Reviewing a complete lease file is often more complicated and time intensive than first meets the eye. There is no substitute for looking over every document. Important lease provisions are often hidden (sometimes purposely) in unexpected places. Additionally, sometimes lease provisions are found in documents or agreements outside the lease, such as riders, side letters or unilateral notice letters.
Like much of the due-diligence process, lease abstracting can be tedious, painstaking work. But before any decisions about the acquisition, management or underwriting of an asset, a complete understanding of the underlying asset should be obtained. Without a detailed and thorough lease abstract, this understanding can be difficult to achieve.
If you have questions or would like to discuss any aspect of Lease Abstraction with us, don’t hesitate to contact us.