Duties upon Termination of Contract: Nick Caffey

1. Duties upon Termination of Contract: Nick Caffey Once you or the management company has decided to sever the relationship, there are still important things that need to happen to make for a clean break. Owners need to make a final payment to the management company to settle the account and the contract should cover the following tasks for the management company: Provide owner with a final financial report along with remaining rents on hand minus agents fees and funds needed to cover all outstanding expenses the manager has incurred in the course of managing the property. There should be some time parameter dictating how quickly this will take place after termination. Also, check if the contract contains a clause giving the manager permission to withhold owner funds, either all or a portion like the reserve, for a certain period of time. This is usually for 30-60 days and is done in order to make sure all expenses are paid, such as those already incurred but not yet invoiced. Provide owner with necessary records and documents. This would include a list of tenant security deposit obligations, copies of tenants’ leases and other instruments entered into on behalf of the owner. Provide owner with a record of tenant security deposit obligations. Transfer security deposits either to the owner, or the owner’s new agent minus the relevant deductions as dictated by the contract. Provide tenants written notice of the exact dollar amount of the security deposit and inform them that the owners or owner’s new agent is now responsible for returning their security deposit. Nick Caffey explains to provide tenants written notice that they are no longer managing the property, and provide them contact information for the owner’s new agent or designee. Default If either party breaches the contract, how long will they have to fix the problem before the other party has the right to terminate the contract? (Ranges from 0 to 30 days) Mediation and Arbitration Does the contract specify the usage of a mediator or arbitrator to resolve disputes? If so who preside and what is the process? Who pays for their services? Note that there is a difference between mediation and arbitration.

2. Attorney’s fees In the event legal proceedings are required to settle a dispute about the contract, will the prevailing party be entitled to reasonable attorney’s fees? Check to see if the contract puts a cap this amount, if so the entity with more cash may have an inherent advantage in the event of dispute. Brickleys Property Solutions is offering Property Management services through which you can get the maximum out of your investment. Brickleys Property Solutions will make the task of property management much easier. If you are looking for a company that can handle all your obligation and necessary formalities on behalf of you contact today or call (505) 242 2997. Visit here: https://plus.google.com/+BrickleysPropertySolutionsAlbuquerque/posts