Lease auditing, referred to as a Common Area Maintenance “CAM” audit or an Operating Expense Audit (for office) is a systematic review of lease obligations, supporting documents and fees charged by a landlord, developer or any third-party vendor. The audit process compares charges levied against charges agreed to within the lease agreement. Many times companies are overcharged without ever finding out about the error.
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The audit process can be done from our offices (desk-top audit) or conducted as a “field audit.” In many cases, a full audit may require a combination of both a desk top and in-field effort. Invoices, correspondence and other third-party data is included in the audit process to determine whether charges were justified. While we routinely review data as part of a monthly lease administration process; a comprehensive CAM or OEA audit can take several months to complete. Oftentimes interaction and negotiations with landlords and third-party vendors is involved.
- A full-scale audit is done on a contingent fee agreement, based on a percentage of funds identified as recoverable.
- Harbert Lease Solutions can conduct an audit as a stand-alone project. So even if we’re not your lease administration provider, we can perform an audit for you.