Lease Abstract, as abstract art

What is a Lease Abstract?

A lease abstract is a concise, easy-to-read summary of the lease agreement. An abstract is an easy way to relay information to your team. An Abstract encompasses both financial and non-financial clauses. What is a Lease Abstract used for? A lease abstract offers a great way for you to share information with your team or financial partners.

It offers a straightforward method for accessing significant lease details without delving into the comprehensive lease documents.

What is one used for?

Banks and other financial institutions often request the inclusion of Abstracts with Rent Rolls.

Primarily, lease abstracts summarize the key financial, business, and legal aspects of commercial real estate leases, highlighting not just the standard lease provisions but also flagging any atypical clauses, financial commitments, or noteworthy issues that might arise.

How has the lease abstraction process evolved?

In the past, Lease Abstracts were simply Word or Excel documents, when innovative companies like RAAMP automated the process of lease abstraction it was a game changer for Tenants.

Are there companies that would do all the work for me?

Yes! If you need lease abstracts there are companies that can abstract your leases professionally and with great care. Although we would love to abstract your lease and have you use RAAMP and the software platform, our system isn’t for everyone. Here are the top three lease abstraction companies we would recommend for just getting lease abstracts:

  1. LeaseProbe
    LeaseProbe was established in 2004 as a pioneering and innovative company fully dedicated to producing exceptional lease abstracts. They can typically give you a price based on a few leases shared with them.
  2. ReBackOffice
    They offer comprehensive, flexibly sourced, on-demand, and economical lease administration services. They price their services based on the workload, not on a number of leases, but on how many staff members they need to allocate to your project.
  3. JLL
    A massive company with a huge footprint not only in the US, India & China but 40+ other countries as well. If you are dealing with broad international leases JLL is a great partner.

What is the step-by-step process?

  1. RAAMP’s team audits all your locations. Often real estate teams, finance and development teams all have different lists of locations. RAAMP’s streamlines this and becomes the one source of truth.
  2. We determine all relevant contacts. Franchisee contacts, landlords and on-site contacts. These contacts become important to keep the process moving forward.
  3. We gather all the documents. We can do this through Dropbox or SharePoint integrations. RAAMP also has a proprietary system for creating secure file portals: RAAMP’s Real Estate Document Management Software
  4. We Abstract each lease. When RAAMP abstracts a lease it is not simply a snapshot of the lease it is dynamically linekd to the lease documents or amendments. Our entirely US based team of professionals abstract each lese with 100% accuracy. With document link all lease data is linked the PDF files for the lease. When a user is viewing a lease abstract in RAAMP they have the data right at their fingertips.
  5. Audit the leases. Ensure there are no missing files or provisions such as missing amendments unexecuted options or unsigned documents.
  6. After the lease abstraction process in RAAMP all the key dates and events are created automatically and can be added to each user’s personal calendar through our Calendar Link Module.

What are the benefits of RAAMP’s dynamic lease abstraction?

  • RAAMP’s team does all the work for you.
  • With RAAMP’s Drag n’ drop we can easily gather thousands of documents at a time.
  • Access a secure, cloud-based platform from any location – no installation required.
  • Efficient split-screen workflow allows simultaneous viewing and editing of linked documents and abstracts.
  • Aggregate multiple documents per tenant, including leases, amendments, franchise agreements, and updates, in one place.
  • Simplify base rent calculations with an intuitive wizard for CPI, percentage rent, abatement, and commissions.
  • One-click access to the original PDFs, including abstracts, searches, and reports.
  • Convenient printing and exporting of abstracts and reports to Excel for easy analysis.
  • User-friendly editing and commentary features for collaborative work.
  • Enhanced security with strictly managed user access rights, suitable for both internal and external stakeholders.