Real Estate Services

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Lease abstraction

A lease abstract is a detailed summary of key business information in a commercial real estate lease. The purpose of the lease abstraction is to allow a lease administrator, leasing agent, property or maintenance manager to renew frequently referenced lease information without having to take time perusing a lease to find the needed information.

The major work of it comes from Mortgage Houses, Banking Companies, Companies having rented/leased offices.

The contents of an abstract may vary depending on the type of lease, but the most important information to be included is the financial lease information. Apart from the financial information, other terms that may be included in the abstract are:

(1) Name of the Tenant
(2) Name of the landlord
(3) Term of the lease
(4) Amount of square footage leased
(5) Space number
(6) The base rent
(7) Percentage rent
(8) List of documents modifying terms of lease.

For abstracting the lease the client provides a base template/term sheet which is required to be filled up in a manner so that anyone can understand the terms of the lease and the implications resulting thereby. The work can be performed on the leases already entered into between the parties or the leases which are yet to be entered into between the parties.

Conveyancing

Conveyancing is the legal process in which property is transferred from one person to another. The process consists of three main stages, these being before contract, before completion and after completion. Such a transaction involves exchanging of title passes and completion of title passes.

Overlegen staff of lawyers is well trained in Sale, Purchase and Remortgage processes for both freehold and leasehold properties.

Sales process-

• Setting up new instructions
• Obtain office copy entries and update details
• Obtain redemption statement and title deeds from existing vendors
• Send further replies to further enquires by buyer’s solicitor
• Check and compete indents

Purchase process-

• Setting up new instructions
• Request and check searches
• Title check and raise additional enquires
• Check mortgage offers
• Check and complete indents

Remortgage process-

• Setting up new instructions
• Obtain office copy entries and update details Send letters and questionnaire to clients
• Obtain redemption statement and title deeds from existing lender
• Check mortgage offers
• Carry out pre-competition searches
• Check and complete indents

Home information pack process (HIPS)-
• Check/Process orders for a HIP
• Chase return of documents from
• Search providers
• Home condition Inspector
• Managing agents/Landlords for leasehold
• Vendor/estate agents
• Check/process returned documents
• Create a ‘legal condition report’

 

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