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:
“Summer’s lease hath all too short a date.”
—William Shakespeare (1564–1616)
“The reader uses his eyes as well as or instead of his ears and is in every way encouraged to take a more abstract view of the language he sees. The written or printed sentence lends itself to structural analysis as the spoken does not because the reader’s eye can play back and forth over the words, giving him time to divide the sentence into visually appreciated parts and to reflect on the grammatical function.”
—J. David Bolter (b. 1951)