Property Management Agreement
A property management agreement is the contract defining services, fees, responsibilities, and terms between property owner and management company.
| Agreement Section | Key Provisions |
| Scope of services | Detailed management responsibilities |
| Fee structure | Management fee, leasing fees, additional charges |
| Owner responsibilities | Property condition, insurance, major decisions |
| Manager authority | Spending limits, vendor selection, repairs |
| Financial reporting | Monthly statements, annual reconciliation |
| Term and termination | Duration, notice requirements, exit procedures |
| Standard Terms | Typical Provision |
| Contract duration | 12 months, auto-renewal |
| Termination notice | 30 to 90 days |
| Expense approval threshold | AED 2,000 to 5,000 |
| Leasing authority | Manager can execute leases within parameters |
| Insurance requirement | Owner maintains property insurance |
| Dispute resolution | Arbitration or mediation |
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