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Property Management Agreement
"I need a Property Management Agreement for a 50-unit residential apartment complex in Lagos, Nigeria, with comprehensive maintenance and tenant management services, starting from March 1, 2025."
1. Parties: Identification of the property owner and the property management company, including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and purpose of the management arrangement
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the property manager and duration of the agreement, including renewal terms
5. Property Manager's Duties and Responsibilities: Comprehensive list of core services to be provided, including maintenance, tenant management, and financial reporting
6. Owner's Obligations: Property owner's responsibilities, including funding arrangements and information provision
7. Financial Management: Details of rent collection, expense management, accounting procedures, and reporting requirements
8. Fees and Compensation: Management fees, additional service charges, and payment terms
9. Insurance and Liability: Required insurance coverage and allocation of liability between parties
10. Termination: Conditions and procedures for terminating the agreement by either party
11. General Provisions: Standard legal clauses including governing law, notices, and dispute resolution
1. Special Services: Additional services beyond standard property management, used when specific extra services are required
2. Emergency Procedures: Detailed emergency response protocols, particularly important for large commercial properties
3. Environmental Compliance: Specific environmental management requirements, necessary for properties with environmental sensitivities
4. Staff Management: Provisions for on-site staff management, relevant for larger properties requiring dedicated staff
5. Marketing Services: Specific marketing and leasing services, important for properties with high vacancy rates or regular turnover
6. Capital Improvements: Procedures for managing major renovations or improvements, needed for properties planning significant upgrades
7. Security Services: Specific security management requirements, important for high-security properties or certain commercial facilities
1. Schedule A - Property Details: Detailed description of the managed property, including address, facilities, and current condition
2. Schedule B - Management Fee Structure: Detailed breakdown of all fees, charges, and commission structures
3. Schedule C - Maintenance Schedule: Regular maintenance tasks and their frequencies
4. Schedule D - Reporting Templates: Standard formats for various required reports
5. Schedule E - Authorized Expenditure Limits: Spending authorities and approval requirements for different types of expenses
6. Appendix 1 - Property Photos and Plans: Current photographs and floor plans of the property
7. Appendix 2 - Existing Service Contracts: List and copies of current service provider contracts
8. Appendix 3 - Emergency Contact List: Contact details for emergency services, key personnel, and essential service providers
Authors
Real Estate
Property Management
Commercial Property
Residential Property
Retail Property
Industrial Property
Hospitality
Office Space Management
Mixed-Use Development
Facility Management
Legal
Real Estate
Operations
Finance
Facilities Management
Asset Management
Property Administration
Maintenance
Compliance
Risk Management
Property Manager
Real Estate Manager
Facility Manager
Asset Manager
Estate Surveyor
Legal Counsel
Operations Manager
Financial Controller
Building Superintendent
Maintenance Manager
Leasing Manager
Property Administrator
Real Estate Director
Compliance Officer
Risk Manager
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