Is It Note Takeing Or Notetaking Chicago Manual Of Style Handover Procedures in Commercial Property Leasing

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Handover Procedures in Commercial Property Leasing

In commercial real estate, the transfer of premises is a critical moment to take into account important issues and matters that need attention. These notes can later support the tenant or landlord in any debate or dispute. There is a transfer, the beginning of settlement and again at the end of settlement.

Occupancy of the tenant and transfer of the premises must be in accordance with the lease agreement in all respects. This suggests that you, as the property or leasing manager, should read and understand the lease. Even in the same property with many different tenants, the leases can be different, and they usually are. A lease’s “redemption” and “transfer provisions” are unique and must be understood with respect to each lease.

Photography is also part of the documentation of the premises during the transfer. It is recommended that photos taken be date and timed in camera and that photos are later saved as “gif” files rather than “jpg” files. This is because gif files are a more stable and fixed format that cannot be manipulated by software editing tools such as Photoshop. If you want a photo to be a testament to something important, the gif format is a solid choice.

While every lease is unique, let’s lay down some rules to give you some guidelines to work with when transferring. You can then add some other questions that may apply to the location or property you are working on.

  1. Take photos in gif format as evidence of important points and the level of presentation
  2. When taking a photo, it is advisable to insert a scale guide, such as a ruler, into the image
  3. Take note of any comments or agreements from any parties to the lease
  4. Inspect all walls and painted surfaces for damage and/or current condition, taking photographs if necessary to document current condition
  5. Inspect ceiling tiles and T-rods for appearance and integrity
  6. Look above the ceilings to satisfactorily remove unnecessary cables that should have been removed
  7. Inspect all floor coverings for any damage or wear beyond normal “wear and tear”.
  8. Look for any openings in the floor or walls that exist or need to be eliminated, noting that any openings must be fire-rated to local building code standards.
  9. Check the operation of the air conditioning and note any need for air conditioning balance due to decoration or altered or installed partitions in the rental unit
  10. Check lights and switches for functionality and safety. It may be necessary to replace all the tubes in the lighting fixtures as part of the lease compensation
  11. Check all doors and locks for security. Do not forget that doors and locks must comply with all building regulations. All door keys must be provided or returned accordingly. If the building has a master key system, check that all keys correspond to the master system
  12. Check windows for functionality, safety and security
  13. Check the electricity supply to the tenant and any energy consumption records
  14. Check the installation and compliance of any signs for the premises and their compliance with the architectural regulations established for the building.
  15. Pay attention to any changes in the structural integrity of the building and premises
  16. As part of the inspection process, landlords’ contractors are sometimes paid to inspect the premises and provide a full report on any complex or sensitive issues. This will support any further legal disputes regarding the provision of adequate facilities.

When exchanging keys between a tenant and a landlord or between a landlord and a tenant, a key transfer receipt must be obtained. Actions by real estate agents when transferring to any tenant must also be supported by notes. It’s surprising how many arguments arise later when you least expect it; in that case your notes are invaluable.

Never return cash deposits or bank guarantees to tenants until you are absolutely certain that all lease requirements have been met. It should also be noted that all compensations must be made before the end of the lease term; it is not something that is done after the lease expires.

Effective handover and handover procedures are an essential skill for a real estate agent to develop and apply in every rental situation.

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