Lease Abstract
Lease Management requires the extraction of key information from the lease agreement document into what is called a Lease Abstract Def: (noun.) "a summary of essential terms of a leasehold agreement of real estate".
A lease of real estate, regardless of the country or state of jurisdiction, fundamentally comprises clauses that define the commercial terms, legal terms and functional terms of the transaction.
A Lease Abstract is prepared upon the execution or commencement of the agreement to provide a more simplified, easier to use and shorter reference point for administering or managing the lease.
Read more about this topic: Lease Administration
Famous quotes containing the words lease and/or abstract:
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Rough winds do shake the darling buds of May,
And summer’s lease hath all too short a date.”
—William Shakespeare (1564–1616)
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—John Berger (b. 1926)