Tip of the Month - May 2008


Source: Property Management & Managing Risk
              BY Robert C. Kyle & Floyd M. Baird, RPA/SMA

Once the contract between the Owner and the Property Manager has been signed, it’s time to transfer responsibility for the property from the Owner (or current Manager).  The Owner should provide the Manager or Management Agency with all data necessary for the efficient operation of the property.  The necessary information includes (but is not limited to):

Property address                                        Exterminator service
Title holder (DEED)                                 Service contractors
Owner’s name/address/phone/fax/e-mail
Where to send statements/vouchers          Tax bills (current)
Property I.D. # (tax map #)                       Owner’s Attorney
Utility account #’s                                     Insurance Agent
Names of present Tenants                         Current vacancies
Building #/address/apt. #                           Mortgage (Lender)
Amount/due date of loans                          Rental rates
Copies of rental terms (leases)                  Security deposits

After receiving the necessary information from the Owner, the Manager must set up accounting records and give notice of the takeover to all suppliers, service contractors, tenants, on-site employees (if applicable).  The Manager should personally inspect the property as part of the takeover.

The transfer of responsibilities for the property should take place as soon as possible after the contract has been signed.    

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This web page was updated on 04/29/2008.