Purpose
The “Generate the lease” block of the panel produces the contract from a lease template, into which REOS inserts the file data, such as parties and share percentages, address, amounts, dates, guarantee, payment day and commercial lease options. This generation prevents transcription errors and ensures that the signed contract matches the amounts subsequently used for rent calls.
When all parties have signed, the lease automatically changes to the status “Active” and the date “Signed on” is completed, in order that subsequent management, such as calls and registration, can start without manual intervention.
Where to find it
- Letting
- Leases
Lease panel, “Tenants and guarantors” blocks and then “Generate the lease”.
Steps
- Open the lease with “File”.
- In “Tenants and guarantors”, select a record in “Choose a record”, indicate the “Role” (“Tenant” or “Guarantor”) and, in a shared tenancy, the “Share (%)”, and then click on “Add”.
- Designate the “Main tenant” when several tenants are attached, because rent calls are primarily sent to this person.
- Click on “Generate the lease”, check the document produced from the template as well as the list of signatories, and then send the signature request.
- Track the signature from the “Signatures” screen, because the lease becomes active as soon as the last signatory has signed.
Good to know
- The signatories are prefilled with the tenants, the guarantors and the owner who have an email address.
- The total of the shares is checked in order to prevent an inconsistent lease, so if it differs from 100 %, the message “Shares must total 100 %.” appears below the list.
- Adding a person with the “Tenant” role automatically moves their record to the “Tenants” screen.