The Termination Of Property Management Agreement is a crucial document used in Australian property management when either the property owner or the property management company wishes to end their professional relationship. This document is essential when transitioning property management responsibilities, whether due to a change in management companies, sale of the property, or decision to self-manage. It ensures compliance with Australian property law and state-specific regulations, providing a clear framework for the termination process. The agreement covers critical elements including the effective termination date, handover of documents and keys, final accounting requirements, trust account reconciliation, and the process for notifying tenants. It's particularly important for protecting both parties' interests and ensuring a smooth transition of management responsibilities while maintaining compliance with relevant legislation including the Property and Stock Agents Act 2002 and state-specific real estate laws.
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1. Parties: Identification of the property owner(s) and the property management agency
2. Background: Brief recital of the existing property management agreement and the parties' intention to terminate
3. Definitions: Key terms used in the agreement including 'Effective Date', 'Property', 'Original Agreement', etc.
4. Termination Date: Specification of the exact date when the property management services will cease
5. Mutual Agreement: Statement of mutual consent to terminate the property management agreement
6. Return of Property and Documents: Requirements for the return of keys, documents, records, and other property-related items
7. Financial Settlement: Provisions for final accounting, outstanding fees, and transfer of funds
8. Release of Obligations: Mutual release from future obligations under the original agreement
9. Execution: Signature blocks and execution details for all parties
1. Transition Period: Include when a handover period to a new property manager is required
2. Tenant Notification: Include when there are existing tenants who need to be formally notified
3. Outstanding Maintenance: Include when there are pending maintenance issues or contractor relationships to be addressed
4. Trust Account Transfer: Include when there are trust account funds to be transferred or reconciled
5. Dispute Resolution: Include when there are unresolved issues or potential disputes to address
6. Confidentiality: Include when specific confidentiality provisions are needed post-termination
7. Surviving Obligations: Include when certain obligations need to continue after termination
1. Schedule A - Property Details: List of properties covered by the termination agreement
2. Schedule B - Financial Statement: Final accounting statement including all outstanding amounts
3. Schedule C - Handover Checklist: Detailed list of items and documents to be returned or transferred
4. Appendix 1 - Original Management Agreement: Copy of the original property management agreement being terminated
5. Appendix 2 - Keys and Access Devices Register: Inventory of all keys and access devices to be returned
Relevant legal definitions
Agreement
Property
Original Management Agreement
Effective Date
Termination Date
Handover Date
Property Owner
Manager
Premises
Management Fees
Trust Account
Outstanding Amounts
Handover Period
Business Day
Tenant
Lease
Property Records
Management Services
Keys and Security Devices
Final Accounting Period
Transition Period
Related Documents
Authorized Representative
Governing Law
Confidential Information
Final Statement
Outstanding Obligations
Property Management Fees
Management Period
Existing Tenancies
Property
Original Management Agreement
Effective Date
Termination Date
Handover Date
Property Owner
Manager
Premises
Management Fees
Trust Account
Outstanding Amounts
Handover Period
Business Day
Tenant
Lease
Property Records
Management Services
Keys and Security Devices
Final Accounting Period
Transition Period
Related Documents
Authorized Representative
Governing Law
Confidential Information
Final Statement
Outstanding Obligations
Property Management Fees
Management Period
Existing Tenancies
Clauses
Termination
Handover Requirements
Financial Settlement
Trust Account
Release and Discharge
Confidentiality
Mutual Obligations
Final Accounting
Property Access
Document Transfer
Keys and Security
Notice Requirements
Tenant Communication
Outstanding Maintenance
Indemnification
Dispute Resolution
Survival Obligations
Governing Law
Transition Period
Records Retention
Property Management
Execution
Severability
Entire Agreement
Assignment
Compliance
Interpretation
Force Majeure
Notices
Warranties
Handover Requirements
Financial Settlement
Trust Account
Release and Discharge
Confidentiality
Mutual Obligations
Final Accounting
Property Access
Document Transfer
Keys and Security
Notice Requirements
Tenant Communication
Outstanding Maintenance
Indemnification
Dispute Resolution
Survival Obligations
Governing Law
Transition Period
Records Retention
Property Management
Execution
Severability
Entire Agreement
Assignment
Compliance
Interpretation
Force Majeure
Notices
Warranties
Relevant Industries
Real Estate
Property Management
Commercial Property
Residential Property
Property Investment
Asset Management
Facilities Management
Real Estate Investment Trusts (REITs)
Property Development
Strata Management
Relevant Teams
Legal
Property Management
Operations
Compliance
Asset Management
Administration
Finance
Real Estate
Client Services
Business Development
Risk Management
Relevant Roles
Property Manager
Real Estate Agent
Property Owner
Asset Manager
Operations Manager
Legal Counsel
Compliance Officer
Portfolio Manager
Real Estate Director
Property Management Coordinator
Business Development Manager
Facilities Manager
Trust Account Manager
Property Administration Officer
Strata Manager
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