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Terminate Property Management Agreement

Terminate Property Management Agreement Template for Hong Kong

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Key Requirements PROMPT example:

Terminate Property Management Agreement

"I need to draft a Terminate Property Management Agreement for a luxury residential complex in Hong Kong, where we're ending the contract with ABC Management Limited due to poor performance, with termination planned for March 1, 2025, including special provisions for transferring security systems and staff."

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Document background
The Terminate Property Management Agreement is a crucial document used when either a property owner/owners' corporation or a property management company wishes to end their existing management arrangement in Hong Kong. This document becomes necessary when there's a need to change property management providers, when the existing contract term expires without renewal intention, or when either party needs to terminate the arrangement for cause or convenience. It must comply with Hong Kong's Property Management Services Ordinance (Cap. 626) and related regulations, particularly regarding licensing requirements and handover procedures. The document typically includes detailed provisions for the transition period, asset handover, financial reconciliation, and ongoing obligations, ensuring a systematic and legally compliant transfer of management responsibilities.
Suggested Sections

1. Parties: Identification of the property owner/owners' corporation and the property management company

2. Background: Details of the original agreement, property details, and reason for termination

3. Definitions: Key terms used in the termination agreement

4. Effective Date of Termination: Specific date when the management agreement will terminate

5. Notice Period: Confirmation of required notice period and compliance

6. Handover Obligations: Detailed responsibilities for transitioning management duties

7. Financial Settlement: Settlement of accounts, outstanding fees, and deposits

8. Return of Property and Documents: Requirements for returning keys, documents, and other property

9. Mutual Release: Release of parties from future obligations post-termination

10. Surviving Obligations: Obligations that continue after termination

11. Governing Law: Confirmation of Hong Kong law governing the termination

Optional Sections

1. Transition Services: Additional services to be provided during transition period, if agreed

2. Third Party Contracts: Handling of existing contracts with service providers, if applicable

3. Employee Matters: Treatment of existing employees, if relevant

4. Dispute Resolution: Specific dispute resolution procedures, if different from original agreement

5. Confidentiality: Additional confidentiality provisions, if needed beyond original agreement

6. Insurance: Specific provisions about insurance coverage during transition, if required

Suggested Schedules

1. Schedule 1 - Original Agreement Details: Copy or details of the original property management agreement being terminated

2. Schedule 2 - Handover Checklist: Detailed list of items and documents to be handed over

3. Schedule 3 - Financial Statement: Statement of accounts and outstanding amounts

4. Schedule 4 - Property Inventory: List of property items to be returned or transferred

5. Appendix A - Handover Timeline: Detailed timeline for the transition process

6. Appendix B - Contact Details: Key contact information for both parties during transition

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




































Clauses






























Relevant Industries

Real Estate

Property Management

Residential Property

Commercial Property

Industrial Property

Retail Property

Mixed-use Development

Facility Management

Property Services

Building Management

Relevant Teams

Legal

Operations

Property Management

Facilities Management

Asset Management

Compliance

Finance

Administration

Security

Maintenance

Client Services

Contract Management

Relevant Roles

Property Manager

Facility Manager

Building Manager

Operations Director

Legal Counsel

Property Management Director

Asset Manager

General Manager

Compliance Officer

Building Services Manager

Property Officer

Facilities Coordinator

Contract Administrator

Estate Manager

Industries





Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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