The Property Management Agency Agreement is a crucial document used when property owners wish to delegate the management of their real estate assets to professional property management companies in India. This agreement is particularly relevant in the context of Indian real estate law, specifically complying with the Real Estate (Regulation and Development) Act, 2016, and other relevant property legislation. The document typically covers comprehensive service provisions, including property maintenance, tenant management, financial handling, and reporting obligations. It is designed to protect both parties' interests while ensuring professional management of the property in accordance with Indian legal requirements and industry standards. The agreement is essential for both residential and commercial properties, providing clear guidelines for the relationship between the property owner and the management agency while ensuring compliance with local regulations and market practices.
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1. Parties: Identification of the property owner and the property management agency, including full legal names, addresses, and registration details
2. Background: Context of the agreement, including brief description of the property and the owner's intention to appoint the agency
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Scope of Services: Detailed description of property management services to be provided
6. Manager's Duties and Responsibilities: Comprehensive list of the property manager's obligations including maintenance, tenant management, and financial responsibilities
7. Owner's Obligations: Property owner's responsibilities and commitments
8. Fees and Payment Terms: Management fees, payment schedule, and reimbursement of expenses
9. Financial Reporting: Requirements for financial statements, reports, and accounting procedures
10. Insurance and Liability: Insurance requirements and allocation of liability between parties
11. Termination: Grounds for termination, notice requirements, and post-termination obligations
12. Governing Law and Jurisdiction: Specification of Indian law as governing law and jurisdiction for disputes
13. Notices: Process and addresses for serving formal notices under the agreement
14. General Provisions: Standard clauses including force majeure, severability, and entire agreement
1. Emergency Services: Additional provisions for 24/7 emergency response services, recommended for residential properties
2. Special Maintenance Requirements: For properties with unique features or historical significance requiring specialized maintenance
3. Marketing and Leasing Services: Detailed provisions for properties requiring tenant procurement services
4. Security Services: For properties requiring additional security arrangements
5. Green Building Compliance: For properties with environmental certifications or requirements
6. Multiple Property Management: Additional terms for managing multiple properties under one agreement
7. Staff Management: For properties requiring on-site staff management
8. Commercial Tenant Relations: Specific provisions for managing commercial properties and tenant relationships
1. Property Details: Detailed description of the property, including address, size, facilities, and current condition
2. Service Level Agreement: Specific performance metrics and service standards
3. Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
4. Maintenance Schedule: Regular maintenance tasks and their frequencies
5. Required Insurance Coverage: Detailed insurance requirements and minimum coverage amounts
6. Emergency Procedures: Step-by-step procedures for different types of emergencies
7. Authorized Personnel: List of authorized representatives from both parties
8. Reporting Templates: Standard formats for various required reports
Relevant legal definitions
Clauses
Relevant Industries
Real Estate
Property Management
Facilities Management
Commercial Real Estate
Residential Real Estate
Real Estate Investment
Property Development
Hospitality
Retail
Office Space Management
Relevant Teams
Legal
Real Estate
Property Management
Operations
Facilities Management
Asset Management
Contract Administration
Finance
Risk Management
Compliance
Relevant Roles
Property Manager
Real Estate Manager
Facility Manager
Asset Manager
Property Owner
Real Estate Investment Manager
Operations Manager
Property Management Director
Legal Counsel
Real Estate Administrator
Leasing Manager
Building Manager
Property Services Coordinator
Real Estate Operations Director
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