Sometimes the Lessor and Lessee will agree to reduce the rent for a period of time during the lease. This is often referred to as rent abatement. To record this in EZLease, follow the below steps:
|
Step |
Action |
|
1 |
Change the Step End date for the current rent step to the day before the reduced rent takes effect. |
|
2 |
On the last line of the rent step grid, enter the new rent. Don't worry about the Step Start date; it will update automatically once the rent step is fully entered. For the Step End date, enter the day before the rent returns to its normal level. |
|
3 |
If the rent abatement ends in the middle of a rent step, enter another new rent step starting the day after the abatement ends and ending with the original Step End date for the rent step that was broken up by the abatement. |
|
4 |
If the abatement ends on the original Step End date for the step, step #3 is not needed. |
|
5 |
Click Save Lease and choose Revise for the type of save.
Note: The changes will appear in reporting as of your Revision Booking Date. |
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