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Property Management Agreement With Owner

Property Management Agreement With Owner Template for Saudi Arabia

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Key Requirements PROMPT example:

Property Management Agreement With Owner

"I need a Property Management Agreement With Owner for a 50-unit commercial building in Riyadh, Saudi Arabia, starting from March 2025, with specific provisions for multiple retail tenants and a green building certification requirement."

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Document background
The Property Management Agreement With Owner is a crucial document used in Saudi Arabia when a property owner wishes to delegate the management of their real estate assets to a professional property management company. This agreement is essential for establishing clear operational guidelines, responsibilities, and financial arrangements between the parties. It must comply with Saudi Arabian real estate regulations, including the Real Estate Broker Regulation (2020) and relevant Sharia law principles. The document typically covers comprehensive management services, including maintenance, tenant management, financial operations, and reporting requirements. It's particularly important in the Saudi market where professional property management is growing in sophistication and regulatory oversight is increasing. The agreement should be structured to accommodate both traditional property management needs and modern requirements such as digital property management systems and sustainability considerations.
Suggested Sections

1. Parties: Identification of the Property Owner and the Property Manager, including full legal names, addresses, and commercial registration details

2. Background: Context of the agreement, including brief description of the property and the owner's intention to appoint the property manager

3. Definitions: Key terms used throughout the agreement, including 'Property', 'Services', 'Management Fee', etc.

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

5. Property Manager's Services: Comprehensive list of services to be provided, including maintenance, tenant management, rent collection, etc.

6. Property Manager's Authority: Scope of manager's decision-making power and spending authority

7. Owner's Obligations: Owner's responsibilities including providing necessary documentation, maintaining insurance, and funding obligations

8. Fees and Expenses: Management fees, payment terms, reimbursable expenses, and payment procedures

9. Reporting and Accounting: Requirements for financial reporting, account maintenance, and audit rights

10. Compliance: Obligations to comply with applicable laws, regulations, and Sharia principles

11. Liability and Indemnification: Allocation of risks, insurance requirements, and indemnification obligations

12. Termination: Grounds for termination, notice requirements, and post-termination obligations

13. Governing Law and Dispute Resolution: Choice of Saudi law and method of dispute resolution

14. General Provisions: Standard clauses including notices, assignment, entire agreement, etc.

Optional Sections

1. Multiple Properties: Additional provisions for managing multiple properties under the same agreement

2. Development and Renovation: Specific provisions for properties requiring significant renovation or development work

3. Marketing Services: Detailed marketing obligations if the property requires extensive marketing efforts

4. Staff Employment: Provisions regarding on-site staff if required for the property

5. Emergency Services: Special procedures for emergency situations, particularly relevant for larger properties

6. Green Building Compliance: Specific obligations related to maintaining green building certifications if applicable

7. Mixed-Use Property: Special provisions for managing properties with both commercial and residential components

Suggested Schedules

1. Property Details: Detailed description of the property, including address, title deed information, and physical characteristics

2. Services Schedule: Detailed breakdown of all services to be provided by the property manager

3. Fee Schedule: Detailed breakdown of all fees, including management fees, leasing fees, and other charges

4. Authorized Expenditure Limits: Schedule of spending authority limits for different types of expenses

5. Reporting Templates: Templates for required financial and operational reports

6. Key Performance Indicators: Metrics for measuring the property manager's performance

7. Operating Budget: Initial operating budget for the property

8. Maintenance Schedule: Planned maintenance schedule and procedures

9. Emergency Contacts: List of emergency contacts and procedures

10. Required Insurance: Details of insurance coverage requirements

Authors

Alex Denne

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

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Agreement
Applicable Laws
Approved Budget
Authority Matrix
Business Day
Commencement Date
Common Areas
Confidential Information
Emergency
Effective Date
Expiry Date
Force Majeure
Gross Revenue
Initial Term
Insurance Requirements
Key Performance Indicators
Lease
Leasing Guidelines
Management Fee
Management Services
Net Operating Income
Operating Account
Operating Expenses
Owner
Owner's Representative
Performance Standards
Personnel
Property
Property Manager
Property Management Services
Renewal Term
Rent
Reporting Period
Reserve Fund
Service Charges
Service Contractors
Service Level Agreement
Sharia Compliant
Term
Tenants
Termination Date
Territory
Utilities
VAT
Working Hours
Clauses
Parties
Recitals
Definitions
Appointment
Term and Renewal
Scope of Services
Authority and Limitations
Duties and Responsibilities
Financial Management
Fees and Expenses
Budgeting and Reporting
Maintenance and Repairs
Emergency Procedures
Insurance
Compliance
Representations and Warranties
Confidentiality
Data Protection
Intellectual Property
Health and Safety
Environmental Compliance
Staff and Employment
Subcontracting
Record Keeping
Audit Rights
Performance Standards
Key Performance Indicators
Force Majeure
Liability and Indemnification
Termination
Post-Termination Obligations
Assignment
Notices
Governing Law
Dispute Resolution
Severability
Entire Agreement
Amendment
Waiver
Language
Counterparts
Sharia Compliance
Relevant Industries

Real Estate

Property Management

Commercial Real Estate

Residential Real Estate

Retail Property

Industrial Property

Mixed-use Development

Hospitality

Office Space Management

Shopping Center Management

Facility Management

Relevant Teams

Legal

Real Estate

Property Management

Operations

Facilities Management

Asset Management

Compliance

Finance

Maintenance

Tenant Relations

Investment

Risk Management

Relevant Roles

Property Manager

Real Estate Director

Facility Manager

Asset Manager

Operations Manager

Legal Counsel

Compliance Officer

Real Estate Portfolio Manager

Building Manager

Leasing Manager

Maintenance Supervisor

Financial Controller

Real Estate Investment Manager

Property Services Director

Tenant Relations Manager

Industries
Real Estate Broker Regulation (2020): Governs real estate brokerage and management activities, including licensing requirements, obligations, and responsibilities of property managers
Commercial Agencies Law (Royal Decree No. M/11 of 1382H): Regulates commercial agency relationships and representation, relevant for property management agreements where the manager acts as agent
Landlord and Tenant Law (Royal Decree No. M/61): Governs the relationship between landlords and tenants, including lease terms, maintenance responsibilities, and dispute resolution
Municipal and Rural Affairs Ministry Regulations: Contains building codes, maintenance standards, and safety requirements that property managers must comply with
Anti-Money Laundering Law (Royal Decree No. M/20): Requires property managers to conduct due diligence and maintain proper records of financial transactions
Sharia Law Principles: Islamic law principles governing contracts, including requirements for clarity, fairness, and prohibited activities
VAT Law (Royal Decree No. M/113): Governs taxation aspects of property management services and related transactions
Labor Law (Royal Decree No. M/51): Relevant for employment aspects of property management, including hiring maintenance staff and service providers
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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