The Property Management Contract serves as a fundamental legal instrument in New Zealand's real estate sector, establishing the framework for professional property management services. This document is essential when property owners wish to delegate the management of their real estate assets to professional property managers. It encompasses comprehensive terms for service delivery, compliance with New Zealand property laws, financial management, and maintenance responsibilities. The contract addresses key aspects such as tenant relations, rent collection, property maintenance, and regulatory compliance, while clearly defining the roles and responsibilities of both the property manager and the property owner. This agreement is particularly crucial in ensuring compliance with New Zealand's property management regulations and maintaining professional standards in the industry.
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1. Parties: Identifies the property owner (Principal) and the property management company (Agent), including full legal names and contact details
2. Background: Outlines the context of the agreement, confirms the owner's authority to engage a property manager, and states the manager's qualifications/licenses
3. Definitions: Defines key terms used throughout the agreement for clarity and legal certainty
4. Appointment and Term: Specifies the appointment of the property manager, duration of the agreement, and renewal terms
5. Property Details: Identifies the managed property/properties and their key characteristics
6. Scope of Services: Details the core property management services to be provided, including tenant management, rent collection, and maintenance coordination
7. Property Manager's Obligations: Lists specific duties and responsibilities of the property manager
8. Owner's Obligations: Outlines the property owner's responsibilities and commitments
9. Fees and Expenses: Details all management fees, commission structures, and reimbursable expenses
10. Financial Management: Specifies procedures for rent collection, trust account management, and financial reporting
11. Maintenance and Repairs: Establishes procedures for property maintenance, including spending limits and emergency repairs
12. Insurance and Liability: Addresses insurance requirements and liability allocation between parties
13. Termination: Sets out grounds and procedures for terminating the agreement
14. Dispute Resolution: Outlines the process for resolving disputes between parties
15. General Provisions: Includes standard legal clauses such as governing law, notices, and assignment rights
1. Body Corporate Management: Required for apartments or units under body corporate structure, detailing additional obligations related to body corporate rules and management
2. Multiple Property Management: Used when managing multiple properties for the same owner, including portfolio-specific terms
3. Guaranteed Rent Scheme: Optional service where the property manager guarantees rent payment, including specific terms and conditions
4. Property Development Services: For properties under development or renovation, outlining additional project management services
5. Foreign Owner Provisions: Required for overseas property owners, including specific tax and compliance obligations
6. Short-term Rental Management: Specific provisions for properties used for short-term/holiday rentals
7. Marketing and Advertising: Detailed marketing strategies and cost structures for vacant properties
1. Schedule 1: Property Details: Comprehensive property information including address, features, chattels, and specific management requirements
2. Schedule 2: Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
3. Schedule 3: Maintenance Contractors: List of approved contractors and maintenance providers
4. Schedule 4: Owner's Instructions: Specific instructions from the owner regarding property management preferences
5. Schedule 5: Reporting Templates: Templates for regular financial and property management reports
6. Appendix A: Property Condition Report: Detailed assessment of property condition at management commencement
7. Appendix B: Insurance Certificates: Copies of relevant insurance policies and certificates
8. Appendix C: Property Manager's Licenses: Copies of required licenses and certifications
9. Appendix D: Bank Account Details: Banking information for financial transactions
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Management
Residential Property
Commercial Property
Property Investment
Property Development
Facilities Management
Real Estate Investment
Asset Management
Property Services
Relevant Teams
Legal
Property Management
Operations
Asset Management
Client Services
Maintenance
Accounts
Compliance
Real Estate
Portfolio Management
Risk Management
Document Control
Business Development
Finance
Relevant Roles
Property Manager
Real Estate Agent
Asset Manager
Facilities Manager
Property Management Director
Operations Manager
Portfolio Manager
Leasing Manager
Property Administrator
Maintenance Coordinator
Real Estate Investment Manager
Client Relations Manager
Legal Counsel
Compliance Officer
Financial Controller
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