Transfer of Management fees?

[Amanda Thompson]

Hi! I will try to provide some details in a succinct way:

- My husband's LLC owns a property with 15 rentals on it.

- My LLC manages them.

- My husband is selling the property.

- The buyer hired a different management company to take over.

Can I (my LLC) charge the buyer to transfer the leases and management? The new property manager just emailed me a huge list of reports and info that I need to provide to them. Can I charge the buyer for the time I put into preparing these documents? Or should I charge the other management company? I'm not sure how this usually works. It's kind of like they're buying me out. The end of the leases are anywhere from June 2023 to February 2024.

[Richard F.]

Whoa!

Marketing materials, 3D tours, NO WAY. 

Pretty much all of the financial info IS necessary for continuity, and various reports result from generally one monthly input session. You need to provide complete and accurate info up to the date of transition.

Rental agreements and addenda you should transfer, but keep copies of; Rental applications would fall under privacy laws and FCRA, so they would not be transferred.