Management Termination Steps & Procedures
These are the sequences and steps we follow when a PM Agreement is Terminated
1-Receive written termination from Owner with "60 days Notice of Termination"
2-Send Owner and Broker Docusign Termination form including dates. I will send the form to you 60 days before the contract expires
Scenarios:
Choose one from here:
A-Owner cancels and the tenant remains
B-Owner cancels and the tenant moves out
Choose one from here:
C-Owners cancels and the property is currently vacant
D-Owner cancels and sells property through us
E-Owner cancels and sells - not through us
F-Owner cancels and self manages
G-Owner cancels and transfers to another PM
Bookkeeping:
- Collect all unpaid property/owner invoices
- If snail-mailing charge Owner a $25 flat fee to cover shipping costs costs
- Transfer/Disburse the security deposit
- After 90 days... to allow time for all invoices to be paid (Utility Company or Repair Vendors), Transfer the remaining maintenance reserve as per the Owners instructions.
- As per the Owners instructions, transfer the following items accordingly:
-Lease
-12 Month Ledger
-Keys, Fobs, Remotes
-Security deposit if the tenant remains
-Remaining maintenance reserve
-Tenants Contact Info
If you have any questions, please let me know