Real estate lease records
To digitally store lease data, you can input the contents into lease records. The real estate lease record can contain as much of the actual lease details as you want, based on the preferences and standards of your organization.
Contract creation process flow
Real estate lease creation
As a real estate contract manager, you can specify the entire lease contract and attach it as a file, or summarize key aspects of it. You can input real estate lease records into your IBM® TRIRIGA® application, or approve and complete a lease abstract record that is already in the application.
Upon mutual agreement, the lease abstract record serves as a formal real estate lease record. After the lease abstract record is activated, approved, and completed, it creates a real estate lease draft that is available for further transactions. As a result, the second record can separate security between outsourced and internal resources that are abstracting leases.
The tabs, sections, and fields in a real estate lease record have the same significance regardless of the method that is used to specify their data. Save the real estate lease record after you specify the data and before you move to the next tab.
When the lease is activated, the system automatically sends out notifications. What notifications are sent depends on the type of lease and the specific settings on the lease record. The default notifications are as follows:
- Legal Notice lease notification is sent to Legal if the Legal Notice Date value is populated.
- Lease Expiration lease notifications are sent to Business Representative, Contract Administrator, Portfolio Manager if the Base Lease Expiration Date value is populated.
- If a renewal option is added on the lease, then additional Option Year, Option, Option Half Year lease notifications are sent to the Contract Administrator or any person defined on the option record under the Notify Roles section. By default, Contract Administrator role is defined but it can be changed.
- No lease notifications are sent. Options do not exist on an Owned Property record.