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Commonly Asked Questions about US Property Management Contracts

Final answer: A correct property management agreement should include both the names of the owner and the manager, and a requirement that the manager provides periodic reports to the owner. Therefore, option c) Both 1 and 2, is the correct answer.
1. Conditions of the agreement: this clause is the most important because it should clearly identify (i) the parties, (ii) the functions transferred to the management company, (iii) the responsibilities of each party and (iv) how each party influences the operational functions of the agreement.
Your agreement should clearly state all of the expectations you have, including responsibility for services such as managing tenant maintenance requests, hiring inspectors, and collecting rent.
The common standard term for a management contract is typically between one and five years, but this can vary depending on the specific needs and goals of the parties involved.
Normally, a property management agreement will include the terms and conditions of your business relationship with a company or manager. It formally puts into writing things like how long the contract will last, how much you should pay the company every month, what services you are entitled to, etc.
Management Contract This should include the terms and period of the contract, the policies pertaining to the management of the premises, management fees, and the authority and powers that are given by the owner to the agent.