This Property Management Service Agreement – Multi-Let Residential Property
should be used by a Property Management Company that is managing, on behalf
of the Owner, a multi-let residential property (such as a block of flats)
where the units are let on assured shorthold tenancies. Other templates are
available for the management of a single property, multiple properties and
commercial properties.
It is assumed that both the Management Company and the property Owner are
acting in the course of a business. This document is not suitable for
“business-to-consumer” transactions.
This Service Agreement (also known as a Service Contract) provides for the
individual flats or bedsits within the property to be let on an assured
shorthold tenancy basis and for the whole property to be managed by the
Management Company for the term of the Agreement. The Agreement sets out in
detail the rights and obligations of each party. It includes clauses
dealing with key issues such as insurance, liability and indemnity,
financial record keeping, confidentiality and non-solicitation.
This
Agreement includes provisions relating to the mandatory requirements for property
managers to be members of a Client Money Protection Scheme. This statement must be included if the Manager
holds client money.
The scope of the Management Company’s role is set out in Schedule 1. An
example scope of work is included in the template but this should be
reviewed carefully and amended as appropriate to suit the needs of the
Management Company and to reflect the particular transaction.
Fees and payment are covered in Schedule 2. There can be a monthly fee, ad
hoc payments or a combination of the two.
Schedule 3 contains the Owner’s obligations. The example wording should be
reviewed and amended as necessary.
Optional phrases / clauses are enclosed in square brackets. These should be
read carefully and selected so as to be compatible with one another. Unused
options should be removed from the document.
This Property Management Service Agreement – Multi-Let Residential Property
contains the following clauses:
1. Definitions and Interpretation
2. Provision of the Services
3. Client’s Obligations
4. Fees, Payment and Records
5. Liability, Indemnity and Insurance
6. Confidentiality
7. Force Majeure
8. Term and Termination
9. Effects of Termination
10. No Waiver
11. Further Assurance
12. Costs
13. Set-Off
14. Assignment and Sub-Contracting
15. Time
16. Relationship of the Parties
17. Non-Solicitation
18. Third Party Rights
19. Notices
20. Entire Agreement
21. Counterparts
22. Severance
23. Dispute Resolution
24. Law and Jurisdiction
And the following schedules:
1. Specification of Services
2. Fees and Payment
3. Client’s Obligations
This template is in open format. Either enter the requisite details in the
highlighted fields or adjust the wording to suit your purposes.
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