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Updated about 4 years ago,
Newbie property management contract questions
Hello all. I'm working on closing my first deal and am looking at my first contracts for property management companies. I'm not sure what's normal, and what I should be suspicious of. I'd really appreciate opinions from experienced property owners about the following:
1. Is requiring a 24 month term usual?
2. Is the lease fee of one month's rent for only new tenants, or every new lease signed, even from the existing tenant? How clear does this need to be in the contract?
3. Is a 10% surcharge for maintenance acceptable?
Of course I am going to have my attorney review the contract, but just want to make sure it is up to snuff before I do. Thank you in advance for your help!