A lease audit asks a simple question: does the document file support what the rent roll says? Review one unit at a time. Record what is verified, what conflicts, and what is missing.
Match every occupied unit to a lease
Build a unit-by-unit schedule. For each occupied unit, locate the signed rental agreement and any renewal, addendum, amendment, or written side agreement. An unsigned draft or incomplete scan should be marked for follow-up.
| Rent-roll field | Lease-file evidence | Question when they differ |
|---|---|---|
| Tenant and unit | Signed lease and occupant addendum | Who is authorized to occupy the unit? |
| Contract rent | Lease, renewal, and rent-change notice | Which document controls the current charge? |
| Lease dates | Commencement, expiration, renewal, or month-to-month record | Has the term expired or changed? |
| Deposit | Lease, receipt, and deposit ledger | What amount is actually held? |
Verify dates, renewal status, and month-to-month occupancy
Confirm the start date, expiration date, renewal terms, notice provisions, and current status. A tenant may remain after the original term under a renewal, written extension, or month-to-month arrangement. Do not infer the legal status from the rent roll alone.
Reconcile rent, concessions, fees, and utilities
Compare contract rent with the tenant ledger and rent roll. Identify free-rent periods, recurring discounts, waived fees, parking, pets, storage, utility reimbursements, and other charges. Keep face rent, effective rent, billed charges, and collected income separate.
The lease says what was agreed. The ledger shows what was charged and paid. The rent roll summarizes the property.
All three should be reconciled before the buyer relies on income.
Match security deposits and advance rent
Compare the lease, receipts, tenant ledger, seller deposit schedule, and transfer documents. Florida law has specific requirements for security deposits and advance rent, so a Florida attorney or qualified property manager should review compliance and transfer procedures. The audit should identify mismatches; it should not decide legal compliance.
Review occupants, guarantors, addenda, and amendments
- Are all adult occupants and authorized residents identified?
- Is there a guarantor or co-signer agreement?
- Are pet, parking, storage, utility, or smoking terms documented?
- Are rent changes, concessions, or payment plans in writing?
- Do later amendments conflict with the original lease?
Cross-check delinquency, payment plans, and credits
A lease audit should connect the file to the tenant ledger. Review unpaid balances, partial payments, payment plans, credits, concessions, and write-offs. A written agreement may explain a ledger difference, but it does not automatically prove that every charge or collection action is legally valid.
Flag missing, expired, unsigned, or conflicting records
| Finding | Why it matters | Practical follow-up |
|---|---|---|
| No signed lease | Terms may be uncertain or incomplete | Request the full executed file and legal review |
| Expired term | Current status may be renewal or month-to-month | Request extension, renewal, notices, and ledger history |
| Rent mismatch | Income may be overstated or understated | Reconcile lease, notices, ledger, and rent roll |
| Deposit mismatch | Transfer obligation may be unclear | Reconcile receipts, ledger, bank record, and closing documents |
| Undocumented concession | Face rent may not equal economic rent | Request written approval or addendum |
Build a lease-audit workpaper
Use one row per unit and label each item as verified, conflicting, missing, or requiring professional review. Preserve copies of the source documents used. A clean workpaper helps the lender, attorney, property manager, CPA, appraiser, and buyer discuss the same facts.
Questions to ask before relying on the lease file
- Does every occupied unit have a complete signed lease or documented current tenancy?
- Do lease dates and renewal status match the rent roll?
- Do contract rent, concessions, fees, and utility charges match the ledger?
- Do deposit records match the lease and seller transfer schedule?
- Are all addenda, amendments, notices, and side agreements included?
- Which conflicts require a Florida attorney, property manager, CPA, lender, or other specialist?
Continue the lease and income review
This checklist is educational. It does not interpret a lease, decide whether a provision is enforceable, determine notice validity, or advise on eviction, deposit claims, tenant rights, or landlord remedies. Use a Florida attorney and other qualified professionals for those decisions.
