The Real Estate Operating Agreement is essential for property owners and management companies in Singapore who wish to establish a clear framework for property operations and management. This agreement is commonly used when engaging professional property management services and requires careful consideration of Singapore's property laws, including the Estate Agents Act, Building Control Act, and relevant regulatory guidelines. The document typically covers operational procedures, maintenance standards, financial responsibilities, and compliance requirements, while ensuring alignment with Singapore's strict property management regulations and industry best practices.
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Key Requirements PROMPT example:
Real Estate Operating Agreement
"I need a Real Estate Operating Agreement under Singapore law for a mixed-use commercial and residential building with 200 units, which will be managed by ABC Property Management starting March 1, 2025, with specific provisions for green building maintenance and smart building technology integration."
1. Parties: Identification and details of all parties to the agreement
2. Background: Context and purpose of the operating agreement
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of property management services to be provided
5. Term and Termination: Duration of agreement and conditions for termination
6. Fees and Payment Terms: Management fees, payment schedule, and related financial terms
7. Obligations and Responsibilities: Duties of both property manager and property owner
8. Insurance and Liability: Insurance requirements and allocation of risks
9. Governing Law: Specification of Singapore law as governing law
1. Emergency Services: Procedures for emergency situations - recommended for larger properties requiring 24/7 management
2. Staff Management: Terms regarding on-site staff - applicable when property requires dedicated staff
3. Environmental Compliance: Green building maintenance requirements - for properties with specific environmental certifications
4. Technology Services: Building management systems and technology - for smart buildings or properties with advanced systems
1. Schedule 1: Property Details: Detailed description of the property and facilities
2. Schedule 2: Service Level Agreements: Specific performance metrics and standards
3. Schedule 3: Fee Schedule: Detailed breakdown of all fees and charges
4. Schedule 4: Maintenance Schedule: Regular maintenance and inspection requirements
5. Appendix A: Emergency Procedures: Detailed emergency response protocols
6. Appendix B: Required Insurance Coverage: Specific insurance requirements and minimum coverage levels
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