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Are you being over charged?!


We believe it is in the best interest of every tenant to initiate an audit of the additional rent currently being charged for the space. Not only the common area cost, but the property tax allocations and any other significant contributions like promotion or advertisement fund payments. 


It is a key resource to have someone who understands how to decipher a Landlord’s year end billing statement and knows how to read a commercial Lease.  
 

Your Landlord will be issuing the 2018 year end billings very soon, if not already. For each of our clients, we suggest a comprehensive review of the Landlord’s submissions to ensure the billings are inline with the terms of the Lease.

Our Tenant Audits are completed as follows:
  • Review of the Lease to confirm:

    • Deadline for Landlord’s submission of year end billings
    • Tenant’s rights to audit and deadline for requesting backup
    • Definitions relating to Additional Rent
    • Operating Cost
    • Tenant’s Proportionate Share
    • Admin Fee / Management Fee
    • Property Taxes
    • Any additional Fees applicable during the applicable Lease year
  • Communication with the Landlord on the Tenant’s behalf to request and obtain:

    • The Statement related to (i) the total amount of Operating Costs and Taxes applicable to the Shopping Centre for that particular Accounting Period, and (ii) the Tenant’s Share of Taxes and its Proportionate Share of Operating Costs which are payable by the Tenant for such Accounting Period
    • Any applicable documentation relevant to the statement
  • Report to Tenant to including:

    • Any discrepancies found upon review of the statements and backup
    • Summary of Lease review highlighting areas for negotiation with Landlord
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Here is an example of an existing 5 year Tenancy, audited in final year of the term, prior to extension of new 5 year term. 

Our Fee:

30% of savings found for current year end billings plus 10% for each year of the extension (as the savings found by the audit will produce savings for the Tenant in the future.)
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