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Termination Of Property Management Agreement

Termination Of Property Management Agreement Template for Malaysia

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Key Requirements PROMPT example:

Termination Of Property Management Agreement

"I need a Termination of Property Management Agreement for a 50-unit residential apartment building in Kuala Lumpur, where we're ending services by mutual consent effective March 15, 2025, with a one-month transition period to the new management company."

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Document background
The Termination Of Property Management Agreement is a crucial document used in Malaysia when parties wish to formally end their property management relationship. It becomes necessary when either party wishes to terminate the existing management arrangement, whether due to expiration of the original agreement, mutual consent, or breach of contract. This document, governed by Malaysian property and contract law, particularly the Strata Management Act 2013, provides a comprehensive framework for managing the termination process. It includes essential provisions for the handover of responsibilities, settlement of accounts, return of property and documents, and mutual release from obligations. The agreement ensures a smooth transition while protecting the interests of all parties involved and maintaining compliance with local regulations.
Suggested Sections

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

2. Background: Reference to the original Property Management Agreement, its date, and key terms

3. Definitions: Definitions of key terms used in the termination agreement

4. Termination Date: Specific date when the property management services will cease

5. Grounds for Termination: Statement of the legal basis or mutual agreement for termination

6. Outstanding Obligations: List of any remaining duties or obligations to be fulfilled by either party

7. Handover Process: Detailed process for transferring management responsibilities, documents, and assets

8. Financial Settlement: Terms for final payment, refunds, or adjustments of management fees

9. Return of Property: Requirements for returning keys, documents, and other property-related items

10. Release and Discharge: Mutual release from future obligations under the original agreement

11. Governing Law: Confirmation that Malaysian law governs the termination

12. Execution: Signature blocks and execution requirements

Optional Sections

1. Survival Clauses: Identifies which provisions of the original agreement survive termination, used when certain obligations continue post-termination

2. Confidentiality: Obligations regarding confidential information, included when sensitive information was handled during the management period

3. Dispute Resolution: Procedure for resolving any disputes arising from the termination, included when parties anticipate potential conflicts

4. Third Party Rights: Provisions regarding any third party contracts or services, included when there are ongoing third-party arrangements

5. Transition Support: Additional provisions for handover support, included when complex transition arrangements are needed

6. Notice Requirements: Specific notice periods and requirements, included when termination requires formal notice periods

Suggested Schedules

1. Schedule 1 - Original Agreement Details: Copy or key details of the original Property Management Agreement

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

3. Schedule 3 - Financial Statement: Final account statement and outstanding financial matters

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

5. Schedule 5 - Ongoing Contracts: List of any third-party contracts that need to be addressed

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

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

Facilities Management

Property Development

Commercial Property

Residential Property

Retail Property

Industrial Property

Hospitality

Relevant Teams

Legal

Property Management

Operations

Facilities Management

Asset Management

Contract Administration

Real Estate

Compliance

Property Services

Relevant Roles

Property Manager

Facility Manager

Real Estate Manager

Building Manager

Asset Manager

Operations Manager

Legal Counsel

Contract Manager

Property Management Director

Strata Manager

Real Estate Director

Compliance Officer

Property Services 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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