Learn about management agreements and their role in sectional title property management.
A management agreement is a legally binding contract between the unit owners corporation and a professional property management company. This agreement outlines the responsibilities, duties, and compensation for managing the sectional title development.
Key elements include maintenance responsibilities, financial management, dispute resolution procedures, and termination clauses. A well-drafted management agreement ensures smooth operations and protects the interests of all unit owners.
The agreement should comply with the Sectional Properties Act and the development's by-laws.