Updated about 8 years ago on . Most recent reply
Property Management Contract Term
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?