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Old 01-19-2012, 02:15 PM
 
2 posts, read 2,157 times
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Default Changing Property Management Companies while leased

I own a house in MD and use a PM company to manage the property. The tenant now wants a multi-year lease...

My contract with the PM is renewed on 4/30 but the tenant would like a new lease now instead of moving to month-to-month (they are trying to get the rent reduced). The curent (and possible future) lease provided by the PM clearly states that it is an agreement between the renter (lessee) and the property management company (referred to as the lessor after the initial definition).

If I agree to a multi-year lease, have I just forced myself into a multi-year relationship with the PM? The PM says that the property management can be rolled over to a new agency, but how? the lease states their name. In fact, nothing in the lease is about me the owner.

Would I be able to enforce this new lease with a different PM company?

Last edited by yahoo123; 01-19-2012 at 02:18 PM.. Reason: clarification
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Old 01-19-2012, 02:55 PM
 
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WHAT STATE IS THE UNIT IN!!!!!
Each state has their own laws and exactly what would apply depends on the state your in.
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Old 01-19-2012, 03:07 PM
 
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Maryland... (MD)
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Old 01-19-2012, 03:23 PM
 
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It looks like Title 8 of maylands law saya that a lease is transferable to new onwrs, PMC, or agent and the terms just transfer between these entities as written in the lease. So moving from one PMC to another does not change the terms and conditons of the lease except who is the contract between. BUT that is the lease with the tenant, what contract law provisions come to play between you and the PMC over things like are they still entitled to ompensation on that lease, etc, etc is another ball of wax and you should have your business lawyer look over the change.
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Old 01-19-2012, 06:40 PM
 
Location: New England
239 posts, read 243,743 times
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Quote:
Originally Posted by yahoo123 View Post
The PM says that the property management can be rolled over to a new agency, but how? the lease states their name. In fact, nothing in the lease is about me the owner.
I do not know the law, but personally I would not take the word of the party I was about to sign a contract with as to what could/would happen down the road. I would get my own legal advisor. They may be correct, but you need to protect your own interests.
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