Property Management
A Vermont property management contract typically grants the property manager authority to:
ASell the property on behalf of the owner without separate authorization
BLease units, collect rents, arrange maintenance, and pay operating expenses within defined limits✓ Correct
CModify the building's structural elements without owner approval
DEvict tenants without obtaining a court order
Explanation
A property management contract grants the manager limited authority to carry out management functions: leasing, rent collection, maintenance coordination, and payment of operating expenses within specified limits. Major decisions, like selling the property, require separate express authority.
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Key Terms to Know
Option Contract
A contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Listing AgreementA contract between a property owner and a real estate broker that authorizes the broker to market and sell the property.
Earnest MoneyA deposit made by the buyer when submitting a purchase offer, demonstrating serious intent and serving as consideration for the contract.
ContingencyA condition in a purchase contract that must be satisfied before the sale can proceed to closing.
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