Lease Abstraction- A medium to identify the client’s liabilities and obligations

SKJ Juris Services Pvt. Ltd.Management

Apr 10, 2020 (2 months and 27 days ago)

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A lease abstract is made like the usual contract which may extend up to hundreds of pages and going through that becomes hectic. It contains all the crucial facts and information that is required for the business; and relevant to both parties; cutting out all the unnecessary information. Hence a lease abstract functions as a contract or an obligation for the client containing all the crucial information in a document, without wasting hours of searching it in the original document.

Lease
Abstract
ion
-

A medium to identify the client’s liabilities and obligations

What is
lease abstraction
?

Have you ever wondered how commercial properties go on rent? Well, they usually undergo the lease
abstract
ion
process. Lease
abstraction
refers to the process of producing a concise version of a lease document. Precisely saying it is
a document that accord
s the deal between the tenant and the landlord. This document can be procured for either an
entire portfolio of commercial estates or just even a single building too. It is made to make both parties aware of the
terms and legality in an easy way.

What does

it contain?

A
lease abstract
contains all necessary and important information or rather
includes
the client’s obligations i.e. date of
commencement of the lease, total area of a property that is going to be on lease, subletting options, rental amount,
pro
visions, terms, and conditions, etc. It also contains the names of both the parties, term of the lease, address, rent
escalations, percentage rent, etc. Whatever information is necessary for both the parties, will be mentioned in the
lease
abstract
.

What
is the purpose of a
lease abstract
?

A
lease abstract
is made like the usual contract
which
may extend up to hundreds of pages and going through that
becomes hectic.
It
contains all the crucial facts and information that is required for the business; and re
levant to both
parties; cutting out all the unnecessary information. Hence a
lease abstract
functions as a contract or an obligation for
the client
containing
all the crucial information in a
document
, without wasting hours of searching
it
in the original
document.

Why it is important to consult an expert for it?

Some of us may think that
a
lease abstract
is very simple and easy to make; hence why not make it ourselves, but it may
not be such a great idea. The main idea of a lease
abstract

is to make the d
ocument short, comprehensible and precise,
which varies in each specific case. Preparing a good quality lease
abstract
requires skills and expertise. Hence it is very
vital to consult the experts, as
one
may forget about the standard clauses that contain a
lterations, damage, late charge,
default, destruction and estoppel. The experts pay attention to each of these which we can easily neglect, and these
clauses shape the whole body of the lease
abstract
. These lease
abstract
s can be either developed through
custom
software or using the Office tools.

Role of
SKJ Juris

in
lease abstraction
:

We understand how important
a
lease
abstract

is for a property which is to be put on a lease, hence the role of opting
for a firm that possesses expertise in it is very crucial. SKJ Juris is such a firm that provides high
-
quality
lease abst
raction
services
. Through their innovative technology, they provide full lease
abstract
s, custom lease
abstract
s, and financial
lease
abstract
s. With the help of their highly experienced team of professionals, they have developed an impressive
roster of af
filiates such as Appleton, Knovos, Jonathan
Lea
, etc. and
have
testimonials
which
depict the quality of their
work. Hence, next time when you are thinking of procuring a lease
abstract
, you can switch over to SKJ Juris for
obtaining
relatively inexpensive
and supreme service
s
.