management agreement

Definition

A contract between the owner of income property and a management firm or individual property manager that outlines the scope of the manager's authority.

Use this term in a sentence

You should always try to make sure that everyone is happy with any management agreement that you may take on.

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As a passive real estate investor I have executed management agreements with rental agencies to both lease and mange my properties.

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According to the management agreement, Old Man Maris did indeed have permission to enter the apartment whenever he so chose, even if the time of his choosing was when sane people would be fast asleep.

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management accounts employment contract