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.
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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
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
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
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