Lease contracts are similar to rental agreements but differ in allowing the renter to act as a landlord and rent the housing or office space to another tenant. The parties listed in a lease agreement are the landlord and leaseholder, whereas a rental agreement is between a lessor and a renter.
Like rental agreements, lease agreements are managed in the VertiGIS FM Rent module.
Accessing VertiGIS FM Rental Management
Lease Contract Details Page
Each lease contract has its own details page in VertiGIS FM. You can access a lease contract's details page on the VertiGIS FM Rent search page, by selecting Lease contract under Objects and double-clicking a lease contract in the search grid.
Navigating to Lease Contract Details Page
Payment and invoice data associated with the lease contract is managed on the rental agreement's lease costs page, which is separate from its details page. A lease contract's leasts costs page is accessed by clicking the Lease (
) icon.
Navigation to Lease Costs Page
Refer to Rental Costs for more information.
The lease contract details page is divided into the sections below.
Lease Contract
The Lease Contract section stores high-level details about the lease contract.
Detail |
Description |
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Contract no. |
A number assigned to a lease contract. |
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Addendum |
The version of the lease contract. When a new lease contract is created, a value is assigned programmatically and cannot be edited manually. A value of 0 indicates that this is the first version of the lease contract. If the lease contract's status is Completed ( Refer to Add Addendum for more information. |
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Name |
A name for the lease contract. |
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Contract Category |
The lease contract's category. Lease contract are automatically assigned the Lease Contract category. The Lease Contract category is stored in the Contract Category catalog. You can specify which objects the lease contract can be linked to by adding or removing data objects from the catalog entry. |
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Object |
The type of space being rented. Selectable options are stored in the Object catalog. |
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Type of Object |
The type of VertiGIS FM data object associated with the lease contract. Selectable options are stored in the Rental Agreement entry in the Contract Category catalog. |
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Contractual Relationship |
The contractual relationship between the lessor and the renter. You can select one of three options: •Leasing •Subletting •Renting |
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Object (Real Estate/Building) |
The real estate or building whose space is being rented. You can select a real estate or building managed in VertiGIS FM Buildings. The label for this field changes to Real Estate or Building after you assign a real estate or building.
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The current state of the lease contract.
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Renting according to gif |
A check box that, if selected, designates the floor area associated with the lease contract as a commercial property within DIN 277 categorization standards. If you select this check box, the Rentable Area [m2] field becomes Rental Area GIF [m2].
Rental Area GIF Field with Check Box Selected This feature is provided to comply with Gesellschaft für immobilienwirtschaftliche Forschung (GIF) in Germany and is only of value for customers that operate in Germany. |
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Opted |
A check box that, if selected, means the contract is a commercial lease contract and that tax values must be included in invoices. |
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Country |
The country whose tax information is applied to the lease contract. Refer to Country Management for more information. |
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Currency |
The monetary currency associated with the lease contract. |
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Payment method |
How payments associated with the lease contract are made. |
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Accounting of service charges |
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Commencement of contract |
The date the lease contract begins. |
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Possible contract expiration date |
The earliest date the lease contract can end if terminated immediately. This date is generated using the data entered in the Termination section. |
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Termination of contract |
The date the lease contract is set to end. You cannot edit this field. The date is determined by the data you enter in the Termination section. You can extend the lease contract past this date by adding options to it. When this date is reached, the lease contract's status changes to Completed (Finished). Refer to Contract State for more information. |
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Special termination possible until |
The earliest day the lease contract can be terminated according to the special terminations included in the lease contract. This field only appears if the lease contract has a special termination included. |
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Differing area |
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Rentable area [m2] |
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Proportional common area [m2] |
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Area service charges [m2] |
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Proportionate area for service charges [m2] |
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Parking spaces |
The number of parking spaces included in the lease contract. |
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Colour |
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Cost center |
The cost center associated with the lease contract. Cost centers are managed in the VertiGIS FM Costs and Budget module. |
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Cost object |
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Person responsible |
The person responsible for the lease contract. You must select a contact or company stored in the Contact Management module. Refer to Responsibilities for more information. |
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Organization |
The department or organization within in your company that is associated with the lease contract (for example, Support, Distribution, Administration). Selectable options are stored in the Organizations section on the Administration > Own Data > Client or Administration > Own Data > Tenant page. |
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Public law / Private law |
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Taxation checked |
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Digitally captured |
A check box that, if selected, means that the lease contract is stored in a Document Management System (typically not VertiGIS FM). |
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Allocation to an amount |
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Checked |
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Landlord |
The party renting the property to the renter (typically, its owner). |
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Represented by |
A point of contact for the lease contract's lessor. |
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Leaseholder |
The party leasing the property. You must select a party with the Renter/Leaseholder Contact Type selected. |
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Represented by |
A point of contact for the lease contract's renter. |
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Type of advance payments |
How the lease contract's payer is billed for rental costs. •If you select Single Invoice, VertiGIS FM will generate an invoice with a unique invoice number for each payment that is due. •If you select Standing Invoice, VertiGIS FM will generate a single stipulation for all recurring rental costs payments. The system will only generate new stipulations for printing if a new rental cost is created or if the payment amount for an existing one is adjusted. When Standing Invoice is selected, payment amounts can be adjusted using an index agreement or graduated rent agreement. |
The fields related to the lease contract's termination that appear in the lease contract details vary depending on the information entered in the Termination section and whether the contract has special terminations included.
Metering Points
The Metering Points section lists the metering points associated with the lease contract. These are used to measure the amount of energy consumed by the tenant of the property. If the metering point has tariffs assigned, you can also calculate the financial costs incurred by the tenant's energy consumption.
Metering Point Assigned to Rental Agreement
Refer to Assign a Metering Point to a Rental Agreement for instructions on how to assign a metering point to a rental agreement.
The Termination section includes information about when the lease contract will end.
To edit the data in the field below, edit the main lease contract details. You can only change the termination details if the lease contract's status is Not Realised, Marked Down, or In Progress.
Termination Details
Detail |
Description |
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Unlimited |
A check box that, if selected, means the lease contract has no fixed term. If you select this check box, you can still specify the terms under which the lease contract can be cancelled in the Termination during the fixed duration section. |
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The fixed term of the lease contract. You can enter the length of the contract in the Contract Period, and VertiGIS FM will calculate the lease contract end date based on today's date. Alternatively, you can enter the date the lease contract ends in the or until the date of menus.
This section is not visible if the Unlimited check box is selected. |
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A field you can use to specify an extension of the lease contract's fixed term. You can use the Extended until check box to specify a date until which the lease contract is extended, or use the Automatic Extension check box to specify an amount of time to be added to the term of the lease contract.
If you select the Extended Until or Automatic Extension check boxes, you must provide additional details in the Termination During the Fixed Duration section. You can also allow extensions to the lease contract's term by adding options to the lease contract. Options give you the right to extend the contract by a specified amount of time during a period of time specified in the option criteria. Refer to Contract Options for more information. |
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A setting that defines how the contract can be terminated during the fixed term.
In this section, you must specify a termination period. This refers to the amount of time between the date the decision to terminate the contract is saved in VertiGIS FM and the date the contract officially terminates. If the contract is terminated on September 1, and the termination period is 3 months, the contract will officially expire on December 1. The termination period can occur either before or after the contract's fixed term.
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Termination during extension |
A setting that defines how the contract can be terminated during the extension period.
This section is only visible if you select the Extended Until or Automatic Extension check boxes in the Extension section. |
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Special termination possible until |
The earliest day the lease contract can be terminated according to the special terminations included in the lease contract. This field only appears if the lease contract has a special termination included. |
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Special termination possible on |
The last day in the next cancellation period that the contract can be terminated on according to the special terminations included in the lease contract. This field only appears if the lease contract has a special termination included. |
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Possible contract expiration date |
The earliest possible date you can terminate the lease contract. |
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Terminated on |
The date the decision to terminate the lease contract is received. Enter a date in this field when you decide to terminate the lease contract. |
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Terminated as of |
The date the lease contract will officially expire, based on the date entered in the Terminated on field above. This date can vary from the one in the Terminated on field above depending on the termination period specified in the Termination during the fixed duration section and on the special terminations included in the lease contract. |
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Reminder x days before expiration |
The number of days before a reminder message is sent to the configured recipients using the Exchange Server. |
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Comment |
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Lease contract cancellations and terminations are also affected by additional data entered in the Contract Options and Special Terminations sections.
Guarantees
The Guarantees section stores guarantor information if the lease contract requires a guarantor (or promisor) to assume responsibility for the lease contract on behalf of the renter, if the renter is unable to fulfill the terms of the lease contract.
To edit the data in the field below, edit the main rental agreement details. You must select the Loan guarantee check box before you can edit the other fields in the Guarantees section.
Loan Guarantee Check Box
The Guarantees section stores the fields in the forms below.
Loan Guarantee
Field |
Description |
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Loan guarantee |
A check box that, if selected, indicates that a third party has agreed to assume the financial obligations of one of the parties involved in the lease contract in the event that they are unable to fulfill them. The other fields in this form are only selectable if you select this check box. |
Loan guarantee number |
A number to identify the loan guarantee. |
Bank |
The bank or credit union associated with the guarantee. |
Amount |
The amount of money guaranteed by the third party. |
Payer |
The name of the payer if the party involved in the contract cannot pay. |
Risk of loss of allocated costs |
A check box that, if selected, means that the lease contract's Payee or Lessor may incur a loss of operating costs if the other party is unable to fulfill the terms of a contract (e.g., if the renter in a rental agreement vacates the unit). |
Share of service charges [%] |
The percentage of the service charges that the lease contract's Payee or Lessor stands to lose. This field is only accessible if you selected the Risk of allocated costs check box. |
Valid until |
The date until which the lease contract's loan guarantee is valid. You can alternatively specify the guarantee as indefinite by selecting the Unlimited check box. |
Unlimited |
A check box that, if selected, indicates that the loan guarantee's validity is indefinite. You can alternatively specify the date until which the guarantee is valid in the Valid Until field. |
Comment |
Additional notes about the loan guarantee. |
Deposit
Field |
Description |
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Deposit |
A check box that, if selected, indicates that the Renter or Payee has paid a damage deposit to the Payee or Lessor. This is a payment made for the rental of a housing space that is usually refunded if there is no damage done to the rental space after the lease contract ends. The other fields in this form are only selectable if you select this check box. |
Amount |
The amount of money paid for the deposit. |
Number of months (monthly rent) |
The number of monthly rental payments covered by the amount paid in the damage deposit. |
Comment |
Additional comments about the damage deposit. |
Letter of Guarantee
Field |
Description |
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Letter of guarantee |
A check box that, if selected, indicates that a letter of guarantee, in which a parent company assures the creditor of specific behavior or measures that increase the probably of the debtor's repayment, has been provided. The other fields in this form are only selectable if you select this check box. |
Type |
Whether the letter of guarantee is Hard or Soft. •Hard: the letter of guarantee carries a duty to indemnify. •Soft: the declaration is without legal obligation. |
Amount |
The amount of money assured by the letter of guarantee. |
Comment |
Additional comments about the letter of guarantee. |
Commission on Bank Guarantee
Field |
Description |
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Commission on bank guarantee |
A check box that, if selected, indicates that there is a commission to pay the guarantor (often a bank) for assuming the guarantee. It is typically between 1 and 10 percent. |
Amount |
The amount assumed by the guarantor. |
Share [%] |
The percentage of the guarantee amount paid to the guarantor as a commission. |
The Contract Options section lists the options in the lease contract. A lease contract option refers to a party's right to extend to extend the length of the lease contract before its termination date.
Contract Options
Refer to Manage Lease Contract Options for more information.
In the Special Terminations section, you can include clauses that specify conditions under which the lease contract can be cancelled before the date specified in the Termination of Contract field in the lease contract details.
To add a special termination condition to the lease contract whose details page you are viewing, click the Add (
) icon in the Special Termination section.
Special Termination Section
Refer to Manage Special Terminations for more information.
Contract Objects (Type of Object)
The lease contract details page includes a section for the data object selected in the Type of Object menu in the lease contract details.
Rental Agreement Details
This section is the equivalent of the Contract Objects section on the standard contract details page.
For example, if Rooms is selected in the Type of Object menu, a Rooms section is available on the lease contract details page.
Type of Object Section
For rooms specifically, the data object must have the Rentable/Leasable check box selected to associate it with the lease contract.
The lease contract will be shown in the Contracts section on the details page for the data object added in this section.
Refer to Link a Rental Agreement to a Data Object for more information.
Current Rental Costs
The Current Rental Costs section lists the current rent, service charges, or other costs being charged as part of the rental agreement. These are outlined in more detail on the rental costs page.
Defect Indications
The Defect Indications sections lists the defect indications associated with the lease contract.
Defect Indications Section
Refer to Defect Indications for more information.
Appointments
The Appointments section lists the scheduled appointments (a call or in-person meeting) that are associated with the lease contract. Appointments are action items that can be scheduled for any object in VertiGIS FM. They are not the same thing as .
To add an appointment for the asset, click the Add () icon in the Appointments section on the details page.
Notes
The Notes section lists notes that have been posted in relation to the lease contract.
Documents
The Documents section lists the documents, including image files, associated with the lease contract. Refer to Document Management for more information, including instructions on how to upload a document.
