property manager's contract

Started by MichelleN5 • 3 replies • 1133 views

💬 Join us to post & get advice from 50,000 HOA & Condo leaders.

⚡ Takes 30 seconds

Already a member? Log in

MichelleN5 (Maryland)
Posts: 12

Posted:

How is a property manager's contract typically renewed or terminated? Is it auto-renewed unless the board or community specifically raises the issue of contract termination/changing the property manager?

RogerB (Colorado)
Posts: 5,067

Posted:

MichelleN5,
The management agreement should always include the term of the agreement; how to terminate; and the ability to amend. Following is an example from one of our agreements:

I ENTIRE AGREEMENT
This Agreement constitutes the entire agreement between the parties. No variance or modification thereof shall be valid and enforceable except by supplemental agreement in writing.

II TERM
The Association retains the Managing Agent to perform management services as stated herein beginning June 1, 2015 and continuing thereafter under the same terms and conditions until renegotiation has been completed. Either party may terminate this Agreement, without cause, thirty (30) days after receipt of written notice.

MichelleN5 (Maryland)
Posts: 12

Posted:

Thank you! I figured a contract would have a termination clause of some sort. I just wasn't sure what would allow the contract to continue beyond a specified term. I see from your example that the term can continue until a renegotiation has been completed. I could have sworn our property manager mentioned in one of the first meetings that the term was for a year, but it's now been over two years, and I never heard anything about his contract again. Anyway, I'll ask to see the contract. Thank you for your help!

KerryL1 (California)
Posts: 14,550

Posted:

Our agreement is worded much as Roger's example, Michelle.

Soem CC&Rs, however, limit many contracts to one year, so check yours. Exceptions sometimes are utilities & elevators.

🎯 You've read this entire discussion

Join the conversation with 50,000 HOA & Condo Leaders:

✓ Ask follow-up questions
✓ Share your experience
✓ Get expert advice
✓ Access 350,000 discussions

Create Free Account →

⚡ Takes 30 seconds

Already a member? Log in here