What is a Lease Abstract?

LeaseProbe, LLC has developed a Confidentiality of Information Policy in order to articulate the strategies we employ to guaranty our clients’ confidentiality of information.

Identifiable and Confidential Information

When you become a LeaseProbe client, your lease documents, we recognize that you have deposited sensitive business documents with us, along with other information needed, to perform the abstraction, audits or administration of your leases.

LeaseProbe receives two types of information from users of our service: "Personally Identifiable Information," defined as registration information (name and address); details of leases (renewal dates, CAMs, etc.); billing information; information regarding your use of the service and communications between LeaseProbe and you (e-Reports and e-Lerts), and "Third-Party Identifiable Information," including names and addresses of landlords and other parties identified in lease documents. A "Related Third Party" means your employees or other contractors identified as such to LeaseProbe.

LeaseProbe will not disclose your Personally Identifiable Information or Third-Party Identifiable Information to a non-Related Third Party except when we have your permission or under special circumstances set forth below. Your Personally Identifiable Information on your Third-Party Identifiable Information may be disclosed under the following circumstances:

To send information to you or a Related Third Party about or as part of the service when necessary;
When required by law enforcement authorities, upon receipt of appropriate documentation;
If necessary, in our good faith judgment, to protect our legal rights, or if the information relates to actual or threatened harmful conduct;
To third-party contractors (such as our Internet service provider) that assist us with our operations, provided, however, that our contractors use only such information as is necessary to perform specific tasks, and are required by agreement to maintain the confidentiality of any data they receive; or
If LeaseProbe or Madison Commercial Real Estate Services is acquired, your Personally Identifiable Information and Third-Party Identifiable Information will be transferred to the acquiring entity.

We may disclose aggregate data or analysis regarding the use of the LeaseProbe web site and services to non-Related Third Party companies for marketing or other business purposes. All such aggregate data and the reports derived therefrom will not contain any Personally Identifiable Information or Third-Party Identifiable Information.

All scanning, copying and abstracting of data will be handled by LeaseProbe employees who are bound by non-disclosure agreements.

LeaseProbe, LLC and its parent company, Madison Commercial Real Estate Services, maintains user information for system administration and billing purposes. If you cancel your account, your user information will be kept on file as long as is necessary for legal and financial auditing purposes.

Changes to the Confidentiality of Information Policy

If we plan to make significant changes to this Confidentiality of Information Policy, we will post those changes to the Confidentiality of Information Policy page 30 days before they take effect.

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Please be advised that disabling cookies will not allow you to access LeaseProbe’s online portal.

Accurate and Updated Information

LeaseProbe maintains certain procedures designed to keep information accurate, current and complete. You have the option to change or modify information previously provided to us by either visiting the LeaseProbe web site and accessing your account information, or by contacting LeaseProbe at support@LeaseProbe.com.

Linked Sites

LeaseProbe contains links to other web sites. These sites may not follow the same privacy policies as LeaseProbe. We are not responsible for the privacy practices or the content of such sites.

Information Security

We work to protect Personally Identifiable Information and Third-Party Identifiable Information stored on the LeaseProbe servers from unauthorized access using commercially available computer security products, such as SSL and firewalls, as well as security procedures and practices. All employees must review and understand these practices, which include limiting access to sensitive information only to those employees who require the information and enforcing strict password protocols for all employees.

Any information sent to you in Reports will be sent via e-mail in clear text. If you choose to receive these reports, please be advised that these reports are not encrypted and may contain sensitive business information. LeaseProbe, LLC, and its parent company Madison Commercial Real Estate Services, is not responsible for any unauthorized access to information contained in such reports sent via e-mail. If you wish to receive encrypted Reports, please contact us at support@LeaseProbe.com.

A log in and password are required for you to gain access to the LeaseProbe online portal and to your information. Please protect the security of your password and log-in information. LeaseProbe, LLC and its parent company Madison Commercial Real Estate Services, cannot be responsible for any unauthorized access to, disclosure or loss of any information in the event of a failure to protect password information.

A lease abstract is a summary of the key financial, business and legal information that exists in a commercial real estate lease. It should bring to the reader’s attention any unusual lease provisions, financial obligations or other issues of import. The key to a valuable lease abstract is to keep things short and simple.

What does a lease abstract contain?

Each abstract will vary in length and detail depending on the particular needs of the client. An abstract is like an outline of the lease, providing a summary of selected lease information and directing the reader where to obtain further information. (See Complete Abstract List) Specifically, a lease abstract provides a lease summary together with referenced section headings so that all critical lease information is readily accessible.

Why is a lease abstract needed?

Lease abstracting becomes particularly important prior to an acquisition, merger or assignment and allows for effective decision-making. LeaseProbe abstracts provide bottom line information extracted by experts after careful consideration and integration of all relevant documents. Abstracts also permit a lease administrator, leasing agent or property manager to easily review all relevant lease information without taking the time to search and read through each page of the lease. By aggregating the lease information, abstracts allow users to better manage a portfolio of leases. Lease abstracting serves to organize your lease data, which is a crucial benefit when leases contain many amendments, when landlords or tenants hold sizeable lease assets, or when dealing with a variety of lease formats.

What lease information should be abstracted?

The lease information that should be abstracted depends on the individual needs of the client and is contingent on several factors, including the reasons for abstracting and the length and complexity of the lease documents. Lease abstracts can range from two to ten pages per lease, but typically are two to five pages. At a minimum, an abstract should contain the most important "dates and dollars" provisions of the lease, such as Commencement, Expiration, Renewal Term and other key Option Dates along with Rents, Operating Expenses, and Square Footages.

Still confused about what a lease abstract is? Contact LeaseProbe today for more information on how lease abstracts can be of use to you.