MichelleN5
Posts: 12
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?
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property manager's contract
Started by MichelleN5 • 3 replies • 1134 views
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RogerB
Posts: 4,986
Posts: 4,986
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.
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
Posts: 12
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
Posts: 14,519
Posts: 14,519
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.
Soem CC&Rs, however, limit many contracts to one year, so check yours. Exceptions sometimes are utilities & elevators.
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