The Property Management Agreement is a crucial document in Hong Kong's real estate sector, required whenever a property owner or owners' corporation engages a professional management company to handle property operations. It must comply with the Property Management Services Ordinance (PMSO) and related Hong Kong regulations, which require management companies to be licensed and meet specific operational standards. The agreement typically covers comprehensive services including maintenance, security, cleaning, financial management, and regulatory compliance. It's essential for both new developments and existing properties, providing clear guidelines for service delivery, fee structures, and performance standards while protecting the interests of all parties involved.
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1. Parties: Identification of the property owner/owners' corporation and the property management company
2. Background: Brief description of the property and context for the management agreement
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the manager and duration of the agreement, including renewal terms
5. Manager's Obligations: Comprehensive list of the manager's duties and responsibilities under PMSO requirements
6. Property Owner's Obligations: Responsibilities and obligations of the property owner/owners' corporation
7. Management Fees and Payments: Fee structure, payment terms, and mechanisms for fee adjustments
8. Insurance and Liability: Insurance requirements and allocation of liability between parties
9. Compliance and Reporting: Regulatory compliance requirements and reporting obligations
10. Termination: Grounds and procedures for termination of the agreement
11. Governing Law and Dispute Resolution: Jurisdiction, applicable law, and dispute resolution mechanisms
1. Special Services: Additional services beyond standard property management, used when specific extra services are required
2. Emergency Procedures: Specific procedures for emergency situations, recommended for high-risk or complex properties
3. Environmental Management: Green building management and sustainability measures, used for properties with environmental certifications or requirements
4. Facility Management: Specific provisions for managing special facilities like clubhouses or recreational facilities
5. Staff Requirements: Specific staffing requirements and qualifications, used when particular expertise or security clearance is needed
6. Technology and Systems: Requirements for specific property management systems or technology, used for smart buildings or properties with special technological needs
1. Property Details: Detailed description of the managed property, including floor plans and facilities
2. Scope of Services: Detailed breakdown of all management services to be provided
3. Fee Schedule: Detailed breakdown of management fees, charges, and payment terms
4. Performance Standards: Specific service levels and performance metrics
5. Staff Structure: Organization chart and staffing requirements
6. Maintenance Schedule: Planned maintenance and inspection schedules
7. House Rules: Building rules and regulations for occupants
8. Emergency Procedures Manual: Detailed procedures for different types of emergencies
9. Insurance Requirements: Detailed insurance specifications and coverage requirements
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