Re: Property Management Transfer - Landlord Forum thread

Re: Property Management Transfer by OK-LL on June 26, 2012 @14:09

You are right to inquire because PM agreements are agreements for personal services and would not necessarily be transferrable. I don't think you want transferrability; what you want is the ability to cancel the agreement at will. If you are the property owner, you want to be able to cancel the contract upon sale or with a XX-day notice (this allows you to switch PMs at will, or stop the contract for any other reason you wish). You can probably write up a clause such as this on your own. Just use plain language. Otherwise, it's best to consult an attorney to develop contract language.

[ Reply ] [ Return to forum ]

Re: Property Management Transfer by Brandon (OK) on June 26, 2012 @14:12	[ Reply ]

Thanks. I did have a paragraph already stating that the agreement could be terminated by either party with a 30-day notice. Wasn't sure if the extra part about it being transferable was needed or just redundant. I am the PM, just making sure to cover all bases.

Re: Property Management Transfer by OK-LL on June 26, 2012 @16:45	[ Reply ]

You are the PM? That wasn't clear from your OP. Are you talking about a sale of the rental to a new owner? I don't believe you can force a transfer of your contract when a property sells to a new owner; I believe you would need a new contract with the new owner. And are you talking about a transfer of the management contract to a new PM? The concept is a little confusing. Best bet is to cancel the contract when the parties are no longer owner/PM as originally signed.

Re: Property Management Transfer by Brandon (OK) on June 26, 2012 @22:47	[ Reply ]

Yes I am the PM. I would assume a Sale of Property voids the Property Management Agreement with the old owner and just sign a new contract with the new owner if they wish. I also assume that if a current owner wants to change PM's, they just need to give a notice in writing like a tenant moving out would.

Re: Property Management Transfer