Lease Abstraction is primarily important as instead of reading the lengthy and tedious contracts or leases, abstracting the important part of the lease lets the party know major points such as the commencement date of the lease, liabilities involved for the parties, indemnification clauses, and other crucial information. It helps in understanding the complex lease and presents a summary of essential information that is supposed to be known to the landlords, property managers, investors, attorneys, and owners of the property. Initially, the laborious task of extracting information from the lease was performed by humans. However, with the development of technology, lease abstraction takes place smoothly. The software used for the purpose of extracting information from the lease helps in delivering accurate information swiftly. Therefore, with no human efforts, the software helps in building the summary of long and complicated leases. Some of the key benefits for opting automation based abstraction services are:
-
Yields great results:
One of the main grounds for abstracting important clauses from the lease is that it shall deliver what has been asked for. Accordingly, as per the client’s requirements, software helps in delivering the exact information that the client demands. Thus, it helps people get the information they are looking for.
-
Captures pertinent information:
Along with the customizations that have been requested by the people, if any, the software provides with other relevant important information such as the monthly rental that the tenant/lessee owes to the landlord/Lessor, the liabilities of both parties, the ownership and surrendering of certain properties in the premises, the termination option for both parties and so on.
-
Ensures liabilities of the stakeholders are explained:
Software helps in knowing the liabilities that exist now, the liabilities in case of any breach and damages, the liabilities in case of any occurrence of the event or during termination. This helps the parties in making an informed decision.
-
Utilization of Human Resources on other important stuff:
Software alleviates the burden of the humans, thereby allowing them to deal with other stuff in their hand. If, in case there are bulk of leases to be abstracted, humans can prioritize maintaining the record and review the same, if need be.
-
Reduces time:
The beauty of software for the purpose of abstracting lease is the time factor where manual labor would take more time than the software. So, for the speedy delivery of the services, one must always opt for Software-Based Lease Abstraction.
-
Confidentiality of the data:
One of the key benefits of Software-Based lease abstraction is the maintenance of the highest level of security. Very crucial information such as name of the parties, addresses mentioned in the Lease and the details of the leased space can be leaked out if it is disclosed to the human in case of Manual-Based Lease Abstraction. Nonetheless, software assures the supreme level of safety and security of the data.
-
Affordable and cheap:
As software takes no more time than a human abstract, it charges less than a Manual-Based lease abstraction. Hence, with all the other additional benefits, opting for Software-Based Lease Abstraction is quite affordable.
A lease abstraction software provides many additional features that differ from each other. It is always feasible to go for a lease abstraction software rather than a Manual-Based lease abstraction as it caters as per the client’s needs and delivers quick, easy-to-read, and clear summary of the Lease In order to achieve precise and systematic results, Software-Based lease abstraction is the best option for people.
