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Short Term Rental Management Agreement Template for Nigeria

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Key Requirements PROMPT example:

Short Term Rental Management Agreement

"I need a Short Term Rental Management Agreement under Nigerian law for my three luxury apartments in Lagos, with specific provisions for international guest management and premium amenities services, including a clause allowing the property manager to list the properties on multiple international booking platforms."

Document background
The Short Term Rental Management Agreement is designed for use in the Nigerian property market where property owners seek professional management services for their short-term rental properties. This document becomes necessary when property owners want to delegate the day-to-day management of their rental properties to professional management companies, particularly for properties intended for short-term or vacation rentals. The agreement, governed by Nigerian law, includes comprehensive terms covering property management responsibilities, financial arrangements, maintenance obligations, and operational procedures. It's particularly relevant in major Nigerian cities with active short-term rental markets and must comply with both federal and state-specific property laws. The document is structured to protect both parties' interests while ensuring efficient property management operations.
Suggested Sections

1. Parties: Identification and details of the Property Owner and the Property Management Company

2. Background: Context of the agreement and brief description of the property and intended management arrangement

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

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

5. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided by the property manager

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

7. Financial Terms: Management fees, commission structures, and payment terms

8. Rental Collection and Disbursement: Procedures for collecting rent and distributing funds to the owner

9. Maintenance and Repairs: Procedures for property maintenance and authorization levels for repairs

10. Marketing and Letting: Terms regarding property marketing and tenant selection processes

11. Reporting Requirements: Required reports, frequency, and content of financial and operational updates

12. Insurance Requirements: Insurance obligations for both parties

13. Termination: Conditions and procedures for terminating the agreement

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

Optional Sections

1. Security Deposits Management: Procedures for handling tenant security deposits - include if the property manager will handle deposits

2. Emergency Procedures: Specific procedures for handling emergencies - recommended for high-value properties

3. Special Amenities Management: Management of additional facilities like swimming pools or gym - include if property has special amenities

4. Staff Management: Terms regarding on-site staff management - include if property requires dedicated staff

5. Environmental Compliance: Special environmental requirements - include for properties in environmentally sensitive areas

6. Multiple Property Management: Additional terms for managing multiple properties - include if owner has multiple properties

7. Force Majeure: Terms dealing with unforeseen circumstances - recommended for longer-term arrangements

Suggested Schedules

1. Schedule 1 - Property Details: Detailed description of the property, including address, features, and condition report

2. Schedule 2 - Management Fee Structure: Detailed breakdown of all fees and charges

3. Schedule 3 - Maintenance Contractors: List of approved contractors and service providers

4. Schedule 4 - Operating Procedures: Detailed procedures for day-to-day management activities

5. Schedule 5 - Reporting Templates: Standard formats for various required reports

6. Appendix A - Property Photographs: Current photographs documenting property condition

7. Appendix B - Authorization Levels: Matrix of spending and decision-making authorization levels

Authors

Alex Denne

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

Relevant legal definitions








































Clauses



































Relevant Industries

Real Estate

Property Management

Hospitality

Tourism

Short-term Rentals

Residential Property

Commercial Property

Property Services

Facility Management

Holiday Rentals

Relevant Teams

Legal

Real Estate

Property Management

Operations

Facilities

Compliance

Asset Management

Client Relations

Finance

Marketing

Relevant Roles

Property Manager

Real Estate Manager

Facility Manager

Operations Director

Legal Counsel

Property Owner

Asset Manager

Portfolio Manager

Real Estate Agent

Property Management Executive

Compliance Officer

Real Estate Administrator

Hospitality Manager

Short-term Rental Coordinator

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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