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
Study of real estate activities including demand, price, location influence, and current trends. ...
revising the terms of a loan such as when the borrower is experiencing severe financial difficulties. For example, a homeowner lost his job and seeks relief by requesting the lender ...
Transfer of title based on a preceding title transfer of conveyance. A derivative conveyance increases, ratifies, moderates, renews or transfers the stake created by the original ...
Any structure projecting from a wall or other vertical element for the purpose of providing support for a weight or other object. ...
Recording an expenditure having a benefit of more than one year to the cost of the property. ...
Supporting beam or connecting member between two walls. A cross tie gives support for wall structures. ...
Written document by an official granting agency and signed by an empowered official certifying that some specific act including the fulfillment of certain requirements has occurred on a ...
Local government ordinances governing real estate development including structural and design aspects. Zoning ordinances usually define various usage classifications ranging from ...
Financing of a home based on how much equity the homeowner has in it. The interest rate is typically a variable one. ...
Have a question or comment?
We're here to help.