Property Management Contract Term

3 Replies

I've one TH that has been rented to a tenant , have a property manager with whom I signed a property management contract.  Wanted to know of my options regarding the contract. 

This is the language on the contract regarding duration 

Duration of Agreement. This Agreement shall be binding when it has been signed and dated below by Owner and Agent. It shall become effective on ("Effective Date") and shall be for an initial term of current.

NOT LESS THAN 60 DAYS PRIOR TO THE CONCLUSION OF THE INITIAL TERM, EITHER PARTY MAY NOTIFY

THE OTHER PARTY IN WRITING OF ITS DESIRE TO TERMINATE THIS AGREEMENT, IN WHICH CASE IT SHALL

TERMINATE AT THE CONCLUSION OF THE INITIAL TERM.

Can BP members please help with the meaning of "current" in the context of initial term. Does it mean one year or less or more?

That sounds strange. It almost sounds like there is no specific term other than the need for a 60-day notice to cancel. I would definitely ask for a clarification and ask for something more definitive for the term.

First of all, the is the weirdest language I have ever seen!!

I think it means the current rental lease agreement. For instance if you signed a years lease that expires on January 31st, then you would need to give notice to cancel at the end of November?

Fred and Kim, thanks for your replies. I was thinking on the lines of what Fred wrote but was worried it might be what Kim wrote, hence asked the question here.

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