The Commercial Property Management Contract serves as a crucial legal instrument in the Nigerian real estate sector, establishing the framework for professional property management services. This document is essential when property owners seek to delegate the day-to-day management of their commercial properties to professional management companies. It is particularly relevant in major Nigerian commercial centers such as Lagos, Abuja, and Port Harcourt, where commercial property management demands sophisticated professional services. The contract incorporates requirements from Nigerian property law, including the Land Use Act, state-specific tenancy laws, and professional practice regulations. It outlines comprehensive terms for property maintenance, tenant relations, financial management, and reporting obligations, while ensuring compliance with local legal requirements and industry best practices.
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1. Parties: Identification of the property owner and the property management company, including full legal names, registration numbers, and addresses
2. Background: Context of the agreement, including brief description of the property and the owner's desire to engage professional management services
3. Definitions: Definitions of key terms used throughout the agreement, including 'Property', 'Services', 'Management Fee', etc.
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided, including maintenance, tenant management, financial management, and reporting
6. Owner's Obligations: Property owner's responsibilities, including providing necessary documentation, maintaining insurance, and funding requirements
7. Fees and Payment Terms: Detailed breakdown of management fees, payment schedule, and reimbursable expenses
8. Financial Management and Reporting: Requirements for handling rental income, expenses, budgeting, and periodic financial reporting
9. Maintenance and Repairs: Procedures for routine maintenance, emergency repairs, and spending authority limits
10. Tenant Management: Protocols for tenant selection, lease administration, rent collection, and handling tenant issues
11. Insurance and Liability: Insurance requirements for both parties and allocation of risks
12. Termination: Grounds for termination, notice requirements, and post-termination obligations
13. Governing Law and Dispute Resolution: Specification of Nigerian law as governing law and procedures for resolving disputes
14. General Provisions: Standard clauses including force majeure, notices, assignment, and entire agreement
1. Environmental Compliance: Required for properties with specific environmental considerations or hazardous materials
2. Security Services: Needed for properties requiring dedicated security arrangements
3. Marketing and Leasing Services: Important for properties with high vacancy rates or requiring active tenant recruitment
4. Construction Management: Required when the property manager will oversee renovation or construction projects
5. Special Facilities Management: Necessary for properties with specialized facilities like parking structures or recreational facilities
6. Multiple Property Management: Required when managing multiple properties under one agreement
7. Staff Management: Needed when the property manager will employ on-site staff
8. Utilities Management: Important for properties with complex utility systems or sub-metering requirements
1. Schedule 1: Property Details: Detailed description of the property, including location, size, facilities, and current condition
2. Schedule 2: Services Specification: Detailed breakdown of all management services to be provided
3. Schedule 3: Fee Structure: Comprehensive breakdown of all fees, charges, and commission structures
4. Schedule 4: Key Performance Indicators: Metrics for evaluating the property manager's performance
5. Schedule 5: Reporting Requirements: Templates and specifications for required reports
6. Schedule 6: Emergency Procedures: Protocols for handling various types of emergencies
7. Schedule 7: Maintenance Schedule: Planned maintenance program and schedules
8. Schedule 8: Current Tenant Register: List of existing tenants and key lease terms
9. Appendix A: Required Insurance Coverage: Detailed specifications of required insurance policies
10. Appendix B: Property Management Team: Key personnel assigned to manage the property
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