Lease abstraction is an important function for any entity with a portfolio of real estate leases, whether industrial, office, retail, residential, or any combination of these types. However, it can be challenging to know whether your lease abstraction results are providing the information needed to effectively evaluate those leases and take action when warranted.
When they’re done well, lease abstracts capture key data from leases, amendments, renewals, schedules, and related correspondence, helping ensure deadlines and obligations are met. However, if data in the lease abstraction isn’t complete or accurate, it can result in missing key dates and deliverables that can increase risk.
Quality Control and Auditing Steps Are Critical
The only way to truly validate the data in your lease abstract results is to have quality control, auditing, and proofreading measures in place. For companies trying to handle what can be a time-consuming and labor intensive process in-house, quality control and verification processes can add significantly to legal costs. Additionally, handling these tasks internally typically means using employees whose primary job responsibilities lie elsewhere. This can lead to inefficiencies as in-house experts are diverted from their other strategic responsibilities.
Firms that choose to outsource lease abstraction realize the benefit of experienced lease analysts and other real estate professionals who are well-versed and experienced in performing the abstraction and validation processes. This leads to efficiencies in turnaround time and processes, cost savings, and quality of the final abstract product.
Regardless of the data output method, lease abstraction results validation should leverage systems and quality control measures to ensure that critical dates and financial information are accurate.
Baer Reed’s expert real estate legal team is experienced and skilled, both at performing lease abstract services, and at validating the results of the abstraction process. To learn more, contact us online or call us at 1-888-433-1990 today.
Mr. Reyes graduated with honors from the Ateneo de Manila University, where he received the Procter and Gamble Student Excellence Award. He obtained his Juris Doctor degree from the Ateneo de Manila School of Law. During law school, Mr. Reyes was part of the Philippine delegation to the Willem C. Vis International Commercial Arbitration Moot held in Vienna, Austria. He was also a member of the Ateneo Society of International Law and the St. Thomas More Debate Society. He completed his internship at the Public Attorney’s Office. He wrote a thesis entitled: “To Kill A White Elephant: An Analysis of the Fiduciary Exception to the Corporate Attorney-Client Privilege”. Mr. Reyes is admitted to practice law in the Philippines and the State of New York.
Ms. Lardizabal-Manzano is a graduate of San Sebastian College-Recoletos, where she earned her B.A. in Political Science. In 2003, she received her law degree from Lyceum of the Philippines and was admitted to practice law in 2004.
Matthew Hersh earned a B.A. in Political Science from Columbia University in 1990 and graduated cum laude from Georgetown University Law Center in 1999. He also holds a master’s degree in international relations from the Georgetown University School of Foreign Service.
Cap. Avi Levak (Res. IDF) graduated from from Israel’s prestigious Ben-Gurion University of the Negev with a Bachelor of Science in Computer Science and Mathematics. He is also a Leadership and Communication coach trained in TuT coaching by Alon gal in Israel. Avi specializes in high-level, in-depth analysis of business and client needs, within systems and software strategy and architecture.
Ms. Tyler graduated cum laude from Georgetown University and received her law degree, cum laude, from Georgetown University Law Center. During law school, she interned at the United Nations Economic Commission for Europe. She also worked on The Tax Lawyer journal and was a member of the award-winning Barristers’ Council Mock Trial Team. Ms. Tyler is admitted to practice law in the State of California and the District of Columbia.
Ms. Cruz-Anonuevo graduated cum laude and top nine in her batch from Miriam College with a degree of Bachelor of Arts in InternationalStudies. She obtained her Juris Doctor degree from Ateneo de Manila University School of Law in Rockwell. During law school, she interned in Rivera, Santos, Maranan & Associates. She was also part of Ateneo’s Labor Law Bar Operations. She wrote her thesis on, “Stealing Privacy: Limitations on Media’s Photographic Invasion.,” Ms. Cruz-Anonuevo is admitted to practice law in the Philippines.
Ms. Aquino-Batallones obtained a Bachelor of Arts degree in Development Studies (with Minors in Global Politics and Hispanic Studies) from the Ateneo de Manila University. In 2011, she received her Juris Doctor degree from Ateneo de Manila University School of Law. During law school, she interned at Romulo Mabanta Buenaventura Sayoc & de los Angeles then became an intern of Ateneo Legal Services Center’s Clinical Legal Education Program.
Mr. De Guzman graduated from San Beda College with a degree of Bachelor of Arts Major in Economics and received his law degree from San Beda College of Law. He is multilingual and is fluent in three languages: Chinese, Filipino, and English. He was admitted to the Philippine Bar in 2003.