What is the difference of between Expire and Terminate buttons on a Real Estate Lease record?

Answer

The Expire button will move (force) the Real Estate (RE) Lease record to the RE Project Expiration transaction type.

The Terminate button will move (force) the Real Estate (RE) Lease record to the RE Project Termination transaction type.

See that the various real estate transaction types provide the ability to effectively track the costs, leases, and occupancy issues associated with a property. The IBM TRIRIGA Application can be used to identify the transaction type and facilitates easy access to the real estate transaction. For example, if an organization wants to increase its headcount, it requires more space. The organization can dispose the current property and acquire new one, or it can acquire a building for lease. The above mentioned choices are the possible solutions for the considered real estate scenario.

The RE Project Expiration transaction type is used when the duration for which the property is leased has elapsed. For example, when an organization acquires a property for ten years, the lease expires after the tenth year. The 'RE Project Expiration" record is used to record all of the details pertaining to the expiration of the lease.

The RE Project Termination transaction type is the premature closing of a contract (i.e., the contract pertaining to a leased or rented property can be terminated well before the actual expiry date. For example, when an organization acquires property for lease for then years, the lease can be closed before the ten-year term, which is referred to a as termination. The "RE Project Termination" record enable the users to track all of the relevant details to the termination process.