Property Management Agreement
Property management agreement is an agreement between the owner of the property and the manager who is holding the property on behalf of owner. The owner gives responsibility to manage his property by finding its customers or giving it on lease, debt and rent etc. The manager is responsible for receiving the rent and money of property. Later he or she submits as it is to the owner. The manager is responsible also for Maintenance and managing Labor for property. Manager agrees to decorate, to maintain, and to repair the property and to hire and to supervise all employees and other needed labor. The manager also takes responsibility for finding tenants and making publicity of the property on the behalf of owner.
All these responsibilities are moved to the manager by an agreement which the manger have to fulfill. After that agreement the manger is responsible for all kind of harms of land and on other hand all kind of benefits also. If the manager tries to make any gambling he or she is sued by the owner and strictly punished under the law. Landlords who own acres of lands and feel it difficult to manage whole property by themselves usually hire these managers and develop agreements of years. It is feasible for others too to hold their lands and take care of them even if they are out of their country. Also the property of mentally ill people are also sometimes under the take care of managers. Property management agreement helps one to legally handover your property for its maintenance. Another benefit which is helpful is that no one else can illegally claim your property. The documentation process is necessary to keep records that your manager is responsible of your property.
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