End or Vacate a Lease/Tenancy

  • Updated

For North American users, please be aware that "Tenancies" are known as "Leases" and "Terms & Breaks" within a Tenancy are referred to as "Terms & Options". For more information on regional terminology, please refer to our Glossary of Regional Terminology.

This article is intended for anyone needing to schedule the end date of a lease/tenancy. We'll guide you through the steps to vacate a term, manage credits, and finalize vacate statements correctly within our system. 

Steps to Vacate a Lease/Tenancy

Scheduling the End Date

  1. Select the relevant lease/tenancy. 
  2. Click on Terms & Breaks from the left-hand menu.
  3. Navigate to the Contextual Menu [...] and click the Vacate Term button.

Entering Vacate Details

  1. Fill in the Term Expiry Date, which indicates the last day the lease/tenant will be charged rent. Fill in the remaining dates. 
  2. Enter a Vacating Forwarding Address and any relevant Vacating Notes if applicable.
  3. Click Save to proceed.
  4. If an Exit Inspection is required, toggle the switch to Yes and enter the relevant details. 
  5. Click Continue to view the Vacate Statement

Screenshot of Vacate Tenancy for CC's Coffee Lounge - Re-Leased.jpg

 

Vacate Statement

  1. If a rent invoice exceeds the final rent due date, a credit note will be calculated.
  2. Click on Create Credit Note before finalizing the vacate details to address this.
  3. On the Create Income Credit Note screen, allocate the credit note to future invoices as needed, then click Save & Approve.

The Vacate Statement will appear with partitioned sections for unpaid and future rent invoices, outgoings to vacate, and any other outstanding amounts. Finalize by selecting Confirm and update lease/tenancy with Vacate Details.

The completed Vacate Statement is available for print as a PDF which can be provided to the lease/tenant for their records.

Screenshot of Vacating Tenancy for CC's Coffee Lounge - Re-Leased.jpg


Understanding Pro-rated Invoices

When the end date doesn't coincide with the end of a period, a pro-rated invoice will be created. The same daily rate calculation applies to all elements of the rent template.

By carefully following these steps, you can efficiently manage the process when a lease/tenant ends their lease or vacates the property, leading to a smooth transition for both parties involved.

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