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
Burdens one parcel of land (the servient estate) for the benefit of another parcel (the dominant estate). ...
maintenance procedures conducted to prevent later repairs and furthering a longer useful life. For example, many boilers and burners are cleaned and serviced each year before the winter ...
Individual who will receive an inheritance upon the death of another. The proceeds of an insurance policy may be in a lump sum annuity. Real estate also passes to the beneficiary. ...
To sign a note on behalf of another individual and, therefore, to guarantee payment. The cosigner is responsible for the loan if the borrower defaults. Such an agreement may occur in ...
(1) Written statement by a responsible individual or entity of the correctness and reliability of something. (2) Written permission to do something, such as receiving a real estate ...
The result of an act or a fact. ...
The Latin term pro rata has a significant meaning in legal, real estate as well as job industries. To define pro rata, anyone can take a quick vocabulary lesson. Any element that is split ...
Day the attachment of property under a judicial order becomes effective. ...
The meaning of an undisclosed principal in everyday use often refers to a confidential client who intends to keep their identity hidden. Typically, this individual remains in the background ...
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