The Terminate Property Management Agreement is a crucial document used when either a property owner or property management company wishes to end their professional relationship in Canada. This document is essential when transitioning property management responsibilities, whether due to contract expiration, mutual agreement, or other circumstances. It must comply with provincial property laws and professional licensing requirements, varying slightly by province (with Quebec having distinct civil law requirements). The agreement typically includes provisions for final accountings, property handover, tenant notification, and the transition of responsibilities. It's designed to protect both parties' interests while ensuring a smooth transfer of property management duties and addressing key aspects such as outstanding financial obligations, document transfers, and ongoing service contracts.
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1. Parties: Full legal names and addresses of the property owner and property management company
2. Background: Reference to the original Property Management Agreement, including its date and key details
3. Definitions: Key terms used in the termination agreement, including references to defined terms from the original agreement
4. Termination Date: Clear statement of when the property management services will cease
5. Mutual Release: General release of claims between parties, subject to exceptions noted in the agreement
6. Final Accounting: Provisions for final financial reconciliation and handling of property accounts
7. Return of Property: Requirements for returning keys, documents, and other property-related items
8. Confidentiality: Ongoing obligations regarding confidential information
9. Governing Law: Specification of applicable provincial law governing the termination
10. Execution: Signature blocks and execution requirements
1. Transition Period: Details of any handover period to new property managers or owner, used when immediate termination is not practical
2. Outstanding Fees: Section detailing any remaining fees or compensation to be paid, used when there are unresolved financial matters
3. Tenant Notification: Provisions regarding notification to tenants, used for properties with active tenants
4. Vendor Contracts: Handling of ongoing vendor relationships and contracts, used when there are active service contracts
5. Dispute Resolution: Specific procedures for resolving any disputes, used in high-value or complex terminations
6. Insurance: Provisions regarding ongoing insurance obligations and transfer of policies, used when insurance arrangements need to be addressed
7. Survival Clauses: Specific obligations that survive termination, used when certain provisions need to continue past termination
1. Schedule A - Property Inventory: Detailed list of all property-related items to be returned
2. Schedule B - Final Financial Statement: Comprehensive financial reconciliation including all accounts and outstanding items
3. Schedule C - Handover Checklist: List of tasks and items to be completed for proper termination
4. Schedule D - Active Contracts List: Summary of all active service contracts and their status
5. Appendix 1 - Original Property Management Agreement: Copy of the original agreement being terminated
6. Appendix 2 - Transfer Documentation: Forms and documents required for transferring various accounts and responsibilities
Relevant legal definitions
Agreement
Original Agreement
Effective Date
Termination Date
Property
Premises
Owner
Manager
Management Services
Transition Period
Handover Date
Final Accounting
Outstanding Fees
Security Deposit
Management Fee
Property Records
Confidential Information
Force Majeure
Business Day
Governing Law
Released Claims
Service Contracts
Tenant Leases
Operating Accounts
Reserve Accounts
Property Personnel
Transition Services
Intellectual Property
Management Systems
Final Report
Original Agreement
Effective Date
Termination Date
Property
Premises
Owner
Manager
Management Services
Transition Period
Handover Date
Final Accounting
Outstanding Fees
Security Deposit
Management Fee
Property Records
Confidential Information
Force Majeure
Business Day
Governing Law
Released Claims
Service Contracts
Tenant Leases
Operating Accounts
Reserve Accounts
Property Personnel
Transition Services
Intellectual Property
Management Systems
Final Report
Clauses
Termination
Mutual Release
Final Accounting
Property Handover
Confidentiality
Indemnification
Governing Law
Notice
Dispute Resolution
Assignment
Severability
Entire Agreement
Amendment
Survival
Force Majeure
Representations and Warranties
Cooperation
Transition Services
Records Transfer
Financial Settlement
Insurance
Liability
Property Access
Third Party Rights
Tenant Relations
Service Contract Transfer
Security Deposit Handling
Compliance with Laws
Further Assurance
Counterparts
Mutual Release
Final Accounting
Property Handover
Confidentiality
Indemnification
Governing Law
Notice
Dispute Resolution
Assignment
Severability
Entire Agreement
Amendment
Survival
Force Majeure
Representations and Warranties
Cooperation
Transition Services
Records Transfer
Financial Settlement
Insurance
Liability
Property Access
Third Party Rights
Tenant Relations
Service Contract Transfer
Security Deposit Handling
Compliance with Laws
Further Assurance
Counterparts
Relevant Industries
Real Estate
Property Management
Commercial Real Estate
Residential Real Estate
Retail Property
Industrial Property
Multi-family Housing
Hospitality
Office Management
Facility Management
Asset Management
Relevant Teams
Legal
Operations
Property Management
Asset Management
Real Estate
Facilities Management
Contract Administration
Compliance
Risk Management
Finance
Administrative Services
Relevant Roles
Property Manager
Real Estate Manager
Asset Manager
Facility Manager
Property Owner
Real Estate Director
Operations Manager
Building Manager
Legal Counsel
Contract Administrator
Property Administrator
Regional Property Manager
Portfolio Manager
Real Estate Services Director
Compliance Officer
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