introduction to leases - coldwell banker commercial nrt · 2008. 9. 26. · introduction to leases...

Introduction to Leases

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What is a Lease? A listing to be recorded in CREST EDG is called a lease+ when the commercial property can be leased by one or more tenants rather than purchased.

Types of Leases There are several different conditions under which a property may be leased to a tenant. These conditions of lease are called lease types. Generally, lease types are separated in to two categories: net leases and gross leases.

Gross Lease Types Gross leases are the most common type of lease contract and are typical arrangements for short-term tenancy. They normally contain no provision for periodic rent adjustments, nor are there pre-established renewal arrangements.

Full Service Gross Lease

A lease requiring the owner to pay all operating expenses such as cleaning, maintenance and repairs, utilities, insurance, and ad valorem taxes. Exception: tenant may be required to pay real estate taxes above a stipulated amount or to pay for certain special operating expenses (snow removal, grounds care).

Modified Gross Lease

A modified gross lease usually excludes maintenance, janitorial, and electrical and is commonly utilized in medical office buildings or multi-tenant single floor office buildings, where different tenants have varying needs for electrical or janitorial services. Suites should be separately metered to determine electrical usage. Generally in a modified gross lease, the landlord has the right to expense pass-through utilizing a “base year.”

Standard Industrial Gross Lease

A gross lease common among multi-tenant industrial buildings. Like a modified gross lease, the landlord generally pays for the base year property taxes and building insurance. Tenants are responsible for their share of both common area operating expenses and utilities. Landlord services differ from lease to lease.

Net Lease Types Single Net Lease

A net lease where the tenant agrees to pay a monthly lump sum base rent and the property taxes. The landlord is responsible for all other operating expenses.

Double Net Lease (NN)

A net lease where the tenant agrees to pay a monthly lump sum base rent, property taxes, and property insurance. The landlord is responsible for all other operating expenses of the premises.


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Introduction to Leases (Continue)

Net Lease Types (Continued)

Single Net Lease

A net lease where the tenant agrees to pay a monthly lump sum base rent and the property taxes. The landlord is responsible for all other operating expenses.

Double Net Lease (NN)

A net lease where the tenant agrees to pay a monthly lump sum base rent, property taxes, and property insurance. The landlord is responsible for all other operating expenses of the premises.

Triple Net Lease (NNN)

A net lease where the tenant agrees to pay a monthly lump sum base rent, property taxes, property insurance, and maintenance. Under a triple net lease there a few legal defenses which may relieve a tenant of his responsibilities. For example, a triple net lease may relieve the tenant of his responsibility if the property is subject to an eminent domain proceeding.

Absolute Triple Net Lease (Bond Lease)

A net lease where the tenant agrees to pay a monthly lump sum base rent. Under an absolute triple net lease there are no legal defenses if a tenant fails to meet his responsibilities.

Types of Lease Properties

A single or multiple dwelling commercial property can be listed for lease. Below are the typical “for lease” property type codes available in CREST EDG. Each group of codes requires that different data be recorded for that specific property type. This image is taken directly from the drop down list CREST EDG presents on the Lease Listing Property Information form.

Based on the Property Code (or type) you select, CREST EDG selects a pre-defined template. Each template contains the CREST EDG forms, required for that property type, in order of completion.


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Stages of a Lease Transaction

There are three stages of a lease transaction:

• Lease Listing • Lease Agreement • Lease Payments

Lease Listing Lease listing refers to the process of marketing a propety for lease. A listing agreement signed between the owner/landlord and a broker gives the broker the right to offer the proerty for lease. A lease listing is entered into CREST EDG to display the listing on the consumer and aggregate websites.

Lease Agreement Lease agreement refers to a legal contract signed by the owner/landlord or the tenant or both. A lease listing may be associated with several lease agreements. CREST EDG differentiates between a lease agreement where the listing record is also in CREST EDG and a lease agreement where CREST EDG does not have the lease listing record.

Lease Payments Lease payments are receivables or income that you receive from the client for a lease agreement . Each payment reported by the affiliate into CREST EDG creates an other income transaction in CREST EDG. All lease agrrements lead to lease payments unless terminated by either party prior to the occupancy effective date or during occupancy.

Overview – Conditions of Leases

There are three lease conditions that can occur for a commercial lease transaction. Each condition is treated differently in CREST EDG because of the rules that apply and those that do not apply to each situation. A reporting company is one that uses CREST EDG to report lease listings.

1. In-House (IH) Lease Agreement – reporting office or a different office within the same company represents the owner/landlord as well as the tenant. You data enter both the lease listing and the lease agreement details into CREST EDG.

2. Our Listing (OL) Lease Agreement – reporting office represents the owner/landlord. The tenant may be represented by another office/company that may or may not be a Coldwell Banker Commercial® affiliate.

3. Our Agreement (OS) Lease Agreement – reporting office represents the tenant. The owner/landlord may be represented by another office/company that may or may not be a Coldwell Banker Commercial® affiliate.


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Prepare to Record a Lease Listing

Before you login to CREST EDG to record the details of a commercial listing for lease, you must prepare by collecting all of the information that must be recorded.

Generally, you need to know:

• Property Details • Landlord contact information

Preparation Job Aides Take a look at the Appendix 5-A in this section starting on page 5-101. It contains the Commercial Lease Blank Form in its seven

pages. This form contains all of the information that you are required to enter into the CREST EDG system and all of the optional information as well. The last page is completed when a lease agreement is being entered.

Because CREST EDG is a secure transaction system (similar to online banking), your login terminates if the system remains idle for an extended time. Therefore, you eliminate the frustration of losing your work if you can complete the listing data entry quickly, in one login session.

Lease Listing Life Cycle After a new lease listing (that does not yet have a tenant) is added to CREST EDG, it is given a status code of (AV) Available. From there, that listing follows what is called the lease listing life cycle.

Throughout the life of a CREST EDG lease listing, events occur that effect the status of the listing:

Status Description

AV Available (AV) – the landlord of the property has asked you to list a property for lease. After data entry, CREST EDG assigns the available status code and puts the listing on the Brand website and national listings aggregators.

NA Not Available (AV NA) – the landlord permanently or temporarily withdraws the property from the market or when the property becomes fully leased. The listing status can be changed back to available (AV) if some or all of the property becomes available for lease again.

EX Expired (AV EX) – listing contract passes its lease-by date. Listing is removed from Brand website and national listings aggregators.


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Lease Agreement Life Cycle Overview

After an agreement or contract to lease a property or unit/suite is finalized, the agreement details are entered CREST EDG as a lease agreement. This agreement is assigned a status code of Agreement (AG). From there, that lease agreement follows its own agreement life cycle:

Status Description

AG Agreement status is assigned by CREST EDG when the lease agreement details are entered and saved.

DD Dead Deal status is assigned by CREST EDG when the agreement is terminated before any payments are received and recorded.

PP Payments Pending status is assigned by CREST EDG after the first payment is received and recorded in the Lease module.

SU Suspended status is assigned by CREST EDG when the agreement is terminated while payments are in progress (PP status) meaning at least one payment has been received and recorded.

CL Closed status is assigned by CREST EDG when the last payment is received and recorded in the Lease module and, under the agreement, no further payments are due. (Total Projected Income = Total Amount Received.)

PD Paid status is assigned to the CREST EDG lease agreement by the CREST ePay accounts receivable module after the royalties for the agreement are received by corporate and applied to your transaction(s).


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Lease Agreements and Property Management Contracts

Oftentimes the professional way in which you handle tenant acquisition and the resulting lease agreement for an owner/landlord secures a property management contract for your company too.

After you finish entering the lease agreement details into CREST EDG, the LEASE AGREEMENT INFORMATION form appears. In the horizontal navigation toolbar there is a button labeled ADD PROPERTY MANAGEMENT. This button only appears at the top of the LEASE AGREEMENT INFORMATION form after a lease agreement has been updated or Finished.

Figure 5-1: The LEASE AGREEMENT INFORMATION Form

Add a Property Management Contract for a Lease Agreement Property

CREST EDG creates a copy of the lease record when you create a property management record in this way and helps you avoid re-entering most of the property and landlord details over again.

From the LEASE AGREEMENT INFORMATION form:

1. Select the The COMMERCIAL PROPERTY MANAGEMENT ADD: PROPERTY INFORMATION Form appear with the property and landlord fields copied from the lease agreement record. These fields cannot be changed.


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Figure 5-2: The PROPERTY MANAGEMENT ADD: PROPERTY INFORMATION Form

Add a Property Management Contract for a Lease Agreement Property (Continued)

2. Add the project management information like Contract Date and Commencement Date, and the rest.

3. Identify the sales associate who should get credit for negotiating and securing the property management contract.

4. Select to complete the property management record.

Add a Lease Listing

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Add a Lease Listing

Overview Take a look at the Appendix 5-A in this section starting on page 5-101. It contains the Commercial Lease Blank Form in its eight pages.

This form contains all of the information that you are required to enter into the CREST EDG system and all of the optional information as well.


Access the CREST EDG Commercial Lease Module From the Main Menu, select:

The COMMERCIAL LEASE ADD form appears.

Figure 5-3: The COMMERCIAL LEASE ADD Form

Select the Lease Listing Option

Use this form to select the type of lease transaction you want to enter into CREST EDG.

5. Select the Add Lease Listing radio button to tell CREST EDG you want to add a new lease listing for your company.

6. Select . The COMMERCIAL LEASE LISTING ADD: PROPERTY INFORMATION form appears.

Continue

Add a Lease Listing

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Add a Lease Listing (Continue)

Figure 5-4: The COMMERCIAL LEASE LISTING ADD: PROPERTY INFORMATION Form

COMMERCIAL LEASE ADD: PROPERTY INFORMATION Form

Use this form to identify and describe the property to be leased.

1. Select the number for the office listing the lease property from the drop down list in the Office ID field.

2. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Date Listed field.

3. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Listing Expires field.

The Status field defaults to Available and cannot be changed.

4. Select the type of lease offered from the drop down list in the Lease Type field.

5. Select the type of property offered for lease from the drop down list in the Property Code field.

6. Select Yes or No to indicate if the lessee can sublease the space to another party from the drop down list in the Eligible for Sub Lease field.

Continue

Add a Lease Listing

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COMMERCIAL LEASE ADD: PROPERTY INFORMATION Form (Continued)

7. Check the Allow Mapping option in the Mapping? field to generate a virtual map of the property on the cbcworldwide.com website.

8. Type the name of the property e.g., Van Cortland Office Park in the Property Name field.

9. Type the identification number assigned by the municipality tax assessor in the APN Number field.

10. Type the property location number in the Street No. field.

11. Choose the address direction from the Direction field drop down list, if applicable. (For example, North, South, East, West.)

12. Type the name of the address location in the Street Name field.

13. Type the street name label (Avenue, Boulevard, etc.) in the Designation field.

14. Choose the designation direction in the Suffix field.

15. Type the building name or floor number in the Building/Floor field.

16. Type the suite or apartment number in the Suite/ Apt field.

17. Type the address city in the City field

18. Choose the state from the drop down list in the State field

19. Type the 5-digit zip code in the Zip Code field.

20. Select Yes or No from the drop down list in the Show Property on internet? field. Select No if the listing is confidential. Otherwise, select Yes.

21. Check the box for the Show Address field if the location of the property can be shown on the consumer website. Leave box blank if the location of the property should not appear in the consumer website listing.

22. Select to continue. The COMMERCIAL LEASE LISTING ADD: SPACE AND RATES form appears.

Continued

Add a Lease Listing

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Figure 5-5: The COMMERCIAL LEASE LISTING ADD: SPACE AND RATES Form

COMMERCIAL LEASE LISTING ADD: SPACE AND RATES Form

This form has two sections: space and rates and sales associates (not shown). Use this form to describe the property and select the sales associates who acquired the lease listing.

1. Type the size number in the Lot Size field then select the qualifier from the drop down list.

2. Type the year the property was constructed (YYYY) in the Year Built field.

3. Select the class code from the drop down list in the Building Class field.

4. Type the square footage of the building in the Building Square Footage field.

5. Type the number of square feet available for lease in the Available Square Feet field.

6. Type the least amount the landlord will accept in the Min Lease Rate/Sq. Ft. Per Year field.

7. Type the most amount the landlord will accept in the Max Lease Rate/Sq. Ft. Per Year field.

8. Type the fewest square feet the landlord will allow to be divided in the Min Divisible Square Feet field.

9. Type the greatest number of un-segmented square feet in the Max Contiguous Square Feet field.

10. Type the percent of available space that is used by all lessees in the Common Area Factor field.

11. Type the greatest number of un-segmented square feet in the Max Contiguous Square Feet field.

Continue

Add a Lease Listing

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COMMERCIAL LEASE LISTING ADD: SPACE AND RATES Form (Continued)

12. Type the percent of available space that is used by all lessees in the Common Area Factor field.

13. Type the number of parking spaces per 1000 square feet of Gross Leasable Area in the Parking Ratio field.

14. Type the total number of floors for lease in the Available Floors field.

• Type a brief identification of the floor (level, wing) in the

Description field. • Enter the floor dimensions in feet in the Length and Width

fields.

• Select to enter additional floor dimensions.

• Select when finished to return to the COMMERCIAL LEASE LISTING ADD: SPACE AND RATES form.

Continue

Add a Lease Listing

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COMMERCIAL LEASE LISTING ADD: SPACE AND RATES Form (Continued)

15. Type the total number of office suites available for lease in the Suite Information field.

• Type the door number in the Suite field. • Enter the suite in square feet in the Square Feet field. • Select the suite occupancy status from the drop down list

in the Status field. • Type the dollar amount and select the category from the

drop down list in the Lease Rate fields. • Type the length of intended occupancy in the Lease

Term field. • Type a measurement in feet of the bay depth (if

applicable) in the Bay Depth field. • Type a measurement in feet of the space between the

columns in the Column Spacing field.

• Select to enter additional suite dimensions.

• Select when finished to return to the COMMERCIAL LEASE LISTING ADD:SALES ASSOCIATE DATA form.

Figure 5-6: The COMMERCIAL LEASE LISTING ADD: SALES ASSOCIATE DATA Form

Continue

Add a Lease Listing

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COMMERCIAL LEASE LISTING ADD: SALES ASSOCIATES DATA Form

Use this part of the form to identify the sales associate(s) representing the property listing side and the commission percentage due to each upon closing.

Do one of the following:

1. Type the ID number of a sales associate assigned the listing and

select .

If the number entered is assigned to an active sales associate, CREST EDG automatically populates the remaining fields with his information.

If not, you must add that person. Contact your User Administrator or Broker if you do not have the security authorization to add people to CREST EDG.

or

2. Select . The SALES ASSOCIATE SELECTION form appears.

Figure 5-7: The SALES ASSOCIATES SELECTION Form

Continue

Add a Lease Listing

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COMMERCIAL LEASE LISTING ADD: SALES ASSOCIATES DATA Form (Continued)

The SALES ASSOCIATE SELECTION form allows you to scroll to one or more sales associates from the Available Sales Associates list (left)

and select them by moving each name to the Selected Sales

Associates list (right) or moving names back until the selected list contains the sales associate names you want to add to the listing.

Multiple records can be added or removed from either list at one time by holding the Ctrl key, choosing the records you want to move, and selecting the move buttons.

Sequential records can be selected or made available in one action by holding the Shift key, highlighting records as shown and selecting the move buttons.

3. Select when each record you want to add is in the Selected Sales Associate list. The First Name and Last Name fields default to those of the sales associates selected and, if possible, the Percent of Side field defaults to an even distribution among the sales people.

View each sales associate to verify the Percent of Side field for each to make certain that the percent shown is the accurate entitlement for this listing.

The Total % Assigned field must remain at 100% to update the form and continue.

4. Re-type the Percent of Side field to distribute the commission as agreed.

5. Select after adding the last sales associate and verifying the commission for each. The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form appears.

Continue

Add a Lease Listing

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Landlord Selection Overview

CREST EDG maintains your company’s landlord list as you identify them in connection with lease agreements. These landlords are saved to a contact database that also contains tenant contact information. This landlord list may be used to select a landlord associated with the current transaction.

CREST EDG follows this process for selecting landlord information in the Commercial Lease module:

1. Shows you the list of landlords for your company that already exist.

2. Allows you to refine or modify the list to look for the current landlord in the existing landlord database.

3. If your landlord is not found, you can add it to your landlord database.

4. If your landlord is found but the record content is outdated, you modify or update the existing landlord record.

5. The selected existing, newly added, or modified landlord record is displayed for your final approval and selection.

Figure 5-8: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form

Continue

Add a Lease Listing

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The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form

Use this form to:

• Refine the landlord list • Select an existing landlord • Create a new landlord

Refine the Landlord List You can limit the number of landlords listed and focus-in on the one you’re looking for by using the LANDLORD: REFINE SEARCH fields.

Do one or more of the following:

1. Type % symbol in either of these fields Company Name and Last Name to perform a wild card search.

2. Choose a landlord type from the drop down list in the Type field.

3. Type the name of the landlord company in the Company Name field.

or

4. Type the landlord’s last name, if that landlord is an

individual, in the Last Name field and select . The list results are limited to the search results that match the refined criteria.

5. Look through the list of landlords using the pagination toolbar to find the one you want.

Do one of the following if the record is found:

6. Select the Company Name hypertext link for the landlord that matches the Lease Listing landlord for this transaction. The COMMERCIAL LEASE LISTING ADD: CLIENT INFORMATION Form appears with all fields protected from data entry. Refer to Select a Landlord for the Lease Listing on page 5-18 for more information.

7. Select the hypertext link in the Edit field to update the landlord record. The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form appears with the fields editable. Refer to Update an Existing Landlord Record on page 5-19 for more information.

Continued

Add a Lease Listing

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Refine the Lease Listing List (Continued)

8. Select if the landlord record is not found,

Make certain that the landlord does not exist under another name or a different address before adding a new one.

Refer to Add a New Landlord to the Company List on page 5-20 for more information.

Figure 5-9: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form Protected Mode

Select a Landlord for the Lease Listing

The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form (shown in protected mode) appears

when a landlord is added or selected using the Company Name

hypertext link in the landlord list or by selecting after adding a new landlord or updating an existing landlord.

The purpose of this form is to allow you to review the landlord information before selecting the landlord on the Lease listing transaction.

If any of the information is incorrect, select

to display editable fields. Refer to Update an Existing Landlord Record on page 5-19 for more information.

If the contact shown is not the right one, choose

to return to the COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION list form. Refer to Select a Landlord for the Lease Listing on page 5-18 for more information.

Continue

Add a Lease Listing

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Select a Landlord for the Lease Listing (Continued)

1. Verify the information for this landlord to be certain it is the record you want to select.

2. Select to choose this record. The COMMERCIAL LEASE LISTING ADD: PAYMENT SCHEDULE Form appears.

Figure 5-10: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form Unprotected Mode

Update an Existing Landlord Record

The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form displays in unprotected mode during

the landlord update function. This form appears in two ways: 1) by selecting the Edit link for a landlord record on the LANDLORD INFORMATION list form or 2) from the COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form in protected mode

when you select .

1. Select a landlord definition from the drop down list in the Type field.

The Company Name field is conditionally required when any Type other than Person / Individual(s) is selected. First Name and Last Name fields are conditionally required when Person / Individual(s) is selected.

Continue

Add a Lease Listing

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Update an Existing Landlord Record (Continued)


or

3. Type the landlord’s first name and last name, if that landlord is an individual, in the First Name and Last Name fields respectively.

The remaining fields are optional. Refer to Add a New Landlord to the Company List on page 20 for more information about the content of these fields.

4. Select . The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form displays in protected mode. Refer to Figure 5-10: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form Unprotected Mode

5. Select to choose this record.

The COMMERCIAL LEASE LISTING ADD: PAYMENT SCHEDULE Form appears.

Add a New Landlord to the Company List

The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form displays all fields blank when returned

by selecting the link on COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION list form.




or


Continue

Add a Lease Listing

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Add a New Landlord to the Company List (Continued)

The address is separated into several parts like this:


5. Choose the address direction from the Direction field drop down list, if applicable (For example, North, South, East, West).






11. Type the address city in the City field.

12. Choose the state from the drop down list in the State field.


14. Type the area code (between the parentheses) and phone number in the other two fields of the Phone Number field.

15. Optionally, type the Seller Email Address field.


17. Select to choose this record. The COMMERCIAL LEASE LISTING ADD: REMARKS Form appears.

Continue

Add a Lease Listing

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Figure 5-11: The COMMERCIAL LEASE LISTING ADD: REMARKS Form

COMMERCIAL LEASE LISTING ADD: REMARKS Form

Specific types of remarks are required for certain lease types. A warning notice appears on the REMARKS form alerting you to the remarks that are required for this particular transaction.

This form has no spell checker. We strongly suggest that you type your remark in MSWord (or other word processor) first, check the spelling there and then copy and paste the text into the Remarks text entry field.

Typically, area description and property description remarks are required when a lease listing is added.

1. Select the required type from the drop down list in the Remark Type field.

2. Type the remark text in the Remarks (Text entry limited to 1200 characters). field.

3. Choose the Character Count button to avoid exceeding the 1200 character limit. This dialogue appears with the total count.

Add a Lease Listing

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COMMERCIAL LEASE LISTING ADD: REMARKS Form (Continued)

4. Select OK to continue entering the remark.

5. Select to save the current remark and clear the form to enter the next one.

6. Repeat Steps 1 through 4 to enter the next required remark.

7. Use the remarks toolbar to view the saved

remarks:

Continue

COMMERCIAL LEASE LISTING ADD: REMARKS Form (Continued)

8. Select to complete the transaction. The COMMERCIAL LEASE INFORMATION page appears showing the content of the transaction on one page. CREST EDG assigns a unique lease identification number to the listing and assigns the Available status code to it.

Add a Lease Listing

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Figure 5-12: The COMMERCIAL LEASE INFORMATION (Confirmation) Form

Print the Lease Listing Conformation Page

Right-click mouse and select Print to print this summary page and highlight the Commercial Lease Listing identification number. You need it to quickly retrieve this record from CREST EDG in the future.

End

Add Media to a Lease Listing

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Overview CREST EDG generates a report that lists each lease listing added without at least one photograph of the property. Therefore, you should add at least one image to each lease listing in CREST EDG. Most buyers looking for commercial property on the World Wide Web bypass listings that have no images attached in preference for those that do.

Images can be attached as soon as the listing is added or, if necessary, you may wait to add media (images) to an existing listing.

Access the Lease Listing Media Forms

Images can be attached as soon as the listing is added and the LEASE INFORMATION page appears or, if necessary, you may wait to add media (images) to an existing listing.


1. From the LEASE INFORMATION page generated after lease listing

has been added, select . The LEASE LISTING ADD MEDIA (PHOTOS) form appears. Go to step 4.

or

2. Locate the Lease Listing ID for the listing you want to add media to before you begin this procedure (if you are adding the media later).

From the Main Menu, select:

The LEASE LISTING MEDIA SEARCH CRITERIA form appears.

3. Type the Lease Listing ID for the listing to add media to and

select . The LISTING MEDIA ADD (PHOTOS) form appears.

Continue


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Add Media to a Lease Listing (Continue)

Figure 5-13: The LISTING MEDIA ADD (PHOTOS) Form

The LISTING MEDIA ADD (PHOTOS) Form

Add the photographs one at a time.

This form has no spell checker. We strongly suggest that you type your remark in MSWord (or other word processor) first, check the spelling there and then copy and paste the text into the Remarks text entry field.

4. Type a brief 16-character description of the photo in the Short Description field.

5. Type a phrase to display under the photo on the consumer website in the Caption field.

6. Un-check Landscape to display the image in the portrait orientation or leave it checked to display the default (landscape) view.

7. Select in the Attach Files field.

8. The Choose File window appears.

9. Navigate to the desired file and select Open. The selected filename and path appear in the Attach Files field.

10. Select . The image is added to the grid below in the next available row.

11. Repeat Steps 4 through 9 to add another image.

Continue


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The LISTING MEDIA ADD (PHOTOS) Form (Continued)

12. When done, select . The LEASE LISTING MEDIA MAINTENANCE (PHOTOS) form appears. You can reorder the images in this form. Refer to Re-Order Photos on page 5-28.

Remove a Photo from a Lease Listing

In the LISTING MEDIA ADD (PHOTOS) Form grid:

1. Check the box(es) in the Seq No field before the image number(s) you want to remove.

2. Select to delete the selected images from the lease listing.

3. Add new photos to replace the one(s) removed, if desired. Refer to, The LISTING MEDIA ADD (PHOTOS) Form on page 5-26.

Figure 5-14: The LISTING MEDIA MAINTENANCE Form

Continue


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LISTING MEDIA MAINTENANCE Form

The LISTING MEDIA MAINTENANCE form shows you a thumbnail picture of each image attached to the sales listing. You can add photos using the fields on top. Refer to, The LISTING MEDIA ADD (PHOTOS) Form on page 5-26 to do this.

You can re-sequence (re-order) or remove the current photos on file. You can also change the description and/or caption for one or more of the current photos.

Re-Order Photos The photos appear in the order in which they were added. To rearrange them in the Current Photos section:

1. Select the ReOrder drop down list.

2. Highlight the number for the new position of this image. The image changes places with the image in the selected position.

Remove a Photo In the Current Photos section:

3. Check the box before the image number(s) (PHOTO 1, PHOTO 3) to be removed from the listing.

4. Select to delete them from the listing.

5. Add new photos to replace the one(s) removed, if desired. Refer to, Add Media to a Lease Listing on page 28.

End

Not Available Lease Listing

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Overview An available lease listing must be made not available when the landlord decides not to lease after all or when all available units/suites have tenants (fully leased).

When an available listing is made not available, the transaction status changes from AV (available) to NA (not available).


Locate the Lease Listing ID for the listing before you begin this procedure.


The COMMERCIAL LEASE UPDATE: SEARCH CRITERIA form appears.

1. Type the Lease Listing ID for the listing to make not available and

select . The COMMERCIAL LEASE LISTING UPDATE: PROPERTY INFORMATION form appears.

Figure 5-15 - The COMMERCIAL LEASE LISTING UPDATE: PROPERTY INFORMATION Form


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Not Available Lease Listing (Continue)

Not Available Lease Listing (Continue)

2. Type the date (MM / DD/ YYYY) of the withdrawal or cancellation in the Listing Expires field.

3. Select Not Available from the drop down list in the Status field.

You may want to enter a remark to explain the circumstances under which this listing has been made not available especially, if there are unoccupied units.

4. Select from the horizontal navigation menu.

5. Select .

6. Choose Highlight1 from the drop down list in the Remark Type field.

7. Enter a brief description of why the status has been changed for this listing.

8. Select . The LEASE INFORMATION page appears with the status change you made.

Figure 5-16 - The LEASE INFORMATION Form

Reactivate a Not Available Lease Listing

5-31


Overview A property listed with you has a tenant whose lease is ending. The tenant intends not to renew the lease since she has outgrown the space. In less than two months, this suite will be available for occupancy.

When this property was fully leased, you manually changed the status of the lease listing from available to not available. Now you must reverse that action and change the status back to available. This CREST EDG flexibility allows you to re-use the same lease listing without re-entering the data each time a vacancy occurs.

Available Lease Listing




1. Type the Lease Listing ID for the listing to make not available and

select . The COMMERCIAL LEASE LISTING UPDATE: PROPERTY INFORMATION form appears.

Figure 5-17 - The COMMERCIAL LEASE LISTING UPDATE: PROPERTY INFORMATION Form


5-32

Reactivate a Not Available Lease Listing (Continue)

Available Lease Listing (Continued)

2. Type the date (MM / DD/ YYYY) of the reactivation of the lease listing in the Listing Expires field.

3. Select Available from the drop down list in the Status field.

You may want to enter a remark to explain the circumstances under which this listing is being reactivated or made available.

4. Select from the horizontal navigation menu.

5. Select .

6. Choose Highlight1 from the drop down list in the Remark Type field.

7. Enter a brief description of why the status has been changed for this listing.

8. Select . The LEASE INFORMATION page appears with the status change you made.

Figure 5-18 - The LEASE INFORMATION Form

Reinstate an Expired Lease Listing Transaction

5-33

Reinstate Expired Lease Listing Transaction

Overview When an available lease listing is past its lease-by date, CREST EDG automatically changes the listing status from available (AV) to expired (EX).

If this lease listing goes back on the market, you must reinstate it.


From the Main Menu, select: .

The COMMERCIAL LEASE LISTING UPDATE: SEARCH CRITERIA form appears.

1. Type the Lease Listing ID for the listing to be reinstated and

select . The COMMERCIAL LEASE LISTING: PROPERTY INFORMATION form for that listing appears.

Reinstate an Expired Lease Listing

2. Overtype the Listing Expires date to reinstate

the listing and select . The COMMERCIAL LEASE INFORMATION page for that listing appears.

If the original listing had no media associated, this message appears, “The Transaction is shown on the internet but has no media item associated. Media items should be added to the transaction after it is saved”.

3. Refer to Add Media to a Lease Listing on page 5-25 to do this.

Add a Referral to a Lease Agreement

5-34

Add a Lease Agreement to a Lease Listing

Overview Take a look at the Appendix 5-A in this section starting on page 5-101. It contains the Commercial Lease Blank Form in its eight pages.

This form contains all of the information that you are required to enter into the CREST EDG system and all of the optional information as well.


Access the CREST EDG Commercial Lease Module




Select the Condition for the Lease to Add

Use this option to identify a tenant who has agreed to lease a property your company has listed that is already entered as a lease listing in CREST EDG.

If your office is listing this property, but it is not entered into CREST EDG, add the lease listing before adding the lease agreement information.

9. Select the Add Lease Agreement to Existing Lease Listing radio button to tell CREST EDG you want to add a new tenant to a lease on file for your company.

10. Select . The COMMERCIAL LEASE LISTING ADD: SEARCH CRITERIA form appears.

Continue


5-35

Add a Lease Agreement to a Lease Listing (Continue)

Figure 5-20: The COMMERCIAL LEASE LISTING ADD: SEARCH CRITERIA Form

Search for the Lease Listing to Add the Agreement

Before you can add a tenant to an existing lease, you must first locate that lease listing.

Lease Listing # is the primary key to finding a lease listing number to which you want to add a lease agreement Go to Step 2 if you do not know the lease listing number.


1. Type the Lease Listing # (as shown) for the specified listing

and select .

The COMMERCIAL LEASE INFORMATION form for that lease listing record appears (not shown). Go to Step 5.

or

2. Type a value into one or more of the other search criteria fields.

3. Select .

The COMMERCIAL LEASE VIEW: SEARCH RESULTS page appears. Go to Step 4.

Continue


5-36


Figure 5-21: The COMMERCIAL LEASE VIEW: SEARCH RESULTS Form

Search for the Lease Listing to Add the Agreement (Continued)

Use the pagination buttons to navigate through the results list.

Select to enter different search criteria and try again if the lease listing you seek is not found.

4. Select the hypertext link in the Lease # field for the listing to update.

The COMMERCIAL LEASE INFORMATION form appears.

Figure 5-22: The COMMERCIAL LEASE INFORMATION Form

Continue


5-37


Search for the Lease Listing to Add the Agreement (Continued)

5. Verify that you have the correct lease before you begin to add the tenant.

6. Select . The COMMERCIAL LEASE LISTING ADD: PROPERTY INFORMATION form appears.

Figure 5-23: The COMMERCIAL LEASE AGREEMENT ADD: PROPERTY INFORMATION Form

Add the Lease Agreement Property Information

Most of the information on this form is protected and can only be changed by updating the lease listing record; not in this add agreement mode. There are some fields you must complete to begin recording the agreement record details on this form.

1. Select a use to which the tenant intends to put the property from the drop down list in the Property Use field.

2. Select No from the drop down list in the Right to Renew field if the tenant cannot renew this lease agreement. The default is Yes.

Continue


5-38


Add the Lease Agreement Property Information (Continued)

3. Select Yes from the drop down list in the Sub Lease? field if the tenant has the right to lease to another party. The default is No.

4. Select Yes or No from the drop down list in the Represent Tenant? field.

The Cooperating Broker field is conditionally required when the Represent Tenant? field is Yes.

5. Conditionally, type the broker representing the tenant in the Cooperating Broker field.

Figure 5-24: The SALES ASSOCIATE DATA Form

Add the Sales Associate(s) for the Lease Agreement Side

Notice that there is at least one sales associate (Associate ID # 00413) connected with the existing lease listing record to which you are adding the lease agreement. That is the lease listing sales associate.

You want to ADD the sales associate who found the tenant.

If the sales associate for the lease listing is the same associate who found the tenant, do nothing to the sales associate shown.

If a different sales associate in your company found the tenant, that person must be ADDED to the SALES ASSOCIATES DATA form while you are adding the lease agreement.

1. Select .



5-39



Add the Sales Associate(s) for the Lease Agreement Side (Continued)






The lease listing sales associates remain listed on the Selected Sales Associate list. That’s okay.

Continue


5-40


Add the Sales Associate(s) for the Lease Agreement Side (Continued)

4. Select when each sales associate you want to add is in the Selected Sales Associate list along with the lease listing sales associates. The SALES ASSOCIATE DATA form appears with the first lease listing sales associate’s name showing waiting for you to distribute the commission percentages among all associates on both sides.

Redistribute the Lease Listing and Lease Agreement Commission Among All Sales Associates

In a lease listing and lease agreement situation, CREST EDG does not recognize both “sides” for commission purposes. The system sees one 100% commission which it accurately distributes as long as one side—the lease listing side—is considered.

When another side—the listing agreement side—enters the calculation, that 100% one-sided commission now becomes a 50% commission for each side to accommodate both sides.

For example, two sales associates got the lease listing and the lease listing commission percent was split 50/50 before the lease agreement is added. With the agreement, two different sales associate got the tenant and they also get a 50/50 split of the commission on the lease agreement side.

You now know that both sides technically have a 50% maximum and that 50% maximum really represents 100% per side. So your changes to the Percent of Side fields for each associate will reflect this knowledge.

Continue


5-41


Redistribute the Lease Listing and Lease Agreement Commission Among All Sales Associates (Continued)

1. Re-type the Percent of Side field for the first lease listing sales associate to distribute the commission as agreed.

2. Select to view the next sales associate record and re-type the Percent of Side field for that associate.

3. Repeat Step 2 for each sales associate attached to the combination lease listing/lease agreement record.


4. Select when the commission is accurately reflected for each sales associate. The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form appears.

Figure 5-26: The COMMERCIAL LEASE AGREEMENT ADD: LANDLORD INFORMATION Form

Verify the Lease Agreement Landlord

All of the data on this form was entered with the original lease listing. It is protected and cannot be changed.

1. Verify the landlord information is correct.

If the wrong landlord was selected for the original leaagreement, you must stop, update the lease agreemerecord and start adding the lease agreement afterwa

2. Select . The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form appears.


5-42


Figure 5-27: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form

Tenant Selection Overview

Use this form to:

• Refine the tenant list

• Select an existing tenant

• Create a new tenant

CREST EDG maintains your company’s tenant list as you identify them in connection with lease agreements. These tenants are saved to a contact database that also contains landlord contact information. This tenant list may be used to select a tenant associated with the current agreement.


5-43


Tenant Selection Overview (Continued)

CREST EDG follows this process for selecting tenant information in the Commercial Lease module:

• Shows you the list of tenant contacts for your company that already exist.

• Allows you to refine or modify the list to look for the current tenant in the existing contact database.

• If your tenant is not found, you can add it to your contact database.

• If your tenant is found but the record content is outdated, you modify or update the existing contact record.

The selected existing, newly added, or modified contact record is displayed for your final approval and selection.

You can limit the number of tenant listed and focus-in on the one you’re looking for by using the TENANT: REFINE SEARCH fields.



2. Choose a tenant type from the drop down list in the Type field.

3. Type the name of the tenant company in the Company Name field.

or

4. Type the tenant’s last name, if that tenant is an individual,

in the Last Name field and select . The list results are limited to the search results that match the refined criteria.

5. Look through the list of tenants using the pagination toolbar to find the one you want.


5-44


Refine the Tenant List (Continued)


6. Select the Company Name hypertext link for the tenant that matches the Lease Agreement tenant for this transaction. The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form appears with all fields protected from data entry. Refer to Error! Reference source not found. on page 5-Error! Bookmark not defined. for more information.

7. Select the hypertext link in the Edit field to update the landlord record. The COMMERCIAL LEASE LISTING ADD: TENANT INFORMATION Form appears with the fields editable. Refer to Update an Existing Tenant Record on page 5-46 for more information.

8. Select if the tenant record is not found.

Make certain that the tenant does not exist under another name or a different address before adding a new one.

Refer to Add a New Tenant to the Company List on page 5-47 for more information.

Continue

Figure 5-28: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Protected Mode


5-45


Select a Tenant for the Lease Agreement Transaction

The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form (shown in protected mode) appears

when a tenant is added or selected using the Company Name

hypertext link in the tenant list or by selecting after adding a new tenant or updating an existing tenant.

The purpose of this form is to allow you to review the tenant information before selecting the tenant on the lease agreement transaction.


to display editable fields. Refer to Update an Existing Tenant Record on page 5-46 for more information.

If the tenant shown is not the right one, choose

to return to the COMMERCIAL LEASE LISTING ADD: TENANT INFORMATION list form. Refer to Error! Reference source not found. on page 5-Error! Bookmark not defined. for more information.

1. Verify the information for this tenant to be certain it is the record you want to select.

2. Select to choose this record. The COMMERCIAL LEASE LISTING ADD: LEASE WORKSHEET Form appears.


5-46


Figure 5-29: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Unprotected Mode

Update an Existing Tenant Record

The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays in unprotected mode during

the tenant update function. This form appears in two ways: 1) by selecting the Edit link for a tenant record on the TENANT INFORMATION list form or 2) from the COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form in protected mode

when you select .

1. Select a tenant definition from the drop down list in the Type field.


Continue


5-47


Update an Existing Tenant Record (Continued)


or

3. Type the tenant’s first name and last name, if that tenant is an individual, in the First Name and Last Name fields respectively.

The remaining fields are optional. Refer to Add a New Tenant to the Company List on page 5-47 for more information about the content of these fields.

4. Select . The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays in protected mode. Refer to Figure 5-29: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Unprotected Mode.


The COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET Form appears.

Add a New Tenant to the Company List

The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays all fields blank when returned

by selecting the link on COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION list form.




or


Continue


5-48


Add a New Tenant to the Company List (Continued)













15. Select . The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays in protected mode. Refer to Figure 5-28: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Protected Mode.

16. Select to choose this record. The COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET Form appears.

Continue


5-49


Figure 5-30: The COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET Form

Define the Agreement Terms and Calculate the Commissionable Fee

Use the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET form to record contractual details like dates and amounts. The Lease Square Footage, Rate per Square Footage, and Term/Months fields’ contents are used to calculate the Aggregate Lease Value amount.

1. Type the total square footage to be occupied by the tenant in the Lease Square Footage field.

2. Type the rate the tenant will pay and select the term (year/month) from the drop down list in the Rate per Square Footage field.

3. Type the duration of the lease in months and select the fraction of months (if applicable) in the Term Months field.

4. Type the date (MM / DD / YYYY) the lease agreement was signed in the Agreement Date field.

5. Type the date (MM / DD / YYYY) the tenant intends to occupy the property in the Commencement Date field.

CREST EDG automatically calculates the Expiration Date based on the commencement date and the term of the lease.

Continue


5-50


Define the Agreement Terms and Calculate the Commissionable Fee (Continued)

Calculate Commissionable Fee

CREST EDG calculates most of these fields for you based on the information you already provided.

The Asterisk (*) symbol indicates multiplication and the En Dash (–) indicates subtraction.

6. The Aggregate Lease Value, is systematically calculated using this formula:

Lease Square Footage * Rate per Sq. Ft * Term/Month.

It is vital to the trickle-down calculations that use the value in the Aggregate Lease Value field that the figure is accurate. If this formula calculated the aggregate lease value incorrectly, you can highlight the amount in the Aggregate Lease Value field and type the correct value.

7. Type the amount the landlord agreed to contribute, if any in the Less Landlord Contribution field.

8. The Commissionable Lease Value is systematically calculated using this formula

Aggregate Lease Value – Less Landlord Contribution.

9. Type the percent the broker earns from this lease agreement in the Commissionable Lease Rate field.

10. The Gross Commission field is systematically calculated using this formula:

Commissionable Lease Value * Commissionable Lease Rate.

11. Select and complete the COMMERCIAL LEASE AGREEMENT ADD: REFERRAL INFORMATION form to record in the Less Referral Fee field the amount your company paid to another party for the tenant introduction.

Refer to Add a Referral to a Lease Agreement on page 5-57 for more information about how to complete this form and add a referral fee to the lease agreement calculations.

12. The Commissionable Fee field is systematically calculated using this formula:

Gross Commission - Referral Fee.

Continue


5-51



13. Type the number of payments the landlord is expected to pay your company for this lease agreement in the Number of Landlord Payments to the Broker field.

The amount in the Total Property Income and the Number of Payments to the Broker fields effects the reconciliation behavior performed on the COMMERCIAL PROPERTY MANAGEMENT ADD: PAYMENT SCHEDULE form appearing later.

If these fields are incorrect, you must return to this form and change them before data entry can be completed and the transaction saved.

14. Select . The COMMERCIAL LEASE AGREEMENT ADD: PAYMENT SCHEDULE form appears.

Figure 5-31: The COMMERCIAL LEASE AGREEMENT ADD: PAYMENT SCHEDULE Form – 12 Lines


5-52


Identify the Expected Payment(s) Schedule

Use the COMMERCIAL LEASE AGREEMENT ADD: PAYMENT SCHEDULE form to enter income expectation details. The top portion of this form is simply a ledger that allows you to list each anticipated payment based on the terms of the lease agreement.

Expected payments do not have to match the payments received. The Percentage Due is systematically calculated by CREST EDG based on the total Amount Due.

1. Type the dollar amount in the Amount Due field.

2. Type the date (MM / DD / YYYY) that the payment is due to arrive at the broker in the Due Date field.

The Total Amount Due and the Commissionable Fee fields are systematically calculated for you. You must complete each blank row in the PAYMENT SCHEDULE section of this form. If any blank rows exist in the PAYMENT SCHEDULE this warning dialogue appears.

To correct this condition when the data entry is incomplete:

3. Select to close the dialogue.

4. Continue to enter the Amount Due and Due Date for each blank payment row until the amount in all rows equals the total amount due.

To correct this condition when the wrong number of rows appear or the Total Amount due is incorrect:

5. Select until the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET form appears.

6. Verify and overtype the Total Property Income and Number of Payments to the Broker for the lease.

If you are having difficulty reconciling the payment schedule, try this. Type “1” in the Number of Payments to the Broker field on the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET form.

Continue


5-53


Identify the Payment(s) Receivable (Continued)

7. Select until the COMMERCIAL LEASE AGREEMENTADD: PAYMENT SCHEDULE form appears.

8. Then enter the total amount due and the due date on one row.

9. Select if no payments have been received. The COMMERCIAL LEASE AGREEMENT INFORMATION page appears with an Agreement status.

10. If you have a check for payment, go to Enter Payment(s) Received on page 5-53.

Figure 5-32: The PAYMENTS(S) RECEIVED Page

Enter Payment(s) Received

You may have the first payment in hand when you are recording the payment schedule. If your company has received the first payment for this agreement:

1. Type the dollar amount of the payment in the Amount Due field.

2. Type the date (MM / DD / YYYY) the payment was received in your office in the Date Received field.

3. Select to add more lines, if needed.

4. Repeat steps 5 and 6 for each payment you have in hand.

5. Select .

The COMMERCIAL LEASE AGREEMENT INFORMATION page appears with an Agreement status if no payments are recorded or a Payment Pending status if payments are recorded.

A commercial other income transaction is automatically generated when one or more payments are recorded in the lease agreement mode of the CREST EDG lease module. You can view the other income transaction by going to that module.


5-54


Figure 5-33: The LEASE AGREEMENT INFORMATION Page

End


5-55


Locate the Corresponding Other Income Transaction

Refer to the bottom of Figure 5-33: The LEASE AGREEMENT INFORMATION Page on page 5-54. In the PAYMENT RECEIVED section, there is a Transaction ID for each payment received.

You can use that unique identification number to locate the other income transaction in the Commercial OI module.

You must search for the payment before you can view it.


Search for the Transaction ID


The COMMERCIAL OTHER INCOME UPDATE: SEARCH RESULTS form appears.

1. Type the transaction identification number in the

Transaction # field and select . The COMMERCIAL OTHER INCOME INFORMATION page appears.


5-56


View the Other Income Transaction Resulting from a Lease Agreement Payment

The COMMERCIAL OTHER INCOME INFORMATION page details the key information about the lease agreement such as property information, client or landlord information, lease agreement sales associates, and payment received information (amount, date, royalty fee).

Figure 5-35: The COMMERCIAL OTHER INCOME INFORMATION Page


5-57


Figure 5-36: The COMMERCIAL LEASE AGREEMENT ADD: REFERRAL INFORMATION Form

The COMMERCIAL LEASE AGREEMENT ADD: REFERRAL INFORMATION Form

Select if you have a referral fee to report on the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSEET form,

1. Type the name of the company who paid the referral amount in the Company Name field.

2. Select a transaction side to from which to deduct the referral fee from the drop down list in the Listing Side field.

Listing is the only option available in the drop down list because “selling” side does not apply to leases. Enter the total referral for both sides.

3. Optionally, type the Address, City State, Zip Code and Phone fields for this company. This is Enter the amount of money to be shared with another realtor in the Other Company Split field.

Having this demographic information may be useful for recruiting purposes if you choose to pursue the agent.

4. Type the contact phone number for the referral company in the Phone Number field.

5. Enter the amount of money, in whole dollars, to be paid as a referral fee to this company in the Amount field.

Continue


5-58

Add a Referral to a Lease Agreement (Continue)

The COMMERCIAL LEASE AGREEMENT ADD: REFERRAL INFORMATION Form (Continued)


6. Select and repeat steps 1 through 5 to add another referral source.

or

7. Select to return to the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSEET form.

Add Tenant Rep. Agreement without Lease Listing

5-59


Overview Take a look at page seven of the Commercial Blank Form in Appendix 5-A starting on page 5-101. It contains the lease agreement page that you may complete prior to entering any

of the required or optional information into CREST EDG.


Access the CREST EDG Commercial Lease Module From the Main Menu, select:



COMMERCIAL LEASE ADD Form

Use this form to select the lease agreement you want to enter into CREST EDG.

1. Select the Add Tenant Rep Agreement without Existing Lease Listing radio button to tell CREST EDG you want to add a new lease agreement but your company does not have the listing.

2. Select . The COMMERCIAL LEASE AGREEMENT ADD: PROPERTY INFORMATION form appears.

Continue


5-60

Add Tenant Rep. Agreement without Lease Listing (Continue)

Figure 5-38: The COMMERCIAL LEASE LISTING ADD: PROPERTY INFORMATION Form

COMMERCIAL LEASE ADD: PROPERTY INFORMATION Form

Use this form to identify and describe the property to be leased.

1. Select the number for the office listing the lease property from the drop down list in the Office ID field.

3. Type the name of the property e.g., Van Cortland Office Park in the Property Name field.

4. Type the date (MM / DD / YYYY) the listing was acquired or became known to your office in the Termination Date field.


6. Designation – Choose the address direction from the Direction field drop down list, if applicable. (For example, North, South, East, West.)


5-61


COMMERCIAL LEASE ADD: PROPERTY INFORMATION Form (Continued)






12. Type the address city in the City field

13. Choose the state from the drop down list in the State field


15. Select the type of property offered for lease from the drop down list in the Property Code field.

16. Select an explanation of how the property is to be used form the drop down list in the Property Use field.

17. Select Yes or No from the drop down list in the Right to Renew field. Select No if the tenant cannot renew the lease. Otherwise, select Yes.

18. Select Yes or No from the drop down list in the Eligible for Sub Lease field to indicate if the tenant can sublease the space to another party.

19. The Represent Landlord field defaults to No and cannot be changed due to the type of lease agreement being added.

20. The Represent Tenant field defaults to Yes and cannot be changed due to the type of lease agreement being added.

The Cooperating Broker field is conditionally required if you answer No to Represent Tenant? to record the broker who has the lease listing.

Continue


5-62


Figure 5-39: The COMMERCIAL LEASE AGREEMENT ADD: SALES ASSOCIATE DATA Form

COMMERCIAL LEASE LISTING ADD: SALES ASSOCIATES DATA Form

Use this part of the form to identify the sales associate(s) representing the property listing side and the commission percentage due to each upon closing.


1. Type the ID number of a sales associate assigned the listing and

select .

If the number entered is assigned to an active sales associate, CREST EDG automatically populates the remaining fields with his information.

If not, you must add that person. Contact your User Administrator or Broker if you do not have the security authorization to add people to CREST EDG.

or



Continue


5-63


COMMERCIAL LEASE LISTING ADD: SALES ASSOCIATES DATA Form (Continued)






3. Select when each record you want to add is in the Selected Sales Associate list. The First Name and Last Name fields default to those of the sales associates selected and, if possible, the Percent of Side field defaults to an even distribution among the sales people.

View each sales associate to verify the Percent of Side field for each to make certain that the percent shown is the accurate entitlement for this listing.


6. Re-type the Percent of Side field to distribute the commission as agreed.

7. Select after adding the last sales associate and verifying the commission for each. The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form appears.

Continue


5-64


Landlord Selection Overview

CREST EDG maintains your company’s landlord list as you identify them in connection with lease agreements. These landlords are saved to a contact database that also contains tenant contact information. This landlord list may be used to select a landlord associated with the current transaction.

CREST EDG follows this process for selecting landlord information in the Commercial Lease module:

7. Shows you the list of landlords for your company that already exist.

8. Allows you to refine or modify the list to look for the current landlord in the existing landlord database.

9. If your landlord is not found, you can add it to your landlord database.

10. If your landlord is found but the record content is outdated, you modify or update the existing landlord record.

11. The selected existing, newly added, or modified landlord record is displayed for your final approval and selection.

Figure 5-41: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form

Continue


5-65


The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form

Use this form to:

4. Refine the landlord list

5. Select an existing landlord

6. Create a new landlord

Refine the Landlord List You can limit the number of landlords listed and focus-in on the one you’re looking for by using the LANDLORD: REFINE SEARCH fields.



10. Choose a landlord type from the drop down list in the Type field.


or

12. Type the landlord’s last name, if that landlord is an

individual, in the Last Name field and select . The list results are limited to the search results that match the refined criteria.

13. Look through the list of landlords using the pagination toolbar to find the one you want.


14. Select the Company Name hypertext link for the landlord that matches the Lease Listing landlord for this transaction. The COMMERCIAL LEASE LISTING ADD: CLIENT INFORMATION Form appears with all fields protected from data entry. Refer to Select a Landlord for the Lease Listing on page 5-18 for more information.

15. Select the hypertext link in the Edit field to update the landlord record. The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form appears with the fields editable. Refer to Update an Existing Landlord Record on page 5-19 for more information.

Continued


5-66


Refine the Lease Listing List (Continued)

16. Select if the landlord record is not found,

Make certain that the landlord does not exist under another name or a different address before adding a new one.

Refer to Add a New Landlord to the Company List on page 5-20 for more information.

Figure 5-42: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form Protected Mode

Select a Landlord for the Lease Listing

The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form (shown in protected mode) appears

when a landlord is added or selected using the Company Name

hypertext link in the landlord list or by selecting after adding a new landlord or updating an existing landlord.

The purpose of this form is to allow you to review the landlord information before selecting the landlord on the Lease listing transaction.


to display editable fields. Refer to Update an Existing Landlord Record on page 5-19 for more information.

If the contact shown is not the right one, choose

to return to the COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION list form. Refer to Select a Landlord for the Lease Listing on page 5-18 for more information.

Continue


5-67


Select a Landlord for the Lease Listing (Continued)

3. Verify the information for this landlord to be certain it is the record you want to select.

4. Select to choose this record. The COMMERCIAL LEASE LISTING ADD: PAYMENT SCHEDULE Form appears.

Figure 5-43: The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION Form Unprotected Mode

Update an Existing Landlord Record

The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form displays in unprotected mode during

the landlord update function. This form appears in two ways: 1) by selecting the Edit link for a landlord record on the LANDLORD INFORMATION list form or 2) from the COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form in protected mode

when you select .



Continue


5-68


Update an Existing Landlord Record (Continued)


or


The remaining fields are optional. Refer to Add a New Landlord to the Company List on page 20 for more information about the content of these fields.



The COMMERCIAL LEASE LISTING ADD: PAYMENT SCHEDULE Form appears.

Add a New Landlord to the Company List

The COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION form displays all fields blank when returned

by selecting the link on COMMERCIAL LEASE LISTING ADD: LANDLORD INFORMATION list form.




or


Continue


5-69


Add a New Landlord to the Company List (Continued)













32. Optionally, type the Seller Email Address field.


34. Select to choose this record. The COMMERCIAL LEASE LISTING ADD: TENANT INFORMATION form appears.

Continue


5-70


Figure 5-44: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form

Tenant Selection Overview

Use this form to:

• Refine the tenant list

• Select an existing tenant

• Create a new tenant

CREST EDG maintains your company’s tenant list as you identify them in connection with lease agreements. These tenants are saved to a contact database that also contains landlord contact information. This tenant list may be used to select a tenant associated with the current agreement. CREST EDG follows this process for selecting tenant information in the Commercial Lease module:

• Shows you the list of tenant contacts for your company that already exist.

• Allows you to refine or modify the list to look for the current tenant in the existing contact database.

• If your tenant is not found, you can add it to your contact database.

• If your tenant is found but the record content is outdated, you modify or update the existing contact record.

• The selected existing, newly added, or modified contact record is displayed for your final approval and selection.


5-71


Refine the Tenant List You can limit the number of tenant listed and focus-in on the one you’re looking for by using the TENANT: REFINE SEARCH fields.



2. Choose a tenant type from the drop down list in the Type field.


or

4. Type the tenant’s last name, if that tenant is an individual,

in the Last Name field and select . The list results are limited to the search results that match the refined criteria.

5. Look through the list of tenants using the pagination toolbar to find the one you want.


6. Select the Company Name hypertext link for the tenant that matches the Lease Agreement tenant for this transaction. The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form appears with all fields protected from data entry. Refer to Error! Reference source not found. on page 5-Error! Bookmark not defined. for more information.

7. Select the hypertext link in the Edit field to update the landlord record. The COMMERCIAL LEASE LISTING ADD: TENANT INFORMATION Form appears with the fields editable. Refer to Update an Existing Tenant Record on page 5-46 for more information.

8. Select if the tenant record is not found.

Make certain that the tenant does not exist under another name or a different address before adding a new one. Refer to Add a New Tenant to the Company List on page 5-47 for more information.


5-72


Figure 5-45: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Protected Mode

Select a Tenant for the Lease Agreement Transaction

The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form (shown in protected mode) appears

when a tenant is added or selected using the Company Name

hypertext link in the tenant list or by selecting after adding a new tenant or updating an existing tenant.

The purpose of this form is to allow you to review the tenant information before selecting the tenant on the lease agreement transaction.


to display editable fields. Refer to Update an Existing Tenant Record on page 5-46 for more information.

If the tenant shown is not the right one, choose

to return to the COMMERCIAL LEASE LISTING ADD: TENANT INFORMATION list form. Refer to Error! Reference source not found. on page 5-Error! Bookmark not defined. for more information.

1. Verify the information for this tenant to be certain it is the record you want to select.

2. Select to choose this record. The COMMERCIAL LEASE LISTING ADD: LEASE WORKSHEET Form appears.


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Figure 5-46: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Unprotected Mode

Update an Existing Tenant Record

The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays in unprotected mode during

the tenant update function. This form appears in two ways: 1) by selecting the Edit link for a tenant record on the TENANT INFORMATION list form or 2) from the COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form in protected mode

when you select .



Continue


5-74


Update an Existing Tenant Record (Continued)


or


The remaining fields are optional. Refer to Add a New Tenant to the Company List on page 5-47 for more information about the content of these fields.

6. Select . The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays in protected mode. Refer to Figure 5-29: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Unprotected Mode.


The COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET Form appears.

Add a New Tenant to the Company List

The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays all fields blank when returned

by selecting the link on COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION list form.




or


Continue


5-75


Add a New Tenant to the Company List (Continued)













15. Select . The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION form displays in protected mode. Refer to Figure 5-28: The COMMERCIAL LEASE AGREEMENT ADD: TENANT INFORMATION Form Protected Mode.

16. Select to choose this record. The COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET Form appears.

Continue


5-76


Figure 5-47: The COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET Form

Define the Agreement Terms and Calculate the Commissionable Fee

Use the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET form to record contractual details like dates and amounts. The Lease Square Footage, Rate per Square Footage, and Term/Months fields’ contents are used to calculate the Aggregate Lease Value amount.

1. Type the total square footage to be occupied by the tenant in the Lease Square Footage field.

2. Type the rate the tenant will pay and select the term (year/month) from the drop down list in the Rate per Square Footage field.

3. Type the duration of the lease in months and select the fraction of months (if applicable) in the Term Months field.

4. Type the date (MM / DD / YYYY) the lease agreement was signed in the Agreement Date field.

5. Type the date (MM / DD / YYYY) the tenant intends to occupy the property in the Commencement Date field.

CREST EDG automatically calculates the Expiration Date based on the commencement date and the term of the lease.

Continue


5-77



Calculate Commissionable Fee

CREST EDG calculates most of these fields for you based on the information you already provided.

The Asterisk (*) symbol indicates multiplication and the En Dash (–) indicates subtraction.

6. The Aggregate Lease Value, is systematically calculated using this formula:

Lease Square Footage * Rate per Sq. Ft * Term/Month.

It is vital to the trickle-down calculations that use the value in the Aggregate Lease Value field that the figure is accurate. If this formula calculated the aggregate lease value incorrectly, you can highlight the amount in the Aggregate Lease Value field and type the correct value.

7. Type the amount the landlord agreed to contribute, if any in the Less Landlord Contribution field.

8. The Commissionable Lease Value is systematically calculated using this formula

Aggregate Lease Value – Less Landlord Contribution.

9. Type the percent the broker earns from this lease agreement in the Commissionable Lease Rate field.

10. The Gross Commission field is systematically calculated using this formula:

Commissionable Lease Value * Commissionable Lease Rate.

11. Select and complete the COMMERCIAL LEASE AGREEMENT ADD: REFERRAL INFORMATION form to record in the Less Referral Fee field the amount your company paid to another party for the tenant introduction.

Refer to Add a Referral to a Lease Agreement on page 5-57 for more information about how to complete this form and add a referral fee to the lease agreement calculations.

12. The Commissionable Fee field is systematically calculated using this formula:

Gross Commission - Referral Fee.

Continue


5-78



13. Type the number of payments the landlord is expected to pay your company for this lease agreement in the Number of Landlord Payments to the Broker field.

The amount in the Total Property Income and the Number of Payments to the Broker fields effects the reconciliation behavior performed on the COMMERCIAL PROPERTY MANAGEMENT ADD: PAYMENT SCHEDULE form appearing later.

If these fields are incorrect, you must return to this form and change them before data entry can be completed and the transaction saved.

14. Select . The COMMERCIAL LEASE AGREEMENT ADD: PAYMENT SCHEDULE form appears.

Figure 5-48: The COMMERCIAL LEASE AGREEMENT ADD: PAYMENT SCHEDULE Form – 12 Lines


5-79


Identify the Expected Payment(s) Schedule

Use the COMMERCIAL LEASE AGREEMENT ADD: PAYMENT SCHEDULE form to enter income expectation details. The top portion of this form is simply a ledger that allows you to list each anticipated payment based on the terms of the lease agreement.

Expected payments do not have to match the payments received. The Percentage Due is systematically calculated by CREST EDG based on the total Amount Due.

8. Type the dollar amount due in the Amount Due field.

9. Type the date (MM / DD / YYYY) that the payment is due to arrive at the broker in the Due Date field.

The Total Amount Due and the Commissionable Fee fields are systematically calculated for you. You must complete each blank row in the PAYMENT SCHEDULE section of this form. If any blank rows exist in the PAYMENT SCHEDULE this warning dialogue appears.

To correct this condition when the data entry is incomplete:

1. Select to close the dialogue.

2. Continue to enter the Amount Due and Due Date for each blank payment row until the amount in all rows equals the total amount due.

To correct this condition when the wrong number of rows appear or the Total Amount due is incorrect:

1. Select until the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET form appears.

2. Verify and overtype the Total Property Income and Number of Payments to the Broker for the lease.

If you are having difficulty reconciling the payment schedule, try this. Type “1” in the Number of Payments to the Broker field on the COMMERCIAL LEASE AGREEMENT ADD: LEASE WORKSHEET form.

Continue


5-80


Identify the Payment(s) Receivable (Continued)

3. Select until the COMMERCIAL LEASE AGREEMENTADD: PAYMENT SCHEDULE form appears.

4. Then enter the total amount due and the due date on one row.

5. Select if no payments have been received. The COMMERCIAL LEASE AGREEMENT INFORMATION page appears with an Agreement status.

6. If you have a check for payment, go to Enter Payment(s) Received on page 5-53.


Enter Payment(s) Received

You may have the first payment in hand when you are recording the payment schedule. If your company has received the first payment for this agreement:

1. Type the dollar amount of the payment in the Amount Due field.

2. Type the date (MM / DD / YYYY) the payment was received in your office in the Date Received field.

3. Select to add more lines, if needed.

4. Repeat steps 5 and 6 for each payment you have in hand.

5. Select .

The COMMERCIAL LEASE AGREEMENT INFORMATION page appears with an Agreement status if no payments are recorded or a Payment Pending status if payments are recorded.

A commercial other income transaction is automatically generated when one or more payments are recorded in the lease agreement mode of the CREST EDG lease module. You can view the other income transaction by going to that module.


5-81



End


5-82


Locate the Corresponding Other Income Transaction

Refer to the bottom of Figure 5-33: The LEASE AGREEMENT INFORMATION Page on page 5-54. In the PAYMENT RECEIVED section, there is a Transaction ID for each payment received.

You can use that unique identification number to locate the other income transaction in the Commercial OI module.

You must search for the payment before you can view it.


Search for the Transaction ID


The COMMERCIAL OTHER INCOME UPDATE: SEARCH RESULTS form appears.

1. Type the transaction identification number in the

Transaction # field and select . The COMMERCIAL OTHER INCOME INFORMATION page appears.


5-83


View the Other Income Transaction Resulting from a Lease Agreement Payment

The COMMERCIAL OTHER INCOME INFORMATION page details the key information about the lease agreement such as property information, client or landlord information, lease agreement sales associates, and payment received information (amount, date, royalty fee).

Figure 5-52: The COMMERCIAL OTHER INCOME INFORMATION Page

Update a Lease Listing Agreement

5-84

Update a Lease Listing or Agreement

Overview Many users enter only the requried information when adding a lease listing or lease agreement to CREST EDG. Even then, the required information entered may change due to information missing at the time of data entry or changes made to the agreement.

Lease Listing and Lease Agreement Statuses for Update

Changes may be made to lease listing information only while it retains the status of Available (AV). No changes can be made to a lease listing while either the Not Available or Expired status is assigned to the record.

Changes may be made to lease agreement information throughout its life cycle depending on the current status of the record to be updated. Changes may be made to a lease agreement while it is assigned the following status codes:.

• Agreement (AG) • Payment Pending (PP)

Lease agreements Suspended (SU) status code may also be changed but only after the contract has been unsuspended. A lease agreement assigned the Dead Deal (DD), Closed (CL), or Paid (PD) status code are sealed records and cannot be changed by you.

If you need to change informaiton in a closed or paid record, you must contact the REFS department at 1-800-368-4202.

A lease agreement assigned the Dead Deal (DD) status cannot be changed under any circumstances.

Update Required or Optional Lease Listing or Lease Agreement Information

Before you can update a lease listing or lease agreement record you must ask CREST EDG to display it. You do this by telling CREST EDG which record you want to update. Follow the Steps below to update existing lease listing or agreement information including:

7. Adding new or optional information to an existing listing.

8. Changing the content of required fields or the payment schedule or landlord information for an agreement.



Update A Lease Listing Agreement

5-85

Update a Lease Listing or Agreement (Continued)

Figure 5-53: The COMMERCIAL LEASE UPDATE: SEARCH CRITERIA Form

Search for Listing or Agreement to Update


1. Select the Search for Lease Listing? radio button, type the Lease # only, or select a Lease Type and/or Status from their

respective drop down lists and select .

or

2. Select the Search for Lease Agreement? radio button, type the Agreement # only, or type the Lease #, Tenant First Name, Tenant Last Name, or select a Status from the drop down list and

select .

Figure 5-54: The COMMERCIAL LEASE UPDATE: SEARCH RESULTS Form

Continue


5-86


Search for Listing or Agreement to Update (Continued)

Use the pagination buttons to navigate through the results list.

Select if the contract to update is not found to enter different search criteria and try again.

Pay attention to the status of the record before you make a selection and refer to Lease Listing and Lease Agreement Statuses for Update on page 5-84 for more information about the status code a record must be assigned to permit updates to it.

1. Select the hypertext link in either the Listing # or Agreement # field for the record to update.

For a listing, the COMMERCIAL LEASE LISTING UPDATE: PROPERTY INFORMATION form appears.

For an agreement, the COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form appears.

Figure 5-55: The COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION Form

Continue

Update A Lease Listing Agreement

5-87


Update Required or Optional Information (Continued)

2. Use the horizontal navigation menu links to go to the form where the information to be changed is located.

Unlike the add process, you do not need to advance to the next form unless there is information to be changed on it. However, you

must save at least once. The button in update mode is active on every form so you can make changes and save them anytime along the way.

Update Required or Optional Lease Listing Information

Follow the chart below to pinpoint the form used for certain changes to a lease listing record.

Button/Form Updates to perform

Property Information Lease details (type, date, property codes, sub lease) property demographics (name and address), marketing restrictions.

Space & Rates Property dimensions, suite information, building class, minimum and maximum lease rates and sales associate information.

Industrial Summary Industrial amenities such as sprinklers, loading docks, zoning, columnar placement, loading docks, and so on.

Landlord Info Change the landlord name and address, phone or email address.

Remarks Keep a record of any important decisions, discussions, changes or landlord intentions for the property.

Add Agreement Primary update made to lease listing to identify a new tenant who agreed to occupy.

Continued


5-88


Update Required or Optional Lease Agreement Information

Follow the chart below to pinpoint the form used for certain changes to a lease agreement record.

Button/Form Updates to perform

Landlord Info Change the landlord name and address, phone or email address.

Tenant Info Change the tenant name and address, phone or email address.

Worksheet Update total lease value, landlord contributions, gross commission, referral fees and other royalty calculations.

Payment Update payment schedule and record payments actually received.

Continued

Terminate A Lease Agreement

5-89

Terminate a Lease Agreement

Overview Many events occur between the agreement and commencement date of a lease agreement. Either the tenant or the landlord may change her mind and cancel the agreement before or after occupancy begins.

Termination and a Lease Agreement’s Status

The status of the agreement being terminated in CREST EDG drives how that record behaves afterward.

Agreements assigned the following status codes cannot be terminated:

• Closed – all payments received as agreed. • Paid – All royalties paid as agreed.

Dead Deal A lease agreement with a status of agreement can be terminated in CREST EDG. CREST EDG treats that termination event like a “dead deal.” Once a contract is terminated, it can no longer be updated. It can only be viewed.

If the cause of the termination is reconciled, the contract details are entered into CREST EDG again and another lease agreement number is assigned to the new record.

Suspended Similarly, a lease agreement can be terminated while the CREST EDG record is in the Payments Pending status. Recall that payments pending means some payments have been received and recorded in CREST EDG for that agreement, the lease module generated an other income transaction for the payment and that an was created and paid or waiting to be paid.

CREST EDG treats a Lease Agreement contract terminated at this stage as a suspended agreement and assigned that status to the terminated record.

A suspended contract can be unsuspended and resume its normal course through the Lease Agreement lifecycle without having to be re-entered into CREST EDG.

Continued


5-90

Terminate a Lease Agreement (Continued)

Terminate a Lease Agreement in Agreement Status

Before you can terminate a Lease Agreement, you must locate the contract record in CREST EDG. Refer to Update Required or Optional Lease Listing or Lease Agreement Information on page 5-Error! Bookmark not defined. for more information about how to locate a Lease Agreement in CREST EDG using the Commercial Lease Update option from the Main Menu and completing the COMMERCIAL LEASE UPDATE: SEARCH CRITERIA form shown below.

The COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form for the selected contract appears.


Continue


5-91


Terminate a Lease Agreement in Agreement Status (Continued)

From the COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form:

1. Type the date (MM / DD/ YYYY) the agreement terminated in the Termination Date field and select

.

The LEASE AGREEMENT INFORMATION page appears with the status changed to Dead Deal.


This agreement cannot be revived. If the parties reconcile to a new agreement, it must be entered into CREST EDG again.

If you select the button attempting to update a Dead Deal agreement, this warning dialog appears.

Select to close the dialogue and reenter the agreement details using the COMMERCIAL Lease

add function. Refer to Add a Lease Listing on page 5-8 to learn how to do this.

End


5-92


Terminate an Agreement in Suspended Status

Before you can terminate a lease agreement, you must locate the contract record in CREST EDG. Refer to Update Required or Optional Lease Listing or Lease Agreement Information on page 5-Error! Bookmark not defined. for more information about how to locate a Lease Agreement in CREST EDG using the Commercial Lease Update option from the Main Menu and completing the COMMERCIAL LEASE UPDATE: SEARCH CRITERIA form shown below.

The COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form for the selected contract appears.


Continue


5-93


Terminate an Agreement in Suspended Status (Continued)

From the COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form:

2. Type the date (MM / DD/ YYYY) the agreement terminated in the Termination Date field and select

.

The LEASE AGREEMENT INFORMATION page appears with the status changed to Suspended.

Figure 5-59: The LEASE AGREEMENT INFORMATION Page with Suspended Status


5-94


Unsuspend a Suspended Lease Agreement

Due to a tenant/landlord conflict, a lease agreement has gone from payment pending status to suspended status. This agreement can be revived when the reason for the suspension is resolved.

You must locate the suspended contract record in CREST EDG. Refer to Add a Lease Agreement to a Lease Listing on page 5-34 for more information about how to locate a Lease Agreement in CREST EDG.

The COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form for the selected contract appears (shown in Figure 5-59: The LEASE AGREEMENT INFORMATION Page with Suspended Status on page 5-93).

1. Select (in the horizontal navigation toolbar). This confirmation dialogue appears. It says, “This Lease Agreement is in Suspended status. Click OK to Unsuspend this Lease Agreement and remove the Termination Date; Otherwise Click CANCEL.”

2. Select to close the dialogue. The COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION form appears with a blank Termination Date field.

Continue


5-95


Figure 5-60: The COMMERCIAL LEASE AGREEMENT UPDATE: PROPERTY INFORMATION Form with Blank Termination Date Field

Unsuspend a Suspended Lease Agreement (Continued)

1. Select to save the agreement with the new status of Payment Pending.

The LEASE AGREEMENT INFORMATION page appears showing the new agreement status.

Figure 5-61: The COMMERCIAL LEASE AGREEMENT INFORMATION Page with Payments Pending Status (Unsuspended)

End

Appendix 5-A

5-96

View a Lease Listing, Agreement, and PM Contract

Overview You may want to view the COMMERCIAL LEASE transaction to verify you are adding the agreement to the correct lease or any other time you want to view all of the lease listing or lease agreement details in a one-page format.

Because a property management contract is related to a lease agreement, you can also view property management contracts using this method.

View a Lease Transaction You use the COMMERCIAL LEASE VIEW: SEARCH CRITERIA form to search for a lease listing, lease agreement, or a property management contract. There are several ways to locate a lease listing or agreement or property management contract using this form.

Use the fields in the top section of this form to identify the type of record you want to locate and identify it specifically to CREST EDG by using the primary key (Lease #, Agreement #, or Contract #).

If you are not certain about the primary search criteria for a record, there are additional fields you can use to help limit the search results list returned and more easily locate the record you want to view.

Access the COMMERCIAL LEASE VIEW: SEARCH CRITERIA Form


The COMMERCIAL LEASE VIEW: SEARCH CRITERIA form appears.

Enter the Search Criteria Use the COMMERCIAL LEASE VIEW: SEARCH CRITERIA form to search one of three different record types:

• Lease Listings • Lease Agreements • Property Management Contracts

This same form also appears with this name COMMERCIAL LEASE UPDATE: SEARCH CRITERIA when you select the Commercial Lease/Update option from the CREST EDG Main Menu.

Appendix 5-A

5-97

View a Lease Listing, Agreement, and PM Contract (Continued)

Figure 5-62: The COMMERCIAL LEASE VIEW: SEARCH CRITERIA Form

Access the COMMERCIAL LEASE VIEW: SEARCH CRITERIA Form

The Lease Listing search category is selected by default. If

you are looking for an agreement or contract go to or

Continue

Appendix 5-A

5-98


Search for a Lease Listing You need to have the Lease #, lease type and/or status of the lease listing to continue.

1. Select the Search for Lease Listing radio button.

2. Type the number of the lease transaction in the Lease # field.

3. Select the lease type from the drop down list in the Lease Type field.

4. Select the current status of the lease listing you want.

and optionally,

5. Type additional criteria in one or more of the SHARED SEARCH CRITERIA fields

6. Select .

Search for a Lease Agreement

You need to have the Agreement #, Lease # and/or status and optionally the tenant first and last name

1. Select the Search for Lease Agreement radio button.

2. Select the current status of the agreement you want.

3. Type the number of the lease transaction in the Lease # field.

4. Type the first and last name of the tenant in the Tenant First Name and Tenant Last Name fields respectively.

and optionally,

5. Type additional criteria in one or more of the SHARED SEARCH

CRITERIA fields and select .

Appendix 5-A

5-99


Search for a Property Management Contract

You need to have the Contract #, status or the broker reference number.

1. Select the Search for Property Management radio button.

2. Type the number of the property management contract number in the Contract # field.

3. Optionally, select the current status of the contract.

and optionally,

4. Type additional criteria in one or more of the SHARED SEARCH CRITERIA fields.

5. Select .

Continue

Direct Hit or Search Results

If the search criteria entered identifies one and only one CREST EDG record in that search category (lease, PM), the Property Information form appears after the search is completed. Go to The LEASE AGREEMENT Summary Page on page 5-100 to see the outcome.

If the search criteria entered identifies more than one CREST EDG record in that search category, the Search Results form appears listing the matching records. Go to Figure 5-63: The COMMERCIAL TR VIEW: SEARCH CRITERIA Form on page 5-99 to see the outcome.

Figure 5-63: The COMMERCIAL TR VIEW: SEARCH CRITERIA Form

Appendix 5-A

5-100


Locate the Record in the Search Results List


1. Use the pagination buttons to locate the appropriate link (based on the category searched) for that record.

2. Select the hypertext link (Lease #, Agreement #, or Contract # field) to display the record details on the appropriate confirmation/summary page for the transaction being viewed: LEASE AGREEMENT INFORMATION or LEASE AGREEMENT INFORMATION or PROPERTY MANAGEMENT INFORMATION form.

Figure 5-64: The LEASE AGREEMENT Summary Page

View or Update the Record

The page shown may be different based on the search category you selected.

Examine the record to be certain it is the one you want and select one of these horizontal navigation toolbar buttons to view another transaction, update this one, or return to the search results and find another.

End

Appendix 5-A

5-101

Appendix 5-A- Commercial Lease Blank Forms

Figure 5-65: The COMMERCIAL LEASE BLANK FORM Page 1 of 7

Appendix 5-A

5-102

Appendix 5-A- Commercial Lease Blank Forms (Continued)


Appendix 5-A

5-103



Appendix 5-A

5-104



Appendix 5-A

5-105



Appendix 5-A

5-106



Appendix 5-A

5-107



© 2008 Coldwell Banker Commercial Affiliates. A Realogy Company. All Rights Reserved. Coldwell Banker Commercial Affiliates fully supports the principles of the Equal Opportunity Act. Each Office is Independently Owned and Operated. Coldwell Banker Commercial, the Coldwell Banker Commercial Logo are registered (or unregistered) service marks licensed to Coldwell Banker Commercial Affiliates.

introduction to leases - coldwell banker commercial nrt · 2008. 9. 26. · introduction to leases...

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