End of Management
Either party, the Landlord or the Property Manager, can give notice to terminate the leasing/management agreement after the initial 12-month period. The contract will terminate 60 days from notification. During the last 60 days of the management, the following will occur:
- The Landlord will be responsible for all bills and pay all work orders directly. Since revenue will be limited by the lack of incoming rent, this will ensure all bills are fully paid by the Landlord’s funds.
- If applicable, the property manager will transfer the security deposit to the new property manager and give notice to the resident.
- The Landlord will be responsible to download all of their files from their portal since they will no longer have access after 60 days.
- If applicable, the Landlord will transfer all utilities into their name 45 days prior to management end date to allow sufficient time for the final utility bill to arrive and be paid.
- Final payment of balance will be conducted on the next owner draw – typically the 1st of the next month.
