Legal advice - Contract agreement with Property Management
I am looking for legal advice how to break a contract agreement with a property management company that is not performing. I have a one year contract with a property management company and want to end the contract 6 month early due to their performance and just overall their operations. Their contract stated that I would have to pay $5K per month for liquid damage. However, they are not even making me $5K a month. I signed the contract end of June so if I cancel now I would have to pay 6 month of liquid damage. Want to understand how liquid damage work if the other party is not performing and not making money for me. Any help is greatly appreciated.
#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
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- Austin, TX
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#3 BRRRR - Buy, Rehab, Rent, Refinance, Repeat Contributor
- Investor
- Austin, TX
No one is going to give you legal advice. Have a civil conversation with them and explain why you are breaking contract.
#2 Managing Your Property Contributor
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#2 Managing Your Property Contributor
- Property Manager
- Royal Oak, MI
Why in the world would you sign such a contract?
You will need to review the contract to confirm they violated a provision, so you can send the proper termination notice without penalty.
Quote from @Drew Sygit:
Why in the world would you sign such a contract?
You will need to review the contract to confirm they violated a provision, so you can send the proper termination notice without penalty.
You need to write out exactly what they are doing wrong and notate everything. Confirm in the contract you signed that is part of their duty. Once done, approach them with your concerns and of things don't move in the right direction, they might be breaching the contract. At that point you might have to get an attorney