A property management contract is a legal document which is framed and formed between an owner of a property and a property manager of that property. Whenever such a contract ends or is nearing its legal termination date, then a contract is formed and this contract is known as a termination of property management contract.
Basically, a termination of property management contract is formed on mutual consent of the parties of a property management arrangement to indicate the termination of that contract. The most important part of such contracts is the reason for the termination of the original contract and should be given clearly.
A termination of property management contract must give the details of the parties within whom the contract has been formed. The names, addresses and phone numbers of the owner and the property manager should be given apart from the date on which the original property management shall terminate or end.
These legal agreements must also give the clauses under which the termination has taken place and how the roles and responsibilities of the parties shall change once the termination becomes effective. It is important for the involved parties to sign the contract to indicate their mutual consent.