Property Management Contract

Hi all,

Have a few questions about a property management contract I am looking at.

There is an exclusive authority for 90 days and a continuing authority for a further 60 days.

It goes on to say 'There is no Exclusive Agency Period for Managing the property, it can be terminated by one party providing one month’s written notice to the other party'.

Am I correct in thinking the authority only applies to the leasing fee? If the manager was unable to find a tenant and I decide to use another manager, I would only be liable for the leasing fee?

Is the 90 days exclusive and 60 days continuing authority common for a management contract?

 

There should be no fees due if the agreement is terminated while the property is vacant and after the exclusive period is over.

It seems like they have an exclusive agency for 3 months which means that penalties can apply for breaking the contract within that 3 month period and only till the end of that period. - whatever the management fees are worth for those 3 months.

After that you can give them one month notice to terminate.

 

Amend it to 30 days.
That is plenty of notice.
Marg

 

In Vic there is only an exclusive period for the leasing, there is no fixed/exclusive period for managing the tenancy
So in essence if the agency finds a tenant you would be responsible for the leasing fee and any advertising costs listed.
Once the tenant has moved in the exclusive period ends. So if 2, 3, 12 months on you are not happy you can elect to terminate the management and take it to another agency or self manage without penalty.

 

Thanks for the responses. I am located in Vic so it seems I would only be liable for the leasing fee and advertising costs.