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Management Agreement (Real Estate) for Ireland

Management Agreement (Real Estate) Template for Ireland

A comprehensive legal agreement governed by Irish law that establishes the relationship between a property owner and a professional management company for the operation, maintenance, and administration of real estate assets. The agreement details the scope of management services, financial arrangements, reporting requirements, and compliance obligations under Irish property law, including adherence to the Property Services (Regulation) Act 2011 and related regulations. It sets out the manager's authority, responsibilities, performance standards, and the property owner's obligations, while ensuring compliance with Irish real estate and property management regulations.

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What is a Management Agreement (Real Estate)?

The Management Agreement (Real Estate) is a crucial document used in the Irish property sector when property owners wish to delegate the day-to-day management of their real estate assets to professional management companies. This agreement is particularly important in Ireland's dynamic real estate market, where professional property management is increasingly essential for both commercial and residential properties. The document comprehensively outlines the scope of management services, including maintenance, financial management, tenant relations, and regulatory compliance. It must comply with Irish legislation, particularly the Property Services (Regulation) Act 2011 and the Multi-Unit Developments Act 2011 where applicable. The agreement is designed to protect both parties' interests while ensuring efficient property management and maintaining compliance with Irish property law and regulations.

What sections should be included in a Management Agreement (Real Estate)?

1. Parties: Identifies the property owner/client and the management company, including full legal names and addresses

2. Background: Describes the context of the agreement, property details, and purpose of the management arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Appointment and Term: Specifies the appointment of the manager, duration of the agreement, and any renewal terms

5. Scope of Services: Details the core property management services to be provided

6. Manager's Authority: Outlines the extent and limitations of the manager's decision-making authority

7. Owner's Obligations: Lists the responsibilities and obligations of the property owner

8. Fees and Expenses: Details the management fees, payment terms, and reimbursable expenses

9. Financial Management: Covers budgeting, accounting, and financial reporting requirements

10. Compliance and Insurance: Addresses regulatory compliance obligations and insurance requirements

11. Reporting and Records: Specifies reporting requirements and record-keeping obligations

12. Liability and Indemnification: Sets out liability limitations and indemnification provisions

13. Termination: Details circumstances and procedures for terminating the agreement

14. Dispute Resolution: Outlines the process for resolving disputes between parties

15. General Provisions: Includes standard boilerplate clauses such as notices, assignment, and governing law

What sections are optional to include in a Management Agreement (Real Estate)?

1. Residential Management: Additional provisions specific to residential property management, required when the property includes residential units

2. Staff Management: Provisions regarding employment and management of on-site staff, included when the manager will handle staffing

3. Environmental Compliance: Specific environmental management obligations, included for properties with significant environmental considerations

4. Development and Construction: Provisions for managing property improvements or development, included when construction or major renovations are anticipated

5. Marketing and Leasing: Detailed provisions for property marketing and lease management, included when the manager is responsible for tenant acquisition

6. Energy Management: Provisions for energy efficiency and sustainability initiatives, included for properties with specific environmental goals

7. Car Park Management: Specific provisions for managing car parking facilities, included when the property includes significant parking facilities

What schedules should be included in a Management Agreement (Real Estate)?

1. Schedule 1 - Property Description: Detailed description of the managed property, including address, facilities, and relevant certificates

2. Schedule 2 - Services Specification: Detailed breakdown of all management services to be provided

3. Schedule 3 - Fee Schedule: Detailed breakdown of all fees, charges, and payment terms

4. Schedule 4 - Key Performance Indicators: Performance metrics and standards for evaluating the manager's services

5. Schedule 5 - Reporting Requirements: Templates and specifications for required reports

6. Schedule 6 - Emergency Procedures: Procedures for handling various emergency situations

7. Schedule 7 - Insurance Requirements: Detailed insurance requirements and minimum coverage levels

8. Appendix A - Property Plans: Site plans, floor plans, and other relevant property drawings

9. Appendix B - Existing Contracts: List of existing service contracts and maintenance agreements

10. Appendix C - Initial Budget: Initial operating budget and financial projections

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Ireland

Cost

Free to use

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