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Situation

Leasing agent found deficient documentation of encumbered spaces for a new property management assignment.  Issue came to light when encumbered space was leased without knowledge of such encumbrance (legal resolution cost the building $45,000). All 70 leases needed to be abstracted quickly to avoid additional liability.

Solution

Realogic used ELLIPSIS to abstract Options & Encumbrances of all leases in 36 hours. Presented O&E results and then abstracted remaining requested items to prepare database for lease administration. ELLIPSIS continues to be used to perform ongoing lease administration, including an ELLIPSIS generated report of encumbered space by floor, as a future safeguard against such occurrences.