Caretaking and Letting Agreements
Thinking about buying management rights? You need to understand your responsibilities to the body corporate, especially when maintaining common property. Then there are payments. Who will pay you and how?
When you have management rights, you will most likely need to care for the upkeep of common property which may be lawns, gardens, paths and even pools.
You will need to consult your caretaking agreement, which will detail the specifics of your duties. Normally, you will be paid an annual amount, in monthly installments.
Most of the time, a letting agreement is also a part of management rights. A letting agreement may give you the authority to let within the complex. If this is the case you need to have a resident letting agent licence. Owners can then request and pay for you find them a tenant, but the body corporate itself will not pay you for this service.
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What is caretaking?
A major part of any management rights business is the requirement to care for and maintain the common property . The caretaking functions are usually set out in the caretaking agreement. Some agreements may be general while others will set out the specific daily, weekly, monthly duties.
What is letting?
Typically management rights include an agreement with the body corporate authorising you to conduct a letting business within the complex. The letting agreement with the body corporate usually requires you to promote the complex, supervise the standard and conduct of the tenants you find for owners and maintain an office and reception area. The agreement may stipulate set hours for reception to be open.
Read our detailed article to find out more.
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