IBM TRIRIGA Version 10.5.3

Lease abstract records

To reduce the time it takes to input lease contracts, you can abstract or summarize their full contents in lease abstract records. The lease abstract record can contain as much of the actual lease details as you want, based on the preferences and standards of your organization.

Contract creation process flow

Figure 1. Flow diagram for creating the lease abstract

An image that shows the path for creating the lease abstract.

Lease abstract creation

As a lease abstractor, you can specify the entire lease contract and attach it as a file, or summarize key aspects of the lease contract. There are several data entry techniques:

You can input lease abstract records into your IBM® TRIRIGA® system,
A vendor abstractor (in another IBM TRIRIGA system) inputs lease abstract records, and sends them to you through Open Standards Consortium for Real Estate (OSCRE) .xml files,
A vendor abstractor (outside your IBM TRIRIGA system) specifies lease abstract records with the offline form, and emails the form to you.

Upon mutual agreement, the lease abstract record serves as a formal real estate lease record. After the lease abstract record is activated, approved, and completed, it creates a real estate lease draft that is available for further transactions. As a result, the second record can separate security between outsourced and internal resources that are abstracting leases. In addition to these techniques, a lease abstract record can also be created upon the completion of a real estate lease project.

The tabs, sections, and fields in a lease abstract record have the same significance regardless of the method that is used to specify their data. Save the lease abstract record after you specify the data and before you move to the next tab.

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