Accounting Principles and Procedures

Question 1

How did you handle the tenant’s arrears from an accounting and lease compliance perspective?

Answer 1

I coordinated with accounts to confirm arrears and structured a repayment plan. I monitored payments and ensured arrears were cleared before progressing with the assignment.

Question 2

What was the purpose of the payment plan, and how was it structured to protect the landlord?

Answer 2

It allowed the tenant to repay arrears without legal action. Payments were made monthly alongside ongoing rent, and the lease assignment was conditional on full repayment. This protected the landlord’s income and avoided escalation.