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Real Estate Operating Agreement

Real Estate Operating Agreement Template for Ireland

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Key Requirements PROMPT example:

Real Estate Operating Agreement

"I need a Real Estate Operating Agreement under Irish law for a mixed-use development in Dublin comprising retail units and residential apartments, with the operator taking full responsibility for both property management and facilities maintenance starting from March 2025."

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Document background
The Real Estate Operating Agreement is a critical document used in the Irish property market to establish and regulate the relationship between property owners and professional property operators or management companies. This agreement becomes necessary when property owners seek to delegate the day-to-day management and operation of their real estate assets to professional operators. The document comprehensively addresses operational responsibilities, financial arrangements, performance standards, and compliance requirements under Irish law. It is particularly relevant for commercial properties, mixed-use developments, and large-scale residential complexes where professional management is essential. The agreement must comply with various Irish legislation, including the Property Services (Regulation) Act 2011 and the Multi-Unit Developments Act 2011, while providing clear frameworks for property operation, maintenance, and service delivery.
Suggested Sections

1. Parties: Identification of all parties to the agreement, including property owner(s), operator(s), and any other relevant stakeholders

2. Background: Context of the agreement, description of the property, and purpose of the operating arrangement

3. Definitions and Interpretation: Detailed definitions of terms used throughout the agreement and rules of interpretation

4. Appointment and Term: Formal appointment of operator, duration of agreement, and renewal terms

5. Property Management Services: Comprehensive outline of operational services to be provided

6. Operator's Obligations: Detailed responsibilities and duties of the operator in managing the property

7. Owner's Obligations: Responsibilities and obligations of the property owner

8. Financial Terms: Management fees, operating expenses, budgeting, and financial reporting requirements

9. Operating Standards: Required standards of operation, maintenance, and service delivery

10. Reporting and Records: Requirements for operational reporting, financial records, and documentation

11. Insurance and Liability: Insurance requirements and allocation of liability between parties

12. Termination: Grounds for termination, notice requirements, and consequences of termination

13. Force Majeure: Provisions for unforeseen circumstances and their impact on obligations

14. Governing Law and Dispute Resolution: Applicable law and procedures for resolving disputes

15. General Provisions: Standard boilerplate clauses including notices, amendments, and entire agreement

Optional Sections

1. Environmental Compliance: Required for properties with specific environmental considerations or requirements

2. Retail Management: Specific provisions for retail properties including tenant mix and marketing

3. Residential Management: Required for properties with residential components, addressing tenant relations

4. Food and Beverage Operations: Needed for properties with restaurants or catering facilities

5. Car Park Management: Required for properties with significant parking facilities

6. Security Services: Detailed security requirements for high-security properties

7. Asset Management: Strategic asset management provisions for investment properties

8. Development Rights: Required if future development or major renovations are contemplated

9. Marketing and Promotion: Specific requirements for property marketing and promotion

10. Energy Management: Provisions for properties with specific energy efficiency requirements

Suggested Schedules

1. Property Description: Detailed description of the property including plans and specifications

2. Services Specification: Detailed breakdown of all operational services to be provided

3. Fee Structure: Detailed breakdown of management fees, additional fees, and payment terms

4. Performance Standards: Specific KPIs and performance metrics for property operation

5. Required Insurance: Detailed insurance requirements and minimum coverage levels

6. Operating Budget: Template and requirements for annual operating budget

7. Reporting Requirements: Templates and specifications for required operational reports

8. Staff Requirements: Minimum staffing levels and qualifications

9. Maintenance Schedule: Planned maintenance requirements and schedules

10. Emergency Procedures: Emergency response procedures and contact information

Authors

Alex Denne

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

alex.den.21@genieai.co
Relevant legal definitions


































































Clauses














































Relevant Industries

Real Estate

Property Management

Commercial Property

Residential Property

Retail Property

Mixed-Use Development

Property Investment

Facility Management

Property Development

Hospitality

Relevant Teams

Legal

Real Estate

Operations

Asset Management

Facilities Management

Property Management

Compliance

Finance

Investment

Development

Relevant Roles

Property Manager

Asset Manager

Facilities Manager

Real Estate Director

Operations Manager

Legal Counsel

Commercial Director

Investment Manager

Property Services Director

Compliance Officer

Real Estate Partner

Development Manager

Portfolio Manager

Building Manager

Property Administrator

Industries










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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