A site manager`s contract is limited to 10 years, but can be renewed. A contract may be terminated in a vote at a general meeting of the owner company. If the agreement between the original owner and the site manager is concluded in the initial phase, the contract ends with the first general meeting. At the first general meeting, a new site manager may be hired or transferred to another person. However, the administrator is not responsible for the negligence of third parties they hire. For example, a property manager is not liable when he hires a contractor and the contractor causes damage to the property. Building managers cannot enforce the statutes or have similar functions of the owner company. This is not a voluntary or random position. The second part of the contract that you need to understand is your responsibility as an owner. This part of the contract defines what you have to do by signing the contract and what you prevented from doing. They want to ensure that the administrative agreement contains a section indicating that they support equal housing opportunities. It should be said that they will follow both government and federal fair housing laws.
Do not immediately exclude a property manager because it appears that they charge higher fees. Property managers who charge lower upfront fees may charge more for “additional tasks” such as filling positions, paying bills, maintenance problems and evacuation procedures. You should read the administrative agreement very carefully to determine which services are actually included in the administrative costs and which services are considered extra and require additional payments. It is the part of the contract that limits the manager`s liability. This is known as the maintenance-damage clause. As a general rule, this clause protects the administrator, except in cases where they have been negligent. As a general rule, you must terminate between 30 and 90 days in advance to terminate the contract. Make sure that the agreement also stipulates that the property management company must give you at least 30 days at least 30 days in advance if it decides to terminate the contract. You are looking for a contract that does not require a reason to terminate the contract. You also want a clause where you can terminate the contract without penalty if the management company does not find a customer within a specified time frame. The first basic part of the management contract that you need to understand is what services the trustee is willing to provide and how much they will charge for those services.
You need to understand which services are included in the administrative costs, which services can be provided for an additional fee, and which services are not provided under any circumstances.