A lease agreement record is the master record that captures all data related to executing and managing a lease. It supports both the Tenant (Lessee) and the Landlord (Lessor) lease types. Leases can be a Primary Lease or a Sub-lease.
Lease records maintain all the data that related to a commercial lease including, but limited to the following:
- General Lease information such as lease name, number, type, classification, execution date, etc..
- Landlord and Tenant Information such as names, contact information, addresses, etc..
- Leased Space Information such as Space Name, location, Area/Size, etc..
- Key Lease Terms such as Term Periods, Commencement and Expiration dates, Monthly and Annual Rent, Extension Options, etc..
- Security Deposit Information such as Deposit Amount paid, date, Refund, refund date, etc..
- Capital or Operating Lease data to support the classification of the lease as Capital or Expense lease, per the new FASB13 guidelines.
In addition, each lease provides the payment setup parameters related to the recurring or one-time payments for payment types such as Base Rent, CAM, Utilities, Insurance, and so forth.
The lease process also supports the ability to specify different payment frequencies, Payment Proration methods, Payment Due Dates, Straight Line provisions, Payment Escalation methods and amounts, and so forth.
The lease process automates the monthly billing process through an automated system generated Payment Requests or Lease Invoices.
Lease Key Dates are also supported with the ability to automate action items and assignments on critical events such as Lease renewals, Option Exercise Dates, and so forth.