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
Requires collateral to secure the debt. An example of collateral might be one's home. ...
What is real estate speculation? The term real estate speculation may have a difficult definition, but explaining it may be easier. Think of the stock market, buying stocks when they are ...
The smallest lot area required for building under the municipal zoning code. For example, a municipal zoning code requires all building lots to have a minimum lot area of 1/4 of an acre in ...
House that can be bought at a low price because it is in poor condition. A buyer who is handy may find it attractive because he can personally make the needed repairs without hiring others. ...
See accommodation endorser, maker, or party. ...
A rule that the price of a house should not exceed about 2 to 2.5 times your family's gross annual earnings. Example : If annual gross income is $70,000, the highest price one could afford ...
Surface level of water. ...
Roof having a concave angle. ...
Tax assessed on a transfer of property made without adequate legal consideration. This tax is based on the appraised value of the property at the time of transfer.Also, gifts of property ...
Have a question or comment?
We're here to help.