Commercial Lease Abstract and Review Checklist
Systematic commercial lease review protects property owners and tenants from missed obligations and financial exposure. This checklist covers all critical commercial lease elements including economic terms, operational provisions, and ASC 842 accounting compliance.
- Industry: Real Estate
- Frequency: Annual Review / Per New Lease
- Estimated Time: 45-60 minutes
- Role: Property Manager / Lease Administrator
- Total Items: 31
- Compliance: FASB ASC 842 - Leases (Lease Accounting Standard), BOMA International Lease Standards, UCC Article 2A - Leases, ADA Title III - Public Accommodations and Commercial Facilities
Critical Dates Tracking
Verify all critical lease dates are tracked.
- Lease expiration date entered in property management system?
- All renewal option exercise deadlines tracked with advance notification?
- Rent escalation dates and adjustment mechanisms tracked?
- Tenant improvement completion and opening date obligations tracked?
- Notice periods for all lease obligations documented?
Rent and Economic Terms
Review rent and financial obligations.
- Base rent per lease matches current billing?
- Rent escalations applied correctly per lease formula (CPI, fixed, market)?
- CAM reconciliation completed annually per lease terms?
- Percentage rent calculated and collected if applicable?
- Security deposit held per lease terms and accounted for?
Tenant Obligations
Verify tenant compliance with lease obligations.
- Tenant operating within permitted use restrictions?
- No unauthorized assignment or subletting?
- Tenant providing required insurance certificates with landlord as additional insured?
- Tenant fulfilling maintenance and repair obligations per lease?
- Tenant signage compliant with lease and local ordinances?
Landlord Obligations
Review landlord lease obligations.
- Tenant improvement allowance disbursed per lease schedule?
- Landlord maintenance responsibilities fulfilled (roof, HVAC, structure)?
- Tenant's quiet enjoyment of premises maintained?
- Any exclusive use provisions being honored (no competing tenants)?
- Co-tenancy conditions being met if applicable?
ASC 842 Lease Accounting
Verify ASC 842 compliance for lease accounting.
- Right-of-Use (ROU) asset and lease liability correctly calculated per ASC 842?
- Incremental borrowing rate or implicit rate used correctly for present value?
- Lease term including renewal options reasonably certain of exercise?
- Variable lease payments (CAM, percentage rent) treated correctly per ASC 842?
- ROU asset reviewed for impairment indicators?
Lease Documentation
Verify lease documentation is complete.
- Fully executed lease and all amendments on file?
- Estoppel certificates obtained as required for financing or sale?
- SNDA (Subordination, Non-Disturbance, Attornment) executed?
- Material lease correspondence filed and accessible?
- Lease abstract current in property management system?
- Annual lease review report completed?
Related Real Estate Checklists
- Commercial Tenant Onboarding Checklist
- Property Management Vendor and Contract Management Checklist
- Commercial Property Market Rent Analysis Checklist
- Property Management Move-In Condition Report Checklist
- Property Condition Assessment Pre-Acquisition Checklist
- Multifamily Unit Turnover Inspection Checklist
- Commercial Real Estate ADA Accessibility Audit Checklist
- Landlord-Tenant Dispute Documentation Checklist
Related Property Management Checklists
- Property Management Move-In Condition Report Checklist - FREE Download
- Property Management Move-Out Inspection Checklist - FREE Download
- Real Estate Property Showing Preparation Checklist - FREE Download
- New Property Management Onboarding Inspection Checklist - FREE Download
- Commercial Tenant Onboarding Checklist - FREE Download
- Property Management Vendor and Contract Management Checklist - FREE Download
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Why Use This Commercial Lease Abstract and Review Checklist?
This commercial lease abstract and review checklist helps real estate teams maintain compliance and operational excellence. Designed for property manager / lease administrator professionals, this checklist covers 31 critical inspection points across 6 sections. Recommended frequency: annual review / per new lease.
Ensures compliance with FASB ASC 842 - Leases (Lease Accounting Standard), BOMA International Lease Standards, UCC Article 2A - Leases, ADA Title III - Public Accommodations and Commercial Facilities. Regulatory-aligned for audit readiness and inspection documentation.
Frequently Asked Questions
What does the Commercial Lease Abstract and Review Checklist cover?
This checklist covers 31 inspection items across 6 sections: Critical Dates Tracking, Rent and Economic Terms, Tenant Obligations, Landlord Obligations, ASC 842 Lease Accounting, Lease Documentation. It is designed for real estate operations and compliance.
How often should this checklist be completed?
This checklist should be completed annual review / per new lease. Each completion takes approximately 45-60 minutes.
Who should use this Commercial Lease Abstract and Review Checklist?
This checklist is designed for Property Manager / Lease Administrator professionals in the real estate industry. It can be used for self-assessments, team audits, and regulatory compliance documentation.
Can I download this checklist as a PDF?
Yes, this checklist is available as a free PDF download. You can also use it digitally in the POPProbe mobile app for real-time data capture, photo documentation, and automatic reporting.