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 guide details the steps for viewing and managing Leases/Tenancy and Terms & Options in Re-Leased. Whether you're looking to add new terms, renew existing ones, or update term details, this article will ensure your property management records remain accurate and up-to-date.
Understanding Lease/Tenancy Terms
Within Re-Leased, Lease/Tenancy terms are the time frames during which a lease agreement is active. These terms and associated details are accessible and modifiable under the Terms & Breaks tab within a Tenancy/Lease. Here's what you can manage:
- Current Term: View the active term, including details of any options that have been exercised. Modifications can be made by selecting the term.
- Future Terms: These are upcoming terms that are yet to commence. They're listed for your planning and management convenience.
- Right of Renewals: Insights into pending options for renewal, including when they expire, are accessible here.
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Past Terms: A historical log of all previous terms, including instances where options were taken up.
Break Clause Conditions/Lease Breaks: Key information on any break clauses or the potential for early lease/tenancy termination is found in this section.
How to Edit a Lease/Tenancy Term
To update the details of an active term, follow these steps:
- Navigate to the Terms & Breaks tab within the relevant Lease/Tenancy.
- Select the Current Term to access its details. You can also click the Edit Term button if presented.
- Make any necessary adjustments to the term's information on the following page.
- After ensuring all the details are correct, select Save to update the term's details.
By keeping term details current, you maintain the integrity of your lease/tenancy records, ensuring smooth operations and keeping all parties informed of their obligations and rights.