2. Appointment and eligibility of the manager. The Owner hereby designates (a) the Manager as its exclusive leasing, management and operating agent for the Property, under the terms set out in this Agreement, and (b) authorizes the Manager to exercise, subject to these Terms, the Ownership Powers necessary to perform the Manager`s obligations under this Agreement. The Manager accepts such an appointment under the terms of this Agreement. B. Monthly Financial Reports. The Manager shall provide monthly, by computer disk or electronic transfer and/or on paper (or in any other form that the Owner may reasonably require), reports on all transactions that comply with the property of the previous month, including an operating account and balance sheet, detailed lists of receivables and liabilities and monthly management fees, all of which are provided using the Standard Format and Software of the Manager or any other form prescribed by law in which the property is located. The above reports must be communicated to the owner no later than fifteen days after the end of the previous month. The manager shall also submit a monthly land management report containing a summary of the operating results for the month, recommendations on the physical condition and operation of the land, a timetable for proposed capital improvements for the concession area and other information and analysis that the owner may reasonably request.
As a property owner, you can delegate responsibility for managing the property to either a home manager or a company. Be sure to read the property management contract carefully and renegotiate any points in the contract that you are not comfortable with. If you have reached an agreement, you can sign the contract. A. Ownership Information. The Owner will provide the Manager with all outstanding leases, contracts, obligations, correspondence, bank records relating to all accounts for which the Manager is responsible (including the Operating Account) and other documents relating to the operation, management and maintenance of the Property. The manager is considered an agent of the landlord who has full power to take the necessary steps to evacuate tenants and/or collect unpaid rent. The manager has the right to enter the property at any time during the term of this property management contract. A well-developed agreement contains a clause relating to the nature of the insurance coverage that a building owner must bear for the building.
Real estate administrations should take out their own insurance to protect their activities – this can also be stipulated in the contract. . . .