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Property Manager Agreement - Indiana 2025

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The document is a Property Management Agreement between an Owner and a Manager for the management and operation of a specified property. It outlines the responsibilities of the Manager, including rent collection, property maintenance, compensation terms, and conditions for termination. The agreement also specifies notice requirements, applicable law, and severability clauses to ensure enforceability.

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We have answers to the most popular questions from our customers. If you can't find an answer to your question, please contact us.

Can I terminate a property management contract?

In property management agreements with an early termination clause, each party must stick to notice requirements. Generally, this means all parties must provide written notice between 30 to 90 days before the effective cancellation date.

What are the obligations of the owner under a management agreement?

Owner responsibilities While the property manager handles daily operations, the owner still has key responsibilities as well. This may include approving major expenses, maintaining insurance coverage, and ensuring the property complies with local regulations.

What is required to be a property manager in Indiana?

After earning their real estate brokers license, a person can begin working as a property manager. To become a licensed property manager in Indiana, one must complete a 30-hour course and pass the property management test.

What is the minimum period for a property management agreement?

While most property management contracts are 12 months long, there are benefits to shorter ones. Normally there are no changes to contracts until they renew. With a shorter contract, both owners and property management companies have more opportunities to make changes benefiting their working arrangement.

What is the minimum period for a lease?

On stamp paper, the rental contract or rental agreement is written. In India, there are two different kinds of rent agreements, one of which is a lease with a minimum term of 12 months. Rent Control Laws established by the State Government regulate this.

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What is usually the minimum period for a management contract?

Most property management agreements are for one year, but shorter or longer terms are possible. Outline any renewal options or termination clauses. Scope of Services: Clearly define the property managers responsibilities and services.

How much do property managers charge in Indiana?

Understanding what property managers cost in Indiana is essential before making any decisions. Generally speaking, most property managers charge a fee based on a percentage of rent income (6-12%), but additional costs may also be involved.

What must a property management agreement contain?

A residential property management agreement form must include the scope of services, fees, and the responsibilities of both parties. It should also specify how and when the agreement can be terminated to avoid confusion later on.