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 & Property Management
- 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?
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Why Use This Commercial Lease Abstract and Review Checklist?
This commercial lease abstract and review checklist helps real estate & property management 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 is a Commercial Lease Abstract and Review Checklist?
A Commercial Lease Abstract and Review Checklist is a standardized inspection form used by property manager / lease administrator to ensure consistent real estate & property management operations. It contains 40 inspection points organized into 6 sections. FREE commercial lease review checklist PDF. Commercial lease abstract and review covering critical date tracking, rent escalation clauses, tenant improvement obligations, common area maintenance (CAM) reconciliation, co-tenancy provisions, exclusivity clauses, and FASB ASC 842 lease accounting compliance for commercial real estate portfolios. Download FREE digital template now.
How often should I use this real estate & property management checklist?
This checklist is designed to be completed annual review / per new lease. Regular use ensures compliance with FASB ASC 842 - Leases (Lease Accounting Standard) and BOMA International Lease Standards and helps identify issues before they become problems.
Can I download this Commercial Lease Abstract and Review Checklist as a PDF?
Yes, you can download this checklist as a FREE PDF for printing or offline use. The checklist includes 40 fields across 6 sections and typically takes 45-60 minutes to complete.
What compliance standards does this checklist cover?
This checklist helps ensure 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. Following these standards protects your organization and ensures best practices.
How do I complete this real estate & property management inspection checklist?
Begin by completing the header fields for Property Name / Address, Review Date, Reviewer Name, Tenant Name, and Suite / Unit Number. Work through each of the 6 sections, marking items Yes or No as applicable. Finally, complete the footer fields and add your signature. The entire process takes approximately 45 to 60 minutes.
What are the key sections in this real estate & property management checklist?
This real estate & property management checklist is organized into 6 key sections: Critical Dates Tracking, Rent and Economic Terms, Tenant Obligations, Landlord Obligations, ASC 842 Lease Accounting, Lease Documentation. Each section contains specific inspection points that property manager / lease administrator must verify. The structured layout ensures nothing is missed during real estate & property management inspections and makes the process efficient, typically taking 45-60 minutes to complete.
Who should use this Commercial Lease Abstract and Review Checklist?
This checklist is primarily designed for property manager / lease administrator working in real estate & property management operations. However, it is also valuable for quality assurance teams, safety officers, compliance managers, and supervisors who need to verify that real estate & property management standards are being met. Organizations of all sizes can benefit from using this Commercial Lease Abstract and Review Checklist to maintain consistency and accountability.