Importance of lease abstraction in identifying critical dates
Going through voluminous books and records of a lease agreement is indeed very hectic, which is easily eradicated through lease abstraction. Lease abstraction is a process of reproduction of the quintessential and useful information, buried in hundreds and hundreds of pages of the agreement. This document or lease abstract can be easily customized as per the request of both the parties, containing whatever information they deem important such as rental terms, notice periods or even critical dates. What are the critical dates? In layman’s tone, those dates which are of high importance to either of the parties can be termed as critical dates. They include any commencement date, renewal date, termination date, or even a rent payment date. Failing to take respective actions on these dates may result in the imposition of heavy penalty and even legal suits. Hence, they are termed as critical dates. Types of critical dates: For a very efficient and effective real estate, ...