Lease Abstracts

At Grant & Lewis we believe that the greatest threat to successful commercial real estate investment lies in the inefficient management of occupancy costs. With an increasing number of tenants relying on expert lease administration, today's lease agreements are more complex and varied than ever before. We believe that the first line of defense against the pitfalls inherent in complex leases is a professionally prepared abstract.


Benefits
  • Search for specific legal language across all of your leases
  • Research multiple legal provisions to expedite descion-making
  • Access centralized and securely stored abstracts from anywhere
  • Find and view any abstract in seconds
  • Export Abstraction in a variety of formats

What is a lease abstract?

A lease abstract is a summary of the most important operating provisions of a lease. In theory, a lease abstract should bring to the users attention any unusual lease provisions, financial obligations or other issues of import; where applicable an effective lease abstract will direct the reader to where one can obtain more detailed information concerning the information in question. The key to a valuable lease abstract is to keep things short and simple. It is sometimes helpful to think of an abstract as analagous to to an outline of the lease.

Who should use lease abstracts?

The most common user of a lease abstract is the lease administrator. The lease administrator is responsible for charging tenants and managing the relationships between the landlord and the tenants. Often times, the property owner and/or representing broker will also use a lease abstract to determine the feasibility of leasing to prospective tenants with respect to any existing exclusivity clasues. The most important user of the lease abstract, is the purchaser of a new real estate asset. During the due dilignece period, the buyer should verify the quality of the leases currently in force before deciding to go forward with completing the acquisition.

When do you need a lease abstract?

Lease abstracts are generally needed in three basic situations:

  1. When a lease is signed. A well perfomed lease abstraction should provide you with any easy method of referencing the most important rights and obligations defined by the lease.
  2. When a real estate asset is being acquired. Any investor would be well-advised to indentify the contents of any lease agreements attached to the property to be acquired.
  3. During the administration of a lease agreement the lease administrator should constantly refer to the rights and obligations defined by your leases. Each time a tenant is invoiced for common area expenses, taxes, and insurance, it is imperative that the lease administrator knows which tenants will reimburse which type of expense, when the reimburse should occur, and at what rate is the tenant to be invoiced.

Why should I turn to Grant & Lewis for my lease abstacts?

Grant & Lewis has the experts needed to deliver a large number of abstracts, a defined process designed for consistency across each of your leases, and a software system that allows you to access your abstracts from anywhere at any time.