Exclusive Property Management Agreement Template for India

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Key Requirements PROMPT example:

Exclusive Property Management Agreement

"I need an Exclusive Property Management Agreement for a portfolio of three commercial office buildings in Mumbai, India, to be managed from March 2025, with specific provisions for 24/7 operational requirements and multi-tenant management."

Document background
The Exclusive Property Management Agreement is a crucial document used when property owners wish to delegate complete management responsibility to a professional property management company in India. This agreement is particularly relevant for owners of large properties, multiple units, or those requiring specialized management expertise. The document comprehensively covers all aspects of property management, including authority levels, service scope, financial arrangements, and compliance requirements under Indian law. It differs from non-exclusive agreements by granting sole management rights to the appointed company, ensuring centralized control and clear accountability. The agreement must comply with various Indian legislations, including the Real Estate (Regulation and Development) Act 2016, state-specific property laws, and the Indian Contract Act 1872. It's commonly used by individual investors, corporate property owners, and Real Estate Investment Trusts (REITs) seeking professional property management services.
Suggested Sections

1. Parties: Identification of the property owner and the property management company, including full legal names, addresses, and registration details

2. Background: Context of the agreement, including brief description of the property and the owner's desire to engage the manager's services

3. Definitions: Detailed definitions of key terms used throughout the agreement

4. Appointment and Scope: Formal appointment of the property manager and detailed scope of exclusive management rights

5. Term and Renewal: Duration of the agreement and conditions for renewal

6. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided, including maintenance, tenant management, financial management, and reporting

7. Owner's Obligations: Responsibilities of the property owner, including providing necessary documentation and maintaining appropriate insurance

8. Financial Terms: Management fees, payment terms, handling of property expenses, and reserve funds

9. Authority and Decision Making: Extent of manager's authority to act on owner's behalf and spending limits

10. Reporting and Documentation: Requirements for financial reports, property status updates, and record-keeping

11. Insurance and Liability: Insurance requirements and allocation of liability between parties

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

13. Confidentiality: Protection of confidential information and trade secrets

14. Dispute Resolution: Process for resolving disputes, including jurisdiction and governing law

15. General Provisions: Standard clauses including notices, assignment, force majeure, and entire agreement

Optional Sections

1. Multiple Property Management: Additional terms for managing multiple properties under the same agreement

2. Special Maintenance Requirements: Specific requirements for heritage properties or properties with unique features

3. Emergency Services: Additional provisions for 24/7 emergency response services

4. Value-Added Services: Optional additional services such as renovation management or property marketing

5. Staff Housing: Terms for managing staff quarters or service apartments

6. Green Building Compliance: Special terms for managing environmentally certified buildings

7. Property Development: Terms for managing properties under development or major renovation

8. Foreign Owner Provisions: Additional terms for non-resident Indian property owners

Suggested Schedules

1. Schedule A - Property Details: Detailed description of the property, including address, registration details, and physical characteristics

2. Schedule B - Management Services: Detailed scope of services with specific inclusions and exclusions

3. Schedule C - Fee Structure: Detailed breakdown of management fees, service charges, and payment terms

4. Schedule D - Maintenance Standards: Specific maintenance requirements and quality standards

5. Schedule E - Reporting Templates: Standard formats for various reports required under the agreement

6. Schedule F - Emergency Procedures: Detailed procedures for handling different types of emergencies

7. Schedule G - Key Performance Indicators: Metrics for evaluating property manager's performance

8. Appendix 1 - Required Licenses and Permits: List of mandatory licenses and permits for property operation

9. Appendix 2 - Insurance Requirements: Detailed insurance specifications for both parties

10. Appendix 3 - Property Management Team: Key personnel assigned to manage the property

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

Relevant legal definitions
Clauses
Relevant Industries

Real Estate

Property Management

Facilities Management

Commercial Real Estate

Residential Real Estate

Retail Property

Industrial Property

Hospitality

Senior Living

Student Housing

Corporate Real Estate

Asset Management

Relevant Teams

Legal

Real Estate

Operations

Property Management

Facilities Management

Asset Management

Compliance

Finance

Administration

Maintenance

Leasing

Client Relations

Risk Management

Relevant Roles

Property Manager

Asset Manager

Facilities Manager

Real Estate Manager

Operations Director

Property Owner

Real Estate Investor

Legal Counsel

Compliance Officer

Finance Manager

Building Manager

Estate Manager

Portfolio Manager

Property Management Director

Real Estate Operations Manager

Leasing Manager

Maintenance Supervisor

Property Administrator

Industries
Indian Contract Act, 1872: Fundamental law governing contract formation, validity, and enforcement in India. Essential for establishing the legal framework of the property management agreement.
Real Estate (Regulation and Development) Act, 2016 (RERA): Regulates real estate sector, including property management services. Sets standards for professional conduct and consumer protection in real estate services.
Registration Act, 1908: Governs the registration of documents related to property management and real estate transactions.
Transfer of Property Act, 1882: Deals with property transfer, leasing, and management rights. Crucial for understanding the scope of property management authority.
Income Tax Act, 1961: Relevant for tax implications of rental income management and service fees collected by property managers.
Goods and Services Tax (GST) Laws: Applicable to service fees charged by property managers and various property management services.
State-specific Rent Control Acts: Local laws governing landlord-tenant relationships and rent control measures that property managers must comply with.
State-specific Apartment Ownership Acts: Regulates management of apartment buildings and common areas in different states.
Prevention of Money Laundering Act, 2002: Relevant for financial transactions and due diligence requirements in property management.
Indian Easements Act, 1882: Governs rights and obligations related to property usage and access, important for property management duties.
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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