I’ve been sent the REIV Exclusive Leasing and Managing Authority (8 pages) document by the PM we consider using for our IP. There are a few things in the General Conditions that I’m a little concerned about and want to know what you think.
1-Where the tenant fails to take occupation and the Client is entitled to any forfeited rent, the Client will take all reasonable steps to recover any such amount(s) from the tenant and/or any other person for may be liable for their payment and to pay the professional fees from the amount(s) paid or recovered.
Does that mean that the PM won’t make any effort to recover the money and it’s all up to us to do so?
2-If the Property is leased and no rent is received by the Agent, the Client will pay the Professional Fees and Managing Fees on demand.
Is this a common/normal thing?
To anyone who has signed this document before, Do you sign it as is or have you found in there alot of things you are not comfortable with?
1-Where the tenant fails to take occupation and the Client is entitled to any forfeited rent, the Client will take all reasonable steps to recover any such amount(s) from the tenant and/or any other person for may be liable for their payment and to pay the professional fees from the amount(s) paid or recovered.
Does that mean that the PM won’t make any effort to recover the money and it’s all up to us to do so?
2-If the Property is leased and no rent is received by the Agent, the Client will pay the Professional Fees and Managing Fees on demand.
Is this a common/normal thing?
To anyone who has signed this document before, Do you sign it as is or have you found in there alot of things you are not comfortable with?