Lease Status

Lease status indicates the current stage of a rental agreement between a tenant and a property owner. Each status provides essential information to ensure transparency and help parties stay informed about their obligations and next steps. Proper tracking of lease statuses supports efficient property management, timely communication, and smooth transitions between lease phases.

The following are the lease statuses used to represent various points in the leasing process.

"Check-In" refers to the formal process where a tenant officially begins occupancy of a rental property. It marks the start of the lease agreement and typically involves verifying the condition of the property, handing over keys, and ensuring that all terms are understood and agreed upon.

"Under Renewal Review" means that the current lease is being evaluated to decide whether it will be renewed. The owner, the tenant, or both are considering the next steps and discussing potential changes, but no final decision has been made yet.

"Renewal" refers to extending a tenant’s lease agreement, allowing them to continue living in the rental property after the current lease ends. Instead of moving out when the lease ends, the tenant and property owner agree to start a new lease term often with updated terms like rent amount or duration.

A "Holdover" occurs when a tenant remains in the rental property after their lease has expired, without signing a new lease or obtaining official permission from the owner. This means the tenant is still living in the property, but their original lease has expired, so their legal status becomes uncertain or conditional depending on how the owner responds.

A "Notice to Vacate" is a formal written notification issued by either the tenant or the property owner to terminate the rental agreement. It indicates the deadline by which the tenant is required to leave the property.

"Matured by Tenure (Lease Completed)" means that the lease has reached its agreed-upon end date, and the full term has been successfully completed by both the tenant and the property owner. Example:

Early Terminated" means that the lease agreement ended before the agreed-upon end date. This may happen by mutual agreement or by action from either party. Example:

"Lease Settlement Pending" means the lease has ended, and the tenant has moved out, but final administrative matters are still being resolved. These may include:

"Check-Out Completed" signifies that the tenant has fully vacated the rental property and the final inspection and handover process has been completed. Example Timeline:

"Expiring Soon" indicates that the current lease agreement is approaching its end date typically within the next 30 to 90 days, depending on the policy of the property owner or property manager.

Example:

"Cancelled" means that the lease, rental agreement, or booking has been called off before it officially began or before completion.



The lease will be successfully cancelled.