What is the Lease End Date?
The lease end date is established when the lessee no longer has control or physical possession of the asset and marks the end of the lease term. A common way to state the lease end date is as a factor of the start date and/or the lease term. For example, a contract may specify that the lease ends 36 months or three years from the commencement date rather than provide a specific date.
How This Works in LeaseGuru
When entering a lease during lease entry or amending an existing lease, users should verify the lease end date. Check for any renewal/termination options that are reasonably certain as this will impact the lease end date.