Quote from @Ed Ju:
Quote from @Ed Ju:
Thanks Richard, Nathan, as a follow up, if I want to manage the property myself, what are the forms that I need to sign to terminate the property management agreement? and the forms needed to transfer the lease agreement be transferred into my name from property management?
To be clear, I am not an attorney or offering legal advice, but, to terminate the existing management agreement, simply deliver or mail certified, return receipt requested, a letter simply referencing the property address, the date and parties to the management agreement, and a date (based on actual termination terms of the management agreement, if any) which their management will end. It is customary for ANY type of service contract to provide at least 30 days written notice. NOTE- there will still be much for them to do in order to actually close out your account and transfer all funds
after that end date. It easily takes 60 days or more for last invoices (for work done while they were managing) to be received and paid, finalize their accounting, close the month end reports and provide your final reports, and any remaining balance due, to you. Security deposits, current rental agreements (and/or estoppel letters confirming current terms) with move in condition form and all addenda, current rent roll, and any current delinquencies should be turned over, along with all keys in the possession of management, within a very few days of the official end of their management. You also need to confirm and get copies of any other service contracts for the property such as yard or pool service, pest control, etc. You will need to send change of address notice to those contracts that you will keep in place, and send notice of termination to those you will not keep. Utility service billing may also need to be changed, if any are provided to the tenant such as water/sewer, gas, electric, (internet or cable tv for many condos).
With regard to "transfer the lease agreement", there is no specific "form", but a written notification needs to be properly delivered or mailed to each tenant as I described in the first paragraph of my initial response to your post.
It is "Best Practice" for any and ALL agreements, and most communications to be in writing with regards to Real Estate. Get in the habit.
