Property management contract

Discussion in 'Property Management' started by ac_shev, 26th Jan, 2018.

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  1. ac_shev

    ac_shev Member

    Joined:
    28th Aug, 2015
    Posts:
    10
    Location:
    Sydney
    Hello,

    We are currently reviewing the two draft contracts that have been proposed to us from the potential managing agents for our first IP in Sydney. As we are totally new to this, there are a couple of questions that we would like to ask the forum.

    1. What is the standard notice period should one party would like to terminate the agreement. One agent requires 60 days while the other wants 90 days minimum.

    Also, is it common to insert a clause to have the contract terminated earlier say 14 or 21 days should the agent fails to perform items as per the contract for example they dont inspect the property etc..

    2. Is this common for the agent to charge a percentage on the total insurance claim? Both agents want to charge regardless if the claims are only related to property damage.

    3. Is there such a thing as a standard property management contract in NSW that we can reference when reviewing the contracts proposed to us.

    Many thanks,
     
    ac_shev, 26th Jan, 2018
    #1
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