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Property Management Contract Agreement

Property Management Contract Agreement Template for India

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Key Requirements PROMPT example:

Property Management Contract Agreement

"I need a Property Management Contract Agreement for a 50-unit luxury residential complex in Mumbai, with particular emphasis on amenities management and security services, to commence from March 1, 2025."

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Document background
The Property Management Contract Agreement is essential for establishing professional property management relationships in India's dynamic real estate sector. This document is typically used when property owners wish to delegate the management and operation of their properties to professional management companies. It encompasses crucial elements such as service scope, fee structures, maintenance responsibilities, and compliance requirements under Indian law, including adherence to the Real Estate (Regulation and Development) Act, 2016, and state-specific regulations. The agreement is particularly relevant for various property types, including residential, commercial, and mixed-use developments, and can be customized to address specific property management needs while maintaining legal compliance. Property owners and management companies use this agreement to ensure clear understanding of roles, responsibilities, and performance expectations, while protecting both parties' interests through well-defined terms and conditions.
Suggested Sections

1. Parties: Identification and details of the property owner and the property management company

2. Background: Context of the agreement and brief description of the property and management requirements

3. Definitions: Definitions of key terms used throughout the agreement

4. Appointment and Term: Formal appointment of the property manager and duration of the agreement

5. Scope of Services: Detailed outline of property management services to be provided

6. Property Manager's Responsibilities: Comprehensive list of duties and obligations of the property manager

7. Property Owner's Responsibilities: Obligations and commitments of the property owner

8. Financial Management: Terms regarding rent collection, expense management, and financial reporting

9. Fees and Compensation: Management fees, payment terms, and reimbursement structures

10. Insurance and Liability: Insurance requirements and allocation of liability between parties

11. Maintenance and Repairs: Procedures for property maintenance and approval processes for repairs

12. Reporting Requirements: Regular reporting obligations and documentation requirements

13. Termination: Conditions and procedures for termination of the agreement

14. Governing Law and Jurisdiction: Applicable law and jurisdiction for dispute resolution

15. General Provisions: Standard contractual provisions including notices, amendments, and force majeure

Optional Sections

1. Tenant Management: Include when the property manager is responsible for tenant relations and leasing

2. Marketing Services: Include when the property manager is responsible for marketing vacant units

3. Security Services: Include when security services are part of the management scope

4. Capital Improvements: Include when the manager will oversee major renovations or improvements

5. Multiple Property Management: Include when agreement covers multiple properties

6. Emergency Services: Include when 24/7 emergency response services are required

7. Staff Management: Include when on-site staff management is required

8. Green Building Compliance: Include when property must maintain specific environmental standards

9. Special Facilities Management: Include for properties with special facilities like swimming pools or gyms

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property, including address, size, and amenities

2. Schedule B - Scope of Services: Detailed breakdown of all management services to be provided

3. Schedule C - Fee Structure: Detailed breakdown of all fees, charges, and payment terms

4. Schedule D - Maintenance Schedule: Regular maintenance tasks and their frequencies

5. Schedule E - Reporting Templates: Standard formats for various required reports

6. Schedule F - Emergency Procedures: Emergency response protocols and contact information

7. Schedule G - Insurance Requirements: Detailed insurance requirements for both parties

8. Appendix 1 - Property Photos and Plans: Current photographs and floor plans of the property

9. Appendix 2 - Authorization Matrix: Approval limits for various types of expenses and decisions

10. Appendix 3 - Key Performance Indicators: Performance metrics for evaluating property management services

Authors

Alex Denne

Head of Growth (Open Source Law) @ ºÚÁÏÊÓƵ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions








































Clauses









































Relevant Industries

Real Estate

Property Management

Facilities Management

Commercial Real Estate

Residential Real Estate

Retail Property Management

Industrial Property Management

Hospitality

Mixed-use Development

Real Estate Investment

Relevant Teams

Legal

Operations

Facilities Management

Property Management

Asset Management

Real Estate

Maintenance

Finance

Compliance

Administration

Contract Management

Relevant Roles

Property Manager

Real Estate Manager

Facilities Manager

Asset Manager

Operations Manager

Property Management Director

Real Estate Services Director

Building Manager

Property Administrator

Maintenance Supervisor

Legal Counsel

Contract Manager

Real Estate Portfolio Manager

Property Owner

Real Estate Investor

Chief Operating Officer

Regional Property Manager

Industries










Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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