Probably the last thing on a tenant or landlord's mind at the successful completion and execution of lease negotiation is additional paperwork. But there is one last item on the checklist that should be done at the completion of every successful lease - the lease abstract. A lease abstract is a detailed summary of the salient facts of the deal, usually on a single sheet or two. It will provide the essential details of a transaction long after the terms are forgotten by the parties who negotiated them.

A lease abstract is not a frivolous paperwork chore. It is a powerful tool to help administrate and audit a lease during its term. Today's commercial lease can easily number 50 pages or more. Even with an index, tracking down essential information and critical red-letter dates can be a time-consuming chore that is often the victim of procrastination.(MORE)