Provisions should include
- description of the property
- definition of the term of the agreement and how it can be terminated
- collection of rent
- repairs
- duration
- compensation.
DPOR correlation: 18VAC135-20-400. 17 (Real property management)
Process/Skill Questions:
- What are the parts of the management agreement?
- What is the purpose of a typical property management agreement?
- What are some covenants and/or clauses included in leases?
- Why would a property management company include covenants and/or clauses in their leasing agreement?