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Property Management Agreement Template for Nigeria

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Key Requirements PROMPT example:

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."

Document background
The Property Management Agreement is a crucial document used in Nigerian real estate practice when property owners wish to delegate the management of their real estate assets to professional property managers. This agreement is essential for establishing clear parameters of the management relationship, defining responsibilities, and ensuring compliance with Nigerian property laws and regulations. It typically includes comprehensive details about property maintenance, tenant management, financial reporting, and operational procedures. The document is particularly important in the Nigerian context where property management must align with both federal legislation (such as the Land Use Act) and state-specific property laws. The agreement serves as a protective mechanism for both parties by clearly defining service expectations, compensation structures, and liability limitations.
Suggested Sections

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

Optional Sections

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

Suggested Schedules

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

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

Relevant legal definitions








































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Relevant Industries

Real Estate

Property Management

Commercial Property

Residential Property

Retail Property

Industrial Property

Hospitality

Office Space Management

Mixed-Use Development

Facility Management

Relevant Teams

Legal

Real Estate

Operations

Finance

Facilities Management

Asset Management

Property Administration

Maintenance

Compliance

Risk Management

Relevant Roles

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

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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