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Termination Of Property Management Agreement Template for New Zealand

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Key Requirements PROMPT example:

Termination Of Property Management Agreement

"I need a Termination of Property Management Agreement for my residential property at 123 Wellington Street, as I'm dissatisfied with the current property manager's performance and want to terminate their services effective March 1, 2025, with a detailed section on final accounting and return of all property records."

Document background
The Termination Of Property Management Agreement is a crucial document used in New Zealand when either a property owner or property management company wishes to end their professional relationship. This document is essential when transitioning property management responsibilities, whether due to dissatisfaction with services, change in ownership, or strategic business decisions. It must comply with New Zealand's property law framework, including the Residential Tenancies Act 1986 and Real Estate Agents Act 2008. The agreement typically includes specific provisions for the handover of property records, financial reconciliation, tenant notification procedures, and the resolution of any outstanding matters. It serves to protect both parties' interests and ensure a smooth transition while maintaining compliance with relevant regulations and professional standards in the New Zealand property management industry.
Suggested Sections

1. Parties: Identifies the property owner(s) and the property management company as parties to the termination agreement

2. Background: References the original Property Management Agreement, its date, and key terms being terminated

3. Definitions: Defines key terms used in the termination agreement

4. Termination Date: Specifies the effective date of termination and notice period compliance

5. Outstanding Fees: Details any management fees, expenses, or other amounts owing up to the termination date

6. Handover of Records: Specifies the process and timeline for transferring all property records, keys, and documentation

7. Final Accounting: Outlines the requirements for final financial reconciliation and transfer of funds

8. Release and Discharge: Mutual release of obligations post-termination, subject to any surviving terms

9. Governing Law: Confirms New Zealand law governs the termination agreement

10. Execution: Signature blocks for all parties

Optional Sections

1. Transfer to New Manager: Include when property management is being transferred to a new management company, outlining transition procedures

2. Tenant Notification: Include when there are existing tenants who need to be formally notified of the management change

3. Dispute Resolution: Include when there are ongoing disputes or potential areas of disagreement that need resolution

4. Surviving Obligations: Include when specific obligations from the original agreement need to survive termination

5. Confidentiality: Include when there are specific confidentiality requirements post-termination

6. Return of Marketing Materials: Include when the property manager has created or holds marketing materials for the property

Suggested Schedules

1. Schedule 1 - Property Details: List of all properties covered by the termination agreement

2. Schedule 2 - Outstanding Matters: List of any ongoing maintenance, repairs, or tenant issues requiring attention

3. Schedule 3 - Financial Statement: Detailed statement of all financial matters including outstanding fees, expenses, and tenant payments

4. Schedule 4 - Required Documents: Checklist of all documents to be handed over including keys, tenant agreements, and maintenance records

5. Appendix A - Notice to Tenants: Template of formal notice to be sent to tenants regarding the change in property management

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

Residential Property

Commercial Property

Facilities Management

Property Investment

Real Estate Services

Rental and Leasing

Relevant Teams

Legal

Property Management

Operations

Compliance

Real Estate

Asset Management

Client Services

Administration

Risk Management

Relevant Roles

Property Manager

Real Estate Agent

Property Owner

Facilities Manager

Asset Manager

Property Management Director

Operations Manager

Compliance Officer

Legal Counsel

Real Estate Business Owner

Portfolio Manager

Property Administrator

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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