The Lease Contract & Property Management Firm

The property management company is chosen before the development is made available for sale and the properties will then be sold on the condition of signing the commercial lease contract.

The lease contract is prepared in advance and will be made available to purchasers at the same time as the reservation contracts for signing.

The lease contract will contain such things as what the property is, how long the lease is to run and how much rental income they will pay you during the course of the lease period.

It will also set out any terms and conditions relating to the owners use of the property and also what charges the owner will be liable to pay if any.

In the majority of cases, the property management company will always pay for the general maintenance of the property and its furniture. This includes replacing any broken or worn out furniture with the same equivalent. The property management also pay the bills including electricity, water, gas etc.

Owners are also liable to pay for major repairs such as structural work, but it is worth pointing out that new properties do come with a 10 year guarantee which covers such work. Owner liability should be checked in the lease contract.

During the course of the lease contract, the property management company will let the property to tourists and people wishing to stay in the area and will look after the maintenance of the property.

Owners do not have to worry about finding tenants, handling change overs or ensuring that the property is well maintained.