If a tenant ends a fixed term agreement before the end date without grounds they are breaking the agreement. This is known as breaking the lease and this needs to be recorded.
Our PropSpace Property Management software has a feature where you can break an ongoing lease and manage all the pending transactions for the lease. And as a Property Management company you can easily track the total number of leases that were terminated. To achieve this follow the steps below.
1. Select the ongoing lease that you want to break, and on the top right above the lease, choose the option "Break Lease"
2. Enter the date from when the Lease needs to be broken and the penalty amount for breaking the lease.
3. Upon clicking Break Lease button, a Pop up appears to confirm the beak lease.
4. As You select "Yes", all the transactions related to the Lease would show up.
On selecting the 1st option, you can view all the transactions related to the lease and can void the pending transactions.
The second option, would let you add the Penalty amount for the Lease.
The Third option, would show the Deposit amount if added any
Further, you can email the pending/ the summary of transactions to the client.
To create a Lease, you can follow the article New Lease