Property Management Lease Agreement Template for Nigeria

The Property Management Lease Agreement is a crucial document in Nigerian real estate operations, designed to create a legally binding relationship between property owners and professional property management companies. This agreement becomes necessary when property owners seek to delegate the day-to-day management of their real estate assets to professional managers, whether for residential, commercial, or mixed-use properties. The document comprehensively addresses all aspects of property management, including maintenance, tenant relations, financial management, and regulatory compliance under Nigerian law. It incorporates requirements from the Land Use Act, Nigerian Tenancy Law, and state-specific property regulations, while establishing clear lines of authority, responsibility, and accountability between the parties involved.

1. Parties: Identification of the property owner, property manager, and any other relevant parties with their full legal names and addresses

2. Background: Context of the agreement, including property details and purpose of the management arrangement

3. Definitions: Key terms used throughout the agreement defined for clarity and legal certainty

4. Appointment and Term: Formal appointment of the property manager and duration of the agreement

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

6. Owner's Obligations: Property owner's responsibilities, including providing necessary documentation and maintaining insurance

7. Fees and Payment Terms: Management fees, payment schedule, and reimbursement of expenses

8. Financial Management: Handling of rent collection, operating expenses, and financial reporting requirements

9. Maintenance and Repairs: Procedures for routine maintenance and emergency repairs, including spending authority limits

10. Insurance and Liability: Required insurance coverage and allocation of liability between parties

11. Termination: Conditions and procedures for ending the agreement, including notice periods

12. Dispute Resolution: Process for resolving disagreements between parties

13. Governing Law: Specification of Nigerian law as governing law and relevant jurisdiction

14. General Provisions: Standard clauses including notices, amendments, and entire agreement provisions