Real Estate & PropTech// topic
Lease administration, obligations and critical dates
In short
Everything that happens after the abstract exists: option windows, rent escalations, CAM reconciliation, payment schedules and the alert that has to reach the right person before a renewal date quietly passes.
7 pages
definitions
- CAM reconciliation: what each line claims and must provePool, exclusions, gross-up, cap, share, credits. Six components, each supported by a different document, and a dispute almost always turns on one of them.definition6 min
- Critical date: a date that forfeits a right when it passesDefined by consequence, not importance: if nothing is lost or switched on when the day ends, it is a date on a lease, not a critical date.definition6 min
- Gross-up provision: why a half-empty building bills like a full oneGross-up exists so a tenant in a half-let building pays roughly what it would pay in a full one. That logic only holds for expenses that move with occupancy, which is where the overreach starts.definition6 min
- Holdover rent: the multiplier, the base it multiplies, the start dayA holdover clause has three variables and systems store one. The multiplier gets negotiated in daylight; the base definition is where the silent error lives.definition6 min
diagnostics
- The index-linked increase billed is not the increase the lease describesThree of the four inputs to an indexed increase fail silently and return a plausible number. The shape of the error — constant, drifting or one-off — names which.diagnostic10 min
- The option notice went out on time and was still rejected as lateRecompute the deadline from the clause rather than the abstract, then test the delivery. One of those two produces the answer, and they need entirely different responses.diagnostic9 min
- The rent roll and the leases disagree, and nobody can say which is wrongFour differences between a rent roll and a lease are legitimate, not errors. Reconcile one suite by component before you generalise across the portfolio.diagnostic9 min
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