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)
“Truth is that concordance of an abstract statement with the ideal limit towards which endless investigation would tend to bring scientific belief, which concordance the abstract statement may possess by virtue of the confession of its inaccuracy and one-sidedness, and this confession is an essential ingredient of truth.”
—Charles Sanders Peirce (1839–1914)