In some cities, the Provincial Legislation is supplemented by City by-laws.
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Other than specific laws in each Province and Territory governing these matters, they are governed by English Common Law, except in the Province of Quebec where the Civil Code is used in place of English Common Law. In most cases any person or company can offer property management services, and there are licensing requirements. Each Province and Territory makes its own laws on these matters. In Canada, the laws governing property management and landlord/tenant relations are, generally speaking, a Provincial responsibility. Additionally tenants are checked against the National Tenancy Information Centre of Australia which records details of defaulting tenants. Īll tenancy applications received are reference checked inclusive of identification, means of income, previous tenancy references and workplace references. (There may be exceptions like managing an extremely small property for a relative.) In South Australia, if you run a property management business, you must be a registered land agent. The purpose of this regulation is to ensure that a property manager is as well-prepared for the job as possible.
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Therefore, it is a necessity that a property manager be current with applicable municipal, county, state and Federal Fair Housing laws and practices.Įvery state of Australia except South Australia require a proper license in order to manage a property. Special attention is given to landlord/tenant law and most commonly evictions, non-payment, harassment, reduction of pre-arranged services, and public nuisance are legal subjects that gain the most amount of attention from property managers. Although a person will be responsible for this in his/her job description, there may be an attorney working under a property manager. Litigation is at times considered a separate function, set aside for trained attorneys. There are many facets to this profession, including managing the accounts and finances of the real estate properties, and participating in or initiating litigation with tenants, contractors and insurance agencies. The company will then coordinate any maintenance issues, supply the owner(s) with financial statements and any relevant information regarding the property, etc. Move the tenant(s) into the property and collect rental income.
The company will then advertise the rental property, handle tenant inquiries, screen applicants, select suitable candidates, draw up a lease agreement, conduct a move in inspection,
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Property management involves the processes, systems, and manpower required to manage the life cycle of all acquired property as defined above including acquisition, control, accountability, responsibility, maintenance, utilization, and disposition.Īn owner of a single-family home, condominium, or multi-family building may engage the services of a professional property management company. Property management is also the management of personal property, equipment, tooling, and physical capital assets that are acquired and used to build, repair, and maintain end item deliverables. This is much akin to the role of management in any business. Management indicates the need of real estate to be cared for and monitored, with accountability for and attention to its useful life and condition considered. This can include residential, commercial, and land real estate. Property management is the operation, control, maintenance, and oversight of real estate and physical property.
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