The Managing Agent Contract is essential when appointing a professional property manager to oversee real estate assets in England and Wales. This document is particularly relevant for properties requiring systematic management, including residential blocks, commercial buildings, or mixed-use developments. The contract defines the managing agent's authority, scope of services, financial arrangements, and compliance obligations. It incorporates requirements from relevant legislation such as the Landlord and Tenant Act, Consumer Rights Act, and various property management regulations. The agreement is designed to protect both parties' interests while ensuring professional property management standards are maintained.
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1. 1. Parties: Identifies and defines the managing agent and the property owner/company
2. 2. Background: Context of the appointment and basic information about the property/properties
3. 3. Definitions: Key terms used throughout the agreement including relevant legislation and regulatory requirements
4. 4. Appointment and Term: Scope of appointment, duration, and conditions of the management arrangement
5. 5. Services: Detailed description of management services to be provided including statutory compliance obligations
6. 6. Fees and Expenses: Payment terms, fee structure, and reimbursable expenses
7. 7. Agent's Obligations: Key responsibilities and duties of the managing agent including regulatory compliance
8. 8. Client's Obligations: Responsibilities of the property owner/company
9. 9. Insurance: Insurance requirements and obligations for both parties
10. 10. Data Protection: Compliance with UK GDPR and Data Protection Act 2018 requirements
11. 11. Termination: Conditions and process for ending the agreement
12. 12. Liability and Indemnity: Limitations of liability and indemnification provisions
13. 13. Dispute Resolution: Procedures for handling disputes and complaints
14. 14. General Provisions: Standard boilerplate clauses including notices, entire agreement, and governing law
1. Additional Services: Optional extra services beyond standard management that can be provided at additional cost
2. Performance Standards: Specific KPIs and service levels for measuring agent performance
3. Staff and Subcontractors: Specific requirements for personnel and outsourcing arrangements
4. Financial Management: Detailed provisions for handling service charges and reserve funds
5. Building Safety Provisions: Specific obligations under the Building Safety Act 2022 for applicable properties
1. Schedule 1: Property Details: Comprehensive information about the managed properties including location, facilities, and specific requirements
2. Schedule 2: Services Specification: Detailed breakdown of all management services to be provided including frequency and standards
3. Schedule 3: Fee Schedule: Detailed breakdown of all fees, charges, and commission structures
4. Schedule 4: Key Performance Indicators: Specific metrics and targets for measuring service quality and performance
5. Schedule 5: Reporting Requirements: Ƶ and timing for regular reporting and communications
6. Schedule 6: Insurance Requirements: Detailed specifications of required insurance coverage and limits
7. Schedule 7: Compliance Checklist: List of all relevant legislation and regulations that must be complied with
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