In 2017, Chelepis' lease audits recovered over $12M for our clients.
Depending on the type of location you lease, there can be a variety of expenses you pay along with your rent. While you maintain your own individual leased premises, the landlord will maintain the exterior and common areas. These reimbursed expenses are typically called Common Area Maintenance (CAM) charges. CAM represents the expenses incurred by landlord in operating what’s common to all tenants. Typical CAM expenses can include landscaping, exterior lighting, parking, security, insurance, taxes and maintenance of the common areas.
Our process of performing a CAM Lease Audit is similar to an Operating Expense Lease Audit. We initiate a formal review of the landlord’s expenses being charged to you in comparison with the specific lease provisions about which expenses are reimbursable to the landlord, and which ones are not. Once we have obtained sufficient documentation of any billing issues, we will prepare a report for you, detailing our findings.
After you have approved the audit report, it will be provided to the landlord for review and response. Chelepis will communicate directly with the landlord to work through any questions and reach a final resolution of all issues identified. Having Chelepis perform CAM Audits of your lease portfolio will result in assurance that you are paying the proper amount of CAM for each of your locations. And if you have overpaid at any of your locations, we will be able to obtain refunds of these past overcharges and potentially save you money going forward.
Although CAM and Operating Expenses can have certain similarities, there are distinctions that can change the audit process. Therefore, you should also review the details of the Chelepis process for Lease Audits. The Chelepis approach is a complete process managed from beginning to end by an experienced staff that has audited millions of square feet of leased space throughout the country.