Property Management
This topic covers the management relationship, leasehold estates, and the tenancies that arise in landlord-tenant law.
The Management Relationship
A property manager acts as a general agent under a written management agreement, handling leasing, rent collection, maintenance, tenant relations, and reporting for the owner. The manager owes fiduciary duties and must account for all funds. The aim is to protect and generate income from the owner's investment.
Leasehold Estates and Tenancies
A lease creates a leasehold estate. An estate for years has a definite start and end. A periodic tenancy renews automatically until terminated with proper notice. A tenancy at will continues until either party ends it. A tenancy at sufferance arises when a holdover tenant stays after the lease ends without consent. Fair housing and habitability rules apply to rentals.