1) The Lease Status on the lease is set to Active.
2) The Move Out Calculation is performed by clicking the Move Out Button.
3) The Lease Status on the lease is now reset to Terminated.
Terminating A Lease
Leases are terminated when a tenant has moved out of a building or unit; this allows the building or unit to be marketed or leased to a new tenant. There are two ways to terminate a lease:
By performing a Move Out Calculation for the tenant or tenants attached to the lease, which is done from the Tenant Ledger, you will automatically set the Lease Status to Terminated, as in these steps below:
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1) The Lease Status on the lease is set to Active.
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2) The Move Out Calculation is performed by clicking the Move Out Button.
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3) The Lease Status on the lease is now reset to Terminated.
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You can also manually terminate a lease by setting the status to Terminated following this process:
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1) Click Edit on the Lease Summary Page.
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2) In the Status drop down box, choose Terminated and click Save at the top of the page.
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3) Click Ok in the Terminate Lease? box that appears.
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4) Perform the Move Out Calculation, if desired, or simply click Cancel to quit out of this action. The Lease Status on the lease is now reset to Terminated.
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Note |
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If you do not terminate leases when the move out event occurs, you won't have an accurate count of your current vacancies on your Desktop or in the Marketing section of Propertyware; so it is very important to make a habit of terminating leases upon move out!
In addition, if your management company has stopped managing a particular portfolio and would like to deactivate the associated buildings and units, you must terminate all the attached leases from the portfolio. |
