Real estate can be one of a company’s most significant expenses, and commercial leases are one of its key components. Up to 70% of the cost of a lease can represent the tenant’s obligation to share in building operating costs, taxes and utilities. Because leases and these charges can be complex, it is common for these bills to be incorrect.
Unfortunately, most leases place the burden on the tenant to identify errors and bring them to the landlord’s attention, and to do so within a limited time period. Because most tenants don’t have the time or resources to do this, they simply pay their bills as rendered. This can lead to overpayments that can recur year after year.
A lease audit is a comprehensive analysis of lease terms and validation of charges to ensure that amounts billed are correct. It involves a disciplined review of lease documents, invoices and various other materials. It can also include a review of the property manager’s books and records as well as public records and other data.
Small errors in calculation of your base year can add up to significant costs every year of the lease.
We were very impressed. Very professional with clear and excellent follow-up.