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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Thou art more lovely and more temperate.
Rough winds do shake the darling buds of May,
And summers lease hath all too short a date.”
—William Shakespeare (15641616)
“If we take in our hand any volume; of divinity or school metaphysics, for instance; let us ask, Does it contain any abstract reasoning concerning quantity or number? No. Does it contain any experimental reasoning, concerning matter of fact and existence? No. Commit it then to flames: for it can contain nothing but sophistry and illusion.”
—David Hume (17111776)