Overview
Use Terminate Lease to record a pending lease termination or complete the termination of a current lease.
Navigate to Tasks > Manage Leases > Terminate Leases.
The list displays Executed and Pending Terminations.
Start A Termination
Select Create.
In Basic Info:
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Select a current lease.
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Review the associated tenant. The tenant is populated automatically and cannot be edited.
Unit Occupancy
The Unit Occupancy section lists the units associated with the lease.
For each unit:
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Review whether it is occupied.
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Enter the Available date.
The Available date is required for each unit included in the termination.
If a unit has other current leases, SIRE displays a warning because certain dates, including Actual Move Out and vacancy loss, may have no effect for that unit.
Lease Termination Dates
Complete the termination information:
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Reason for Termination: Select a value configured in
Company > My Preferences. -
Intended Move Out Date: Enter the expected move-out date.
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Notice: Optionally enter the date notice was received.
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Actual Move Out Date: Optionally enter the actual move-out date.
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Recurring Charge Termination Date: Optionally enter the date recurring charges should stop.
Save A Pending Termination
Select Save to record the termination intention without completing the lease termination.
A pending termination remains associated with the current lease and can be edited from the Executed and Pending Terminations list.
Terminate The Lease
To complete the termination, select Terminate Lease.
Enter the Lease Termination Date in the confirmation window and confirm the action.
When the lease is terminated:
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The lease status changes to Terminated.
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The Lease Termination Date entered in the confirmation window is saved on the lease.
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Recurring charges receive the specified Recurring Charge Termination Date.
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Unit availability dates are saved.
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Occupancy history is updated.
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If the property tracks vacancy loss and an Actual Move Out Date is entered, SIRE processes the related vacancy-loss calculation.
Review Terminated Leases
The Executed and Pending Terminations list includes:
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Lease
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Property
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Unit
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Tenant
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Move In
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Status
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Intended Move Out
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Actual Move Out
The status is displayed as:
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Pending for current leases with a termination intention.
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Executed for terminated leases.
You can view a termination from the list. Terminated leases can also be edited to update their termination information.
Frequently Asked Questions
Which Leases Can I Terminate?
You can start a termination for a current lease.
Is The Tenant Editable?
No. The tenant is populated from the selected lease.
Is The Reason For Termination Configurable?
Yes. Reason for Termination values come from Company > My Preferences.
What Is The Difference Between Save And Terminate Lease?
Save records a pending termination. Terminate Lease completes the termination and changes the lease status to Terminated.
Is The Lease Termination Date Required?
Yes. The Lease Termination Date is required when completing the termination with Terminate Lease.
What Happens To Recurring Charges?
Recurring charges receive the Recurring Charge Termination Date entered during the termination process.
Does Terminating A Lease Calculate Vacancy Loss?
If the property tracks vacancy loss and an Actual Move Out Date is entered, SIRE processes the related vacancy-loss calculation.