The Exclusive Property Management Agreement is a crucial document used when property owners wish to delegate complete management responsibility to a professional property management company in India. This agreement is particularly relevant for owners of large properties, multiple units, or those requiring specialized management expertise. The document comprehensively covers all aspects of property management, including authority levels, service scope, financial arrangements, and compliance requirements under Indian law. It differs from non-exclusive agreements by granting sole management rights to the appointed company, ensuring centralized control and clear accountability. The agreement must comply with various Indian legislations, including the Real Estate (Regulation and Development) Act 2016, state-specific property laws, and the Indian Contract Act 1872. It's commonly used by individual investors, corporate property owners, and Real Estate Investment Trusts (REITs) seeking professional property management services.
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1. Parties: Identification of the property owner and the property management company, including full legal names, addresses, and registration details
2. Background: Context of the agreement, including brief description of the property and the owner's desire to engage the manager's services
3. Definitions: Detailed definitions of key terms used throughout the agreement
4. Appointment and Scope: Formal appointment of the property manager and detailed scope of exclusive management rights
5. Term and Renewal: Duration of the agreement and conditions for renewal
6. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided, including maintenance, tenant management, financial management, and reporting
7. Owner's Obligations: Responsibilities of the property owner, including providing necessary documentation and maintaining appropriate insurance
8. Financial Terms: Management fees, payment terms, handling of property expenses, and reserve funds
9. Authority and Decision Making: Extent of manager's authority to act on owner's behalf and spending limits
10. Reporting and Documentation: Requirements for financial reports, property status updates, and record-keeping
11. Insurance and Liability: Insurance requirements and allocation of liability between parties
12. Termination: Grounds for termination, notice requirements, and post-termination obligations
13. Confidentiality: Protection of confidential information and trade secrets
14. Dispute Resolution: Process for resolving disputes, including jurisdiction and governing law
15. General Provisions: Standard clauses including notices, assignment, force majeure, and entire agreement
1. Multiple Property Management: Additional terms for managing multiple properties under the same agreement
2. Special Maintenance Requirements: Specific requirements for heritage properties or properties with unique features
3. Emergency Services: Additional provisions for 24/7 emergency response services
4. Value-Added Services: Optional additional services such as renovation management or property marketing
5. Staff Housing: Terms for managing staff quarters or service apartments
6. Green Building Compliance: Special terms for managing environmentally certified buildings
7. Property Development: Terms for managing properties under development or major renovation
8. Foreign Owner Provisions: Additional terms for non-resident Indian property owners
1. Schedule A - Property Details: Detailed description of the property, including address, registration details, and physical characteristics
2. Schedule B - Management Services: Detailed scope of services with specific inclusions and exclusions
3. Schedule C - Fee Structure: Detailed breakdown of management fees, service charges, and payment terms
4. Schedule D - Maintenance Standards: Specific maintenance requirements and quality standards
5. Schedule E - Reporting Ƶ: Standard formats for various reports required under the agreement
6. Schedule F - Emergency Procedures: Detailed procedures for handling different types of emergencies
7. Schedule G - Key Performance Indicators: Metrics for evaluating property manager's performance
8. Appendix 1 - Required Licenses and Permits: List of mandatory licenses and permits for property operation
9. Appendix 2 - Insurance Requirements: Detailed insurance specifications for both parties
10. Appendix 3 - Property Management Team: Key personnel assigned to manage the property
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