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Property Management Agreement

Last revision Last revision 30/03/2024
Formats FormatsWord and PDF
Size Size7 to 11 pages
4 - 1 vote
Fill out the template

Last revisionLast revision: 30/03/2024

FormatsAvailable formats: Word and PDF

SizeSize: 7 to 11 pages

Rating: 4 - 1 vote

Fill out the template

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.

Please note that this document is only designed for someone to manage the property owner's rental property. If a user needs an agent to sell their home or other real property, the Real Estate Agent Agreement is more suitable for that purpose.

In this document, the key elements are:

  • The Parties: The document specifies the full names and addresses of the property owner and the property manager.

  • Property Details: The agreement specifies the address and legal description of the property the property manager will be managing.

  • Term and Termination: The agreement states state the duration of the agreement, including the start and end dates. It should also outline the circumstances under which either party can terminate the agreement, such as breach of contract, non-payment of the property manager, or mutual agreement.

  • Scope of Services: This agreement outlines the specific responsibilities and services that the property manager will provide. It typically includes tasks like tenant screening and selection, rent collection, property maintenance and repairs, lease management, accounting and financial reporting, and eviction procedures.

  • Fee Structure: The agreement specifies the property manager's compensation structure. This may be a flat fee, a percentage of the rental income, a combination of both, or other fees.

  • Property Owner's Responsibilities: This agreement outlines the obligations of the property owner, including providing necessary documentation, maintaining property insurance, paying property taxes, and complying with legal requirements.
  • Dispute Resolution: It is common for the agreement to include a clause specifying the method of dispute resolution, such as arbitration or mediation, in case disagreements arise between the parties.

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.

Applicable Law

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:

  • Land Use Act of 1978: The Land Use Act governs land tenure and administration in Nigeria. It vests all land within each state of the federation in the respective state governments, and individuals or entities can only hold land through a leasehold or right of occupancy granted by the state government.

  • Nigerian Tenancy Law: There are different tenancy laws in the states in Nigeria, which regulate the relationship between landlords and tenants. These laws make key provisions, such as rent payment, termination of tenancy, rights and obligations of landlords and tenants, and maintenance responsibilities of tenants and landlords.

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