Lease abstracting is often seen as dreaded busy work that you want to get off your plate as fast as possible. Luckily, a quick Google search uncovers a mix of ready-made templates. But what seems like a handy time-saver today might leave you in a sticky situation tomorrow.
The lease abstract templates you find online are by no means bad or faulty. The problem is there isn’t a one-size-fits-all approach to abstracting. The templates you find online are the size that fits the person or organization that created them. They may save you from having to create a template from scratch, but they don’t support the unique needs of your portfolio.
So, before you click the download button, let’s discuss the reasons you shouldn’t use the lease abstract template you found online.