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Lease administration is a department that usually falls under an organization's real estate department. [ 1] Lease administration involves receiving rents from facilities they own and paying rent for the facilities they lease, and other activities. It has become an integral part of the accounting, administrative, and legal requirements normally ...
Rental agreement. A rental agreement is a contract of rental, usually written, between the owner of a property and a renter who desires to have temporary possession of the property; it is distinguished from a lease, which is more typically for a fixed term. [ 1] As a minimum, the agreement identifies the parties, the property, the term of the ...
Concession (contract) A concession or concession agreement is a grant of rights, land, property, or facility by a government, local authority, corporation, individual or other legal entity. [ 1] Public services such as water supply may be operated as a concession. In the case of a public service concession, a private company enters into an ...
Property management is the administration of personal property, equipment, tooling, and physical capital assets acquired and used to build, repair, and maintain end item deliverables. Property management involves the processes, systems, and workforce required to manage the life cycle of all acquired property as defined above, including ...
Property, hotel and operations managers should become familiar with the various types of contracts involved in commercial and retail activities. These cover a wide field but the more significant contracts are: the head lease or the management agreements; tenancy and casual leasing agreements
Facility management. Facility management[ 1] or facilities management ( FM) is a professional management discipline focused on the efficient and effective delivery of logistics and other support services related to real property and buildings. It encompasses multiple disciplines to ensure functionality, comfort, safety and efficiency of the ...
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