Condo Property Management Agreement

When it comes to owning and managing a condominium property, having a well-drafted condo property management agreement is critical. This agreement is a legal document that outlines the terms and conditions of the relationship between the property management company and the condo association. It is essential to review and understand all aspects of this agreement before signing, as it is a binding contract that sets expectations for both parties.

The condo property management agreement should clearly state the responsibilities and duties of the management company. These may include but not limited to, collecting rent, maintaining the property, handling tenant complaints, and handling tenant screening and move-in/move-out processes. It is important to ensure that these responsibilities are adequately detailed and defined in the agreement.

Another important aspect of the agreement is the financial obligations of both parties. The agreement should clearly outline the fees the management company will charge and how they will be paid. The fees may include a monthly management fee, leasing fee, maintenance fee, and reserve fund contributions. It is essential to understand how these fees are determined and how they can be adjusted throughout the duration of the agreement.

In addition, the agreement should include provisions for termination. This should detail what happens if the property management company fails to meet its obligations or if the condo association decides to terminate the agreement for any reason. It is important to understand the consequences of termination, including any associated fees or penalties.

The condo property management agreement should also address insurance requirements. It should specify what types of insurance the management company must have and how the condo association will be protected in case of loss or damage. The agreement should also detail the process for filing claims and the requirements for receiving reimbursement.

Overall, a well-drafted condo property management agreement is essential for a successful and smooth running of a condominium property. It is essential to work with an experienced attorney to ensure that the agreement is comprehensive and legally binding. Both the property management company and the condo association will benefit from signing a clear, detailed and appropriate property management agreement.