May 4, 2022
Posts within this category will present CRE professionals with lease abstracting details and information. What is involved with lease abstracting? Funny you should ask.
Lease abstracting is all about summarizing lease agreements so as to ease the matter of lease management and lease administration. This is generally done in order to quickly and effectively understand a tenant’s terms and conditions of renting space. To put it another way, lease abstracting is a way of simplifying terms from more complex documentation. Per our goals of posts in this category, the focus of lease abstracting will be on commercial real estate properties.
What conditions are highlighted by way of lease abstracting? To start with, this process presents basic tenant and landlord details such as names and addresses and the businesses that are affected. Abstracting might also provide quick details on the square footage of the leased property, scheduling terms and payments for said property as well as the options for renewal once those terms expire.
Lease abstracting exists for a number of reasons. Clearly, it’s there to simplify the complex language of detailed lease documents. However, it also helps companies to more effectively manage their contracts and leased properties. This, in turn, means that companies are more able to save time and, well, time is money.