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Commercial Real Estate Lease Audit Checklist

A comprehensive checklist for thorough auditing of commercial real estate leases, covering rent calculations, operating expenses, CAM charges, and other financial obligations to ensure accurate lease administration and compliance.

Commercial Real Estate Lease Audit Checklist

by: audit-now
4.7

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About This Checklist

The Commercial Real Estate Lease Audit Checklist is an indispensable tool for property managers, tenants, and lease administrators to ensure accurate review and compliance of commercial lease agreements. This comprehensive checklist streamlines the lease audit process, helping to identify discrepancies, verify lease terms, and optimize lease management. By implementing this checklist, you can enhance financial accuracy, reduce disputes, and improve landlord-tenant relationships, ultimately leading to more efficient and profitable commercial real estate operations.

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Industry

Real Estate

Standard

BOMA - Building Owners and Managers Standards

Workspaces

Commercial Buildings

Occupations

Property Manager
Lease Administrator
Commercial Real Estate Attorney
Financial Analyst
Tenant Representative
1
Is the lease agreement compliant with BOMA standards?
2
What is the total operating expense amount for the property?
Min: 0
Target: 0
Max: 1000000
3
Please provide comments on the CAM charges review.
4
What is the date when the lease agreement was last reviewed?
5
Is the tenant's lease in good standing as per the agreement?
6
How many late payments has the tenant made in the last year?
Min: 0
Target: 0
Max: 12
7
Please provide any additional notes regarding lease compliance.
8
When is the next scheduled review of the tenant's lease?
9
Are the financial statements accurate and up to date?
10
What was the total revenue generated by the property last year?
Min: 0
Target: 0
Max: 10000000
11
Are there any discrepancies in reported expenses?
12
When was the last financial audit completed for this property?
13
Have all operating expenses been approved as per the lease agreement?
14
What is the total amount of Common Area Maintenance (CAM) charges for the year?
Min: 0
Target: 0
Max: 1000000
15
Please provide justification for any unusual operating expenses.
16
When is the next operating expense review scheduled?
17
Have all tenant improvements been approved by the landlord?
18
What is the total cost incurred for tenant improvements?
Min: 0
Target: 0
Max: 500000
19
Please describe the tenant improvements made.
20
What is the completion date of the tenant improvements?

FAQs

This checklist is designed for property managers, lease administrators, tenants, commercial real estate attorneys, and financial analysts involved in commercial lease management.

The checklist covers rent calculations, operating expenses, common area maintenance (CAM) charges, utility costs, insurance, taxes, and lease-specific clauses such as rent escalations and tenant improvement allowances.

Lease audits should be conducted annually, or as specified in the lease agreement. Additionally, audits should be performed during lease renewals or when significant changes occur in property management or ownership.

Yes, the checklist can be customized for various commercial property types such as office buildings, retail spaces, industrial facilities, or mixed-use developments, focusing on relevant lease terms and expenses for each.

By ensuring accurate lease administration and expense allocation, this checklist helps prevent disputes, maintains transparency, and fosters fair financial practices, benefiting both landlords and tenants in their commercial real estate relationships.

Benefits of Commercial Real Estate Lease Audit Checklist

Ensures thorough review of lease terms and financial obligations

Identifies potential overcharges or billing errors

Improves lease administration and compliance

Enhances cost recovery and expense allocation accuracy

Facilitates better budgeting and financial planning for both landlords and tenants