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The Property Management Agreement is a contract between a property owner and a property manager to manage the property owner's rental property. Renting out properties can be profitable for landlords, but it requires so much work to maintain the property. To ease these responsibilities, landlords often hire property managers to handle tasks like tenant screening, rent collection, repairs, and emergencies in the rental property.
By engaging a property manager, a landlord can avoid the trouble of dealing with tenants and maintaining the rental property. Instead, the landlord can pay a property manager to handle these responsibilities. It's important to note that the specific duties assigned to each property manager may vary depending on the property owner's needs and preferences. While some may focus on tenant management and rent collection, others may have additional responsibilities, such as arranging repairs, cleaning, and utility bill payments for the rental property.
This Property Management Agreement is essential for defining a mutual understanding and ensuring that the property owner and the property manager understand their respective duties and responsibilities, which can minimize misunderstandings and disputes between the parties. In addition, the parties may collaborate more effectively with a comprehensive and well-defined agreement, resulting in a smoother relationship.
In this document, the key elements are:
How to Use this Document
Any person can use this document to create a comprehensive Property Management Agreement that is tailored to their individual needs and expectations. Before the work begins, the property manager and the property owner can negotiate the terms of this agreement. This agreement can also be written after the work has begun to clarify and formalize the relationship between the property owner and the property manager.
After completing the document, it should be printed and the property owner and the agent should sign the document. After signing the agreement, the property owner and property manager should keep a signed copy of this document for record purposes. Note that in some cases, the property owner may need to prepare a Power of Attorney or a Letter of Authorization in favour of the property manager. This grants the necessary approvals for the property manager to sign lease agreements, make decisions, and take other required actions related to the rental property on behalf of the owner.
This document is primarily governed by the general rules of contract. However, some specific laws and regulations may apply to real property management in Nigeria are:
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