Lease Abstract
A condensed summary of a lease’s key terms: the parties, unit, rent, start and end dates, deposits, renewal options, and who is responsible for what. Abstracts let an owner, buyer, or lender review the essentials of many leases without rereading every full document. They summarize the lease but do not replace it — the lease itself governs.
Related terms
Rent Roll
A document listing every unit in a property or portfolio along with its tenant, rent, lease dates, and payment status — a one-page snapshot of the income side of the operation. Lenders and buyers ask for the rent roll early because it shows, unit by unit, where the income actually comes from and how current it is.
Due Diligence
The investigation a buyer performs before completing a purchase: inspections, title review, verifying leases and income, checking taxes, insurance costs, and anything else that could change the deal’s math. Purchase contracts often include a due-diligence or inspection period during which the buyer can renegotiate or exit under the contract’s terms.