Property management divison sold.

[Egdisney]

The real estate company that we use to manage our property in NE sold their PM division to another real estate company. Our property manager stays the same. They want us to sign a new contract with the new company, fine no problem. No problem except the terms in the contract change. The copy he sent is a two year contract from May 1st, extending our contract almost a year, which I do not want to do at this point, also some fees change and the new contract states that if we sell during the contract or 180 days after it is terminated, they get the 7% commission! which it too high anyway, and it forces me to let them sell or else get into a contract with someone else to manage property. I am just wondering if I am able to force them to honor the current contract. I feel like I am getting bamboozled.

 

[kiki02]

The real estate company that we use to manage our property in NE sold their PM division to another real estate company. Our property manager stays the same. They want us to sign a new contract with the new company, fine no problem. No problem except the terms in the contract change. The copy he sent is a two year contract from May 1st, extending our contract almost a year, which I do not want to do at this point, also some fees change and the new contract states that if we sell during the contract or 180 days after it is terminated, they get the 7% commission! which it too high anyway, and it forces me to let them sell or else get into a contract with someone else to manage property. I am just wondering if I am able to force them to honor the current contract. I feel like I am getting bamboozled.

That doesn't sound kosher at all. Don't sign. Search for another property manager? Is it a condo or home? We've had a few, so PM me if you like. I'll do my best to share all our experience.

 

[cmwade77]

I believe they are bound to the current contract until it expires. I know this would be true if say I rent an apartment and the apartment owner sells the complex. In that case, the new owner is legally bound to honor the lease until it expires, I don't see why this would be any different.

 

[Egdisney]

I believe they are bound to the current contract until it expires. I know this would be true if say I rent an apartment and the apartment owner sells the complex. In that case, the new owner is legally bound to honor the lease until it expires, I don't see why this would be any different.

That's my feelings on the matter as well. I guess I will have to contact an attorney:/

 

[supersnoop]

That's my feelings on the matter as well. I guess I will have to contact an attorney:/

No need to lawyer up just yet. Just don't sign it. Or make a whole lot of red-line edits to make it in your favor and sent it back for them to sign.

The current contract remains in effect until a new one is signed.

 

[Egdisney]

No need to lawyer up just yet. Just don't sign it. Or make a whole lot of red-line edits to make it in your favor and sent it back for them to sign. The current contract remains in effect until a new one is signed.

Thank you! I actually just went ahead and called the owner of the new company. He said that they are honoring the contracts as written for the length of the term if that's what we prefer. The person who was managing my property really did not act professionally, but the owner of the company was honest with me right off and also explained some things to me, which I appreciated. We are located in a different state, so it is a pain to find a new management company, especially when I wasn't expecting to, so we will stay with them through the term of the contract. I really don't know why a property manager who I am paying to work for me would think I would just do whatever I was told without questioning anything. I think that is what bothers me the most.

 

[wiigirl]

No need to lawyer up just yet. Just don't sign it. Or make a whole lot of red-line edits to make it in your favor and sent it back for them to sign.

The current contract remains in effect until a new one is signed.

x2

 

[phred52]

Sounds like the new management knew all along that they had to honor the old contracts. They rolled the dice and spent a stamp to see IF anyone would sign a new contract without thinking it through. What do you bet some people signed and mailed it back to them?