Management Agreement
Definition of "Management agreement"
Contractual agreement between a commercial or industrial rental property owner and an individual or firm who agrees to maintain the property. Management agreements specify the nature of services to be provided and the extent of authority a property manager has. Normally, the fees charged by a property manager are a widely varying percentage of the gross rentals depending on the services required and the size of the property. For example, a management agreement provides full maintenance services for a 40-unit apartment house, and the property manger charges 5% of all gross rental receipts for the maintenance services.
Popular Real Estate Terms
Agreement in which some terms are yet to be carried out. The contract is still not fully completed. ...
The most common definition of a subdivision in real estate terms is when a piece or parcel of land (referred to as a plot) is divided into smaller parts by its owner. A subdivision’s ...
Scale drawing or diagram illustrating the proposed use of a land plat property. ...
Street terminating at one end with only one outlet. A dead end street is not a through street. See also cul de sac. ...
Negative characteristics about real property which do not meet the needs of the usual occupant. Examples are inadequate lighting in the rooms and a one-car garage when a two-car garage is ...
Horizontal wood siding commonly used on the exterior of buildings which overlap each other. ...
Adding a period of time onto another. An examples a mortgagor who successfully restructures his loan by tacking another five years onto the term. ...
Lease where, in addition to the rent, the lessee pays the taxes, insurance, and maintenance. As a guarantee for the lessor, the lessee posts a bond payment equivalent to one year's tax, ...
Warranties issued by contractors, sellers, and real estate agencies that protect home buyers from specified defects in a house as per the contract. ...
Have a question or comment?
We're here to help.