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Property Management Contract
"I need a Property Management Contract for a newly constructed 50-unit residential apartment building in Lahore, with the management company handling all tenant relations, maintenance, and security services, starting from March 2025."
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: Key terms used throughout the agreement defined for clarity and legal certainty
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Property Manager's Services: Comprehensive list of core services to be provided by the property manager
6. Property Manager's Authority: Scope of manager's decision-making power and financial authority
7. Owner's Obligations: Responsibilities and obligations of the property owner
8. Financial Management: Handling of rent collection, expenses, accounts, and financial reporting
9. Fees and Expenses: Management fees, payment terms, and reimbursable expenses
10. Maintenance and Repairs: Procedures for property maintenance, repairs, and emergency situations
11. Reporting Requirements: Regular reports and documentation to be provided to the owner
12. Insurance Requirements: Mandatory insurance coverage for both parties
13. Termination: Grounds for termination, notice requirements, and post-termination obligations
14. Liability and Indemnification: Allocation of risks and responsibilities between parties
15. Governing Law and Dispute Resolution: Applicable law and methods for resolving disputes
16. General Provisions: Standard clauses including notices, amendments, and severability
1. Multiple Property Management: Additional terms for managing multiple properties under the same agreement
2. Special Facilities Management: Specific provisions for properties with special facilities like swimming pools or gymnasiums
3. Staff Employment: Terms regarding hiring and managing on-site staff when required
4. Marketing and Leasing Services: Additional terms if the manager will handle tenant acquisition and leasing
5. Development and Renovation: Terms for managing major renovation or development projects
6. Green Building Compliance: Special provisions for environmentally certified buildings
7. Security Services: Terms for providing security services if required
8. Emergency Response Plan: Detailed procedures for handling various emergency situations
1. Schedule 1 - Property Details: Detailed description of the property, including address, size, facilities, and current condition
2. Schedule 2 - Services Schedule: Detailed breakdown of all services to be provided by the property manager
3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms
4. Schedule 4 - Maintenance Schedule: Regular maintenance tasks and their frequency
5. Schedule 5 - Reporting Templates: Format and templates for regular reports to be provided
6. Schedule 6 - Emergency Contacts: List of emergency contacts and procedures
7. Schedule 7 - Authorized Expenditure Limits: Detailed breakdown of spending authority levels
8. Appendix A - Required Insurance Coverage: Detailed specifications of required insurance policies
9. Appendix B - Property Management Software and Systems: Details of software and systems to be used in property management
Authors
Real Estate
Property Development
Facility Management
Commercial Property
Residential Property
Retail Property
Industrial Property
Hospitality
Education (for institutional properties)
Healthcare (for medical facilities)
Legal
Real Estate
Operations
Facilities Management
Asset Management
Property Administration
Maintenance
Finance
Risk Management
Compliance
Property Manager
Facility Manager
Real Estate Manager
Asset Manager
Operations Manager
Building Manager
Property Owner
Real Estate Director
Facilities Director
Maintenance Manager
Legal Counsel
Contract Administrator
Property Administrator
Building Superintendent
Real Estate Investment Manager
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