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Short Term Rental Management Agreement for Nigeria

Short Term Rental Management Agreement Template for Nigeria

A comprehensive legal agreement governed by Nigerian law that establishes the terms and conditions under which a property management company will manage short-term rental properties on behalf of the property owner. The agreement covers essential aspects including property management services, financial arrangements, maintenance responsibilities, marketing obligations, and reporting requirements. It incorporates specific provisions aligned with Nigerian property law, tenancy regulations, and business practice requirements, while ensuring compliance with local state-specific property management regulations.

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What is a Short Term Rental Management Agreement?

The Short Term Rental Management Agreement is designed for use in the Nigerian property market where property owners seek professional management services for their short-term rental properties. This document becomes necessary when property owners want to delegate the day-to-day management of their rental properties to professional management companies, particularly for properties intended for short-term or vacation rentals. The agreement, governed by Nigerian law, includes comprehensive terms covering property management responsibilities, financial arrangements, maintenance obligations, and operational procedures. It's particularly relevant in major Nigerian cities with active short-term rental markets and must comply with both federal and state-specific property laws. The document is structured to protect both parties' interests while ensuring efficient property management operations.

What sections should be included in a Short Term Rental Management Agreement?

1. Parties: Identification and details of the Property Owner and the Property Management Company

2. Background: Context of the agreement and brief description of the property and intended management arrangement

3. Definitions: Definitions of key terms used throughout the agreement

4. Appointment and Term: Formal appointment of the property manager and duration of the agreement

5. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided by the property manager

6. Property Owner's Obligations: Responsibilities and obligations of the property owner

7. Financial Terms: Management fees, commission structures, and payment terms

8. Rental Collection and Disbursement: Procedures for collecting rent and distributing funds to the owner

9. Maintenance and Repairs: Procedures for property maintenance and authorization levels for repairs

10. Marketing and Letting: Terms regarding property marketing and tenant selection processes

11. Reporting Requirements: Required reports, frequency, and content of financial and operational updates

12. Insurance Requirements: Insurance obligations for both parties

13. Termination: Conditions and procedures for terminating the agreement

14. Governing Law and Jurisdiction: Specification of Nigerian law as governing law and jurisdiction for disputes

What sections are optional to include in a Short Term Rental Management Agreement?

1. Security Deposits Management: Procedures for handling tenant security deposits - include if the property manager will handle deposits

2. Emergency Procedures: Specific procedures for handling emergencies - recommended for high-value properties

3. Special Amenities Management: Management of additional facilities like swimming pools or gym - include if property has special amenities

4. Staff Management: Terms regarding on-site staff management - include if property requires dedicated staff

5. Environmental Compliance: Special environmental requirements - include for properties in environmentally sensitive areas

6. Multiple Property Management: Additional terms for managing multiple properties - include if owner has multiple properties

7. Force Majeure: Terms dealing with unforeseen circumstances - recommended for longer-term arrangements

What schedules should be included in a Short Term Rental Management Agreement?

1. Schedule 1 - Property Details: Detailed description of the property, including address, features, and condition report

2. Schedule 2 - Management Fee Structure: Detailed breakdown of all fees and charges

3. Schedule 3 - Maintenance Contractors: List of approved contractors and service providers

4. Schedule 4 - Operating Procedures: Detailed procedures for day-to-day management activities

5. Schedule 5 - Reporting Ƶ: Standard formats for various required reports

6. Appendix A - Property Photographs: Current photographs documenting property condition

7. Appendix B - Authorization Levels: Matrix of spending and decision-making authorization levels

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents

Jurisdiction

Nigeria

Publisher

Ƶ

Document Type

Tenancy Agreement

Cost

Free to use

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