A Guide to Creating a Commercial Property Management Agreement
Whether you’re a commercial property owner or a prospective property manager, signing a commercial property management agreement is essential if you want to protect your interests. If you don’t have an education in law but need to learn how to create the agreement properly, you’ll love our guide! Rely on DoNotPay to find out which sections your property management agreement should include.
What Is a Commercial Property Management Agreement?
Since managing a commercial building with multiple businesses is challenging, landlords usually rely on property managers to help them run the place. A commercial property agreement is a document designed to protect the interests of a:
- Commercial building owner
- Property manager—whether it’s an individual or a company—hired to manage the building on behalf of the owner
Some of the terms that a commercial property management agreement should outline are:
- Property manager’s responsibilities and fees
- Legal liabilities
- Type of insurance that the landlord has to carry for his or her building
- Termination notice time frame
While the agreement between an owner and a property manager can be verbal, written contracts are better. Should any dispute arise, a written commercial property management agreement will offer better protection to both signing parties.
Another benefit of this contract is that it helps avoid misunderstandings that could be fatal for a business relationship.
Which Information Should a Commercial Property Management Agreement Cover?
A properly written commercial property management agreement has to include some basic aspects. If you’re thinking about writing the agreement by yourself, consult the table below to see which sections to include:
|Sections To Include||
|Names of the signing parties||Start the agreement with your and the other party’s personal information, such as:
|Property description||Record the property’s address, legal description, and similar|
|Contract length||Include the start and the expiration date of the agreement. You can also add an “automatic extension” clause. This ensures that the agreement will extend automatically on a month-to-month basis unless one of the parties writes a timely notice of termination|
|Services||Discuss what the property manager’s duties are and which services aren’t covered|
|Fees||Determine the cost of each service|
|Property owner’s responsibilities & limitations||Use this section to define:
|Termination clause||Include this clause to define:
|Liability||Indicate which party is liable in case of injury, a tenant’s breach of lease, and similar|
Should You Create a Commercial Property Management Agreement by Yourself?
Creating any type of legal document—including a commercial property management agreement—on your own carries certain risks. Drawing up contracts requires attention to detail and an excellent understanding of your state’s laws. Even the smallest mistake can annul the agreement and jeopardize your and the other signing party’s interests.
You can try looking for contract templates online but note that those are pretty generic and won’t be perfect for everyone’s situation.
If you have the means to do so, you should consider hiring a lawyer to take care of your commercial property management agreement. While lawyers are expensive, they are usually the only ones who can help you create a legal document the right way.
You’ll be glad to know that hiring a lawyer doesn’t have to be your only solution for other documents. DoNotPay is here to help you draw up various contracts for a small subscription fee!
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