterations, damage, late charge, default, destruction and estoppel. The experts pay attention to each of these which we can easily neglect, and these clauses shape the whole body of the lease abstract. These lease abstracts can be either developed through custom software or using the Office tools.
Role of SKJ Juris in lease abstraction:
We understand how important a lease abstract is for a property which is to be put on a lease, hence the role of opting for a firm that possesses expertise in it is very crucial. SKJ Juris is such a firm that provides high-quality lease abstraction services. Through their innovative technology, they provide full lease abstracts, custom lease abstracts, and financial lease abstracts. With the help of their highly experienced team of professionals, they have developed an impressive roster of affiliates such as Appleton, Knovos, Jonathan Lea, etc. and have testimonials which depict the quality of their work. Hence, next time when you are thinking of procuring a lease abstract, you can switch over to SKJ Juris for obtaining relatively inexpensive and supreme services.
About the Authorskjjuris
Joined: December 21st, 2018
Articles Posted: 22
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