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Property Management Contract Agreement

Property Management Contract Agreement Template for Nigeria

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Key Requirements PROMPT example:

Property Management Contract Agreement

"I need a Property Management Contract Agreement for a 50-unit residential apartment complex in Lagos, Nigeria, with comprehensive services including tenant screening, maintenance, and rent collection, to commence from March 1, 2025."

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Document background
The Property Management Contract Agreement is a vital legal document used in Nigeria when property owners wish to delegate the management of their real estate assets to professional property management companies. This agreement is essential for both residential and commercial properties, providing a detailed framework for the management relationship while ensuring compliance with Nigerian federal and state property laws. The document typically includes comprehensive sections covering management services, financial arrangements, maintenance procedures, and reporting requirements. It's particularly important in the Nigerian context where property management must align with specific legal requirements such as the Land Use Act, various state tenancy laws, and professional practice regulations. The agreement protects both parties' interests by clearly defining roles, responsibilities, and performance expectations while establishing procedures for common property management scenarios and dispute resolution.
Suggested Sections

1. Parties: Identification of the property owner and the property management company, including full legal names, addresses, and registration details

2. Background: Context of the agreement, including brief description of the property and the owner's intention to engage the manager

3. Definitions: Detailed definitions of key terms used throughout the agreement

4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms

5. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided, including maintenance, tenant management, rent collection, and reporting

6. Owner's Responsibilities: Obligations of the property owner, including funding, insurance, and cooperation requirements

7. Fees and Payment Terms: Management fees, payment schedule, reimbursement of expenses, and payment methods

8. Financial Management: Handling of rental income, operating expenses, and reserve funds

9. Maintenance and Repairs: Procedures for routine maintenance, emergency repairs, and spending authorities

10. Reporting Requirements: Regular financial reports, property status updates, and documentation requirements

11. Insurance and Liability: Required insurance coverage and allocation of liability between parties

12. Termination: Conditions and procedures for terminating the agreement, including notice periods

13. Dispute Resolution: Process for resolving disputes, including mediation and arbitration procedures

14. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

15. General Provisions: Standard clauses including force majeure, notices, assignment, and entire agreement

Optional Sections

1. Multiple Property Management: Additional terms for managing multiple properties, used when the agreement covers more than one property

2. Special Facilities Management: Specific terms for properties with special facilities like swimming pools or elevators

3. Staff Employment: Terms regarding employment of on-site staff, used when the property requires dedicated personnel

4. Marketing and Leasing Services: Detailed terms for marketing vacant units and securing new tenants, if included in the scope

5. Development and Renovation: Terms for managing property improvements or major renovations, if anticipated

6. Environmental Compliance: Special provisions for properties requiring environmental monitoring or compliance

7. Security Services: Terms for providing security services, if required for the property

Suggested Schedules

1. Schedule 1: Property Details: Detailed description of the property, including address, title information, and physical characteristics

2. Schedule 2: Management Services: Comprehensive list of included management services and service levels

3. Schedule 3: Fee Schedule: Detailed breakdown of all fees, charges, and commission structures

4. Schedule 4: Maintenance Procedures: Specific procedures for maintenance, including approval processes and contractor requirements

5. Schedule 5: Reporting Templates: Templates for required regular reports and documentation

6. Schedule 6: Key Performance Indicators: Metrics for evaluating the property manager's performance

7. Appendix A: Property Photos and Plans: Visual documentation of the property's condition at agreement commencement

8. Appendix B: Existing Service Contracts: List and copies of existing service contracts to be managed

9. Appendix C: Emergency Procedures: Detailed procedures for handling various emergency situations

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
























































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Relevant Industries

Real Estate

Property Management

Commercial Property

Residential Property

Retail Property

Industrial Property

Hospitality

Mixed-Use Development

Facility Management

Corporate Real Estate

Relevant Teams

Legal

Real Estate

Operations

Property Management

Asset Management

Facilities Management

Contract Administration

Risk Management

Compliance

Finance

Relevant Roles

Property Manager

Real Estate Manager

Facility Manager

Asset Manager

Operations Manager

Legal Counsel

Contract Administrator

Real Estate Director

Property Owner

Estate Agent

Building Manager

Leasing Manager

Portfolio Manager

Real Estate Consultant

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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