Property Management
When an Oklahoma property management company loses a management contract, the outgoing manager is obligated to:
AKeep all the tenant files and trust account records
BTransfer all property files, tenant records, security deposits, and trust account balances to the new manager or owner promptly and completely✓ Correct
CCharge a transfer fee before releasing anything
DRetain records for 10 years before transferring
Explanation
When a property management relationship ends, the outgoing manager must transfer all records, files, and funds belonging to the owner and tenants promptly. Retaining owner or tenant funds or withholding records is a serious breach and potential OREC violation.
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Key Terms to Know
Earnest Money
A deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
Purchase AgreementA legally binding contract between a buyer and seller that outlines the terms and conditions of a real estate sale.
State-Specific Concepts
Trust Account RulesTransfer Tax
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