Use this checklist as a guide to prepare for abstraction. The more checkmarks you have crossed off prior to abstraction, the faster and more smoothly your abstraction experience will be!
🔲 All Documents Are Fully Executed
Why: Ensure all parties have signed to confirm the lease is legally binding and final.
Risks: Incomplete or unsigned documents can lead to disputes or missed clauses.
🔲 All Documents Are Complete with No Missing or Cut-Off Pages
Why: Missing pages can result in critical data gaps, such as rent schedules or renewal clauses.
Action: Verify all pages are intact and undamaged.
🔲 All Exhibits and Addendums Are Included
Why: Exhibits/addendums often contain key details like renewal options, tenant allowances, or specific clauses.
Action: Confirm all supplementary documents are provided.
🔲 All Relevant Documents Are Provided
Why: Assignments, amendments, and landlord notices ensure all lease aspects are captured.
Action: Include all documents related to the lease, including landlord address changes.
🔲 Assignment Documents Are Included (if Lease Was Assigned)
Why: Clarifies obligations and rights under the lease when it’s been assigned.
Action: Ensure all assignment records are provided and up-to-date.
🔲 All Prior Amendments Are Included with New Amendments
Why: Previous amendments may alter or supersede lease terms.
Action: Include prior amendments to ensure accurate abstraction.
🔲 Documents Cover All Periods of the Lease Term
Why: Gaps in documentation can misrepresent the lease’s terms.
Action: Ensure all periods, including exercised renewal options, are documented.
🔲 Duplicates, Drafts, and Unnecessary Documents Are Removed
Why: Reduces confusion and ensures the abstraction process focuses only on final, relevant files.
Action:
Remove duplicate or draft versions.
Exclude non-critical ancillary files.
Ensure all documents are in PDF format.
🔲 Scans Are Clear with Pages in Order
Why: Poor-quality scans or out-of-order pages can cause errors.
Action:
Use high-resolution scans. Or better yet, send us the digital PDF instead.
Keep pages in sequential order.
Remove sticky notes or obstructions.
🔲 Each Document Is Its Own Complete File
Ensures documents remain organized and minimizes the risk of misinterpretation during abstraction. Splitting documents into multiple files increases the likelihood of data fragmentation or accidental omission during submission.
Action: Do not split apart files (unless for size reasons), keeping content intact and organized.
If You Are Missing Documents, Try the Following:
🔲 Review Legal Documentation: Check for missing terms, dates, or escalations.
🔲 Leverage Correspondence: Look for lease-related emails, letters, or notices.
🔲 Work with the Landlord: Request missing agreements or clarifications.
🔲 Challenge Discrepancies: Address ambiguous or contradictory language early.
🔲 Verify Payment Records: Use landlord portals, accounting records, or bank statements.
🔲 Request Missing Documents from Assignors: Contact assignors to fill gaps.
Need more help? Check out this article.