A property management contract is a legal document wherein the operational control is handed over by the company owning either a commercial, industrial or residential property, to another enterprise in order to carry out the managerial functions in return of a specific amount of payment. The contract states the functions that the management company has to perform and other such terms and conditions.
Sample Property Management Contract
Contract Number: PE 7250
Date of Registration: 5th May, 2010.
This is an agreement made between Ms. Michelle Hugh, as the representative of the Sterling Company which has its office 1525 Opal Dr, Elko, Nevada and Mr. Paul Felix, as the representative of the management company having its office at 1109 Hylton Hts Rd, Manhattan, Kansas.
Terms and Conditions:
- As per the contract the management company will have to look after the property of the Sterlings Company which is located at:
786 North Down Street
- Both of the parties shall have entire authorities to terminate the contract in case of disloyalty or unethical demeanors.
- In case the liable company fails to make the payment or delays it, the management company can take legal actions against the company.
- The management company can take liberties while carrying out the functions provided it has the consent of the property owning company.
- The contract’s duration shall be five years as long as either of the party decides to terminate it.
- The management company shall not misuse the property which has been under this contract.
Hence, both the parties concerned are in approval of this contract.
Ms. Michelle Hugh
Mr. Paul Felix