Property Management
This topic covers the management agreement, lease types, and landlord-tenant concepts including eviction.
Management Agreements
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 funds. The objective is to preserve the owner's investment while generating income.
Leases and Eviction
A lease creates a leasehold estate. Types include gross, net, and percentage leases. Landlord-tenant law governs habitability, deposits, and entry. Actual eviction is the formal legal removal of a tenant; constructive eviction occurs when the landlord's failure to maintain habitable conditions forces the tenant out, potentially releasing the tenant from the lease.