Real Estate Tax Reconciliation & CAM Reconciliation?
I am a Tenant renting a store to run a business in a shopping plaza. It has been four years since my store was opened.
For some reason I received a statement asking me to pay for more than two thousand dollars, I don't know why are they charging me when they never charged me this kind of fees in the last couple of years. I always pay my requirement rent and fees the same amount. So I have no idea why they are asking for additional fees, I do not understand the description of the statement. Please someone help me.
1. Real Estate Tax Reconciliation : over two thousand
2. CAM Reconciliation : about twenty dollar
3. Tenant Expense, Repairs for le : about two hundred dollar (this is probably fee to cover the repair)
Please help me out and explain clearly of each charges.
Thanks in advance.
Thu Mar 05, 2015 9:23 pm
oldguy Senior Member
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CAM is Common Area Maintenance, it's a normal charge, usually lawn, snow, tree trims, etc.
I would balk a bit at paying the plaza's Property Taxes, that is supposed to be in the lease. Some nearby stores may have gone vacant in the last year and they may want to charge the remaining tenants for that (reconcile). If that is what is happening, you too may want to move your store before the plaza fails.