REM 300 Lecture Notes - Lecture 12: Property Management

• School: Ryerson University
• Department: Real Estate Management
• Course: REM 300
• Professor: David Scofield

Document Summary

Property management agreement: document between owner and property manager (pm) Identifies the services the pm will provide and the fees to be paid: legal contract includes names of parties, start date, end date, renewal provisions, property legal description. A contract transferring the right to the possession and enjoyment of real estate for a definite period of time in exchange for rent payment: complex legal document. How does rent increase (escalate) over time: varies around the world linked to local practice (institutions) Structures income and represents security of income from the asset for the investor (landlord) perspective and details rights and responsibilities of the tenant. No lease in place, but tenant continues to use the space with permission of the owner: tenancy at sufferance. No lease in place, and tenant continues to use the space without the permission of the owner. E. g tenant did not vacate despite proper notice to quit.