Lease

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 related to a commercial lease, but are limited to the following:

General Lease information, such as lease name, number, type, classification, execution date, and so on.
Landlord and Tenant Information, such as names, contact information, addresses, and so on.
Leased Space Information, such as space name, location, area or size, and so on.
Key lease terms, such as term periods, commencement and expiration dates, monthly and annual rent, extension options, and so on.
Security Deposit Information, such as deposit amount paid, date, refund, refund date, and so on.

Someone may lease an entire building or tenant spaces within a building.

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.

The lease process automates the monthly payment and billing process through system autogenerated Lease Payment and Lease Invoice BPs.

The Key Dates detail tab in the Lease BP supports the ability to automate action items and assignments on critical events, such as Lease Renewals, Option Exercise Dates, and so forth.

See Also