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Termination Of Property Management Agreement Template for England and Wales

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Key Requirements PROMPT example:

Termination Of Property Management Agreement

"I need a Termination Of Property Management Agreement to end our relationship with RedBrick Management Ltd for a portfolio of 5 commercial properties in Manchester, with the termination to take effect from March 1, 2025, including specific provisions for the handover of all keys and security systems."

Document background
The Termination Of Property Management Agreement is used when either party wishes to end their existing property management arrangement in England and Wales. This document is essential when transitioning property management responsibilities, whether due to contract expiration, breach of terms, or mutual agreement to end the relationship. It includes crucial elements such as final accounts settlement, property documentation handover, key returns, and resolution of outstanding matters. The agreement ensures compliance with relevant property legislation and provides legal protection for all parties involved in the termination process.
Suggested Sections

1. Parties: Details of the property owner and management company

2. Background: Context of the original agreement and reason for termination

3. Definitions: Key terms used throughout the agreement

4. Termination Date: Specific date when management services will cease

5. Handover Obligations: Requirements for transfer of property management responsibilities

6. Final Accounts: Settlement of outstanding financial matters

7. Execution: Signature blocks and execution details

Optional Sections

1. Transitional Arrangements: Additional provisions for temporary arrangements needed during handover period, typically used for complex properties or multiple stakeholders

2. Surviving Obligations: Provisions detailing which obligations continue after termination, used when specific duties need to continue post-termination

3. Dispute Resolution: Specific procedures for resolving any termination-related disputes, included when parties anticipate potential disagreements

Suggested Schedules

1. Property Schedule: List of properties covered by the termination

2. Financial Statement: Final accounting of all funds and transactions

3. Document Inventory: List of all documents to be transferred

4. Key Schedule: Inventory of keys and access devices to be returned

Authors

Alex Denne

Head of Growth (Open Source Law) @ ¶¶Òõ¶ÌÊÓÆµ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Industries

Landlord and Tenant Act 1985: Primary legislation governing the relationship between landlords and tenants, including obligations for property management and maintenance standards

Landlord and Tenant Act 1987: Additional primary legislation covering property management, rights of first refusal, and appointment of managers

Law of Property Act 1925: Fundamental property law that governs real estate transactions and property rights in England and Wales

Housing Act 1988: Key legislation for residential properties, particularly regarding assured and assured shorthold tenancies

Housing and Planning Act 2016: Modern legislation updating housing law and introducing new requirements for property agents

Property Agents and Property Standards Regulations: Regulations specific to property management agencies and their professional conduct

RICS Professional Standards: Professional standards and guidance for property management set by the Royal Institution of Chartered Surveyors

The Property Ombudsman Code of Practice: Industry code of practice providing guidelines for property management professionals

Unfair Contract Terms Act 1977: Legislation controlling unfair terms in contracts and establishing what constitutes reasonable terms

Consumer Rights Act 2015: Protection for consumers in contracts, including property management services provided to residential tenants

UK GDPR: Data protection legislation governing how personal information of tenants and property owners must be handled

Data Protection Act 2018: UK's implementation of data protection requirements, working alongside UK GDPR

Financial Services and Markets Act 2000: Legislation governing the handling of client money and financial aspects of property management

Client Money Protection Schemes: Mandatory protection schemes for property agents handling client money

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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