Property Management Service Agreement – Multi-Let Residential Property
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
7. Force Majeure
8. Term and Termination
9. Effects of Termination
10. No Waiver
11. Further Assurance
14. Assignment and Sub-Contracting
16. Relationship of the Parties
18. Third Party Rights
20. Entire Agreement
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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