Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I am an Owner, and hired a property manager in Indiana last year. This manager has been lying to me about the tenant’s payments, or lack of payments. We are 2 months behind on rent. The PM sent the tenant a notice to quit, without my knowledge, on 4/13. I found out about this on 5/1. I reviewed my monthly statements and the numbers do not add up at all. I have sent the PM a request to answer several questions about the accounting. They have lied many times to me over the past months. I am going to evict the tenant and also break the agreement with the PM. I have to pay the PM 6 months management fees. My questions are in what order to do all of this. Send PM a notice to cancel our agreement? Send tenant a notice to quit, from me this time? The PM, according to the lease with the tenant, should still have the tenant’s deposit. I have zero proof that a deposit was even collected. The PM said they collected a pet fee, which was supposed to be 50% mine. I've not received that fee yet. There a few thousand dollars difference in their accounting numbers. Basically, I want to move on without my PM or the tenant but the deposit and the funny money need to be addressed. Any suggestions? I am not on the lease between PM and tenant. I do not have any contact information for tenant. Thanks in advance.
The terms between the PM and myself say I can terminate the contract early, given I provide written notice. I owe them 6 months management fees. It does not address anything about the current lease with the tenant and the PM, nor does it discuss the security deposit. I am trying to understand if I fire this guy, how the lease transfers and how the deposit is handled. Thanks for helping.
The terms between the PM and myself say I can terminate the contract early, given I provide written notice. I owe them 6 months management fees. It does not address anything about the current lease with the tenant and the PM, nor does it discuss the security deposit. I am trying to understand if I fire this guy, how the lease transfers and how the deposit is handled. Thanks for helping.
Are you saying that you haven't paid the PMC for six months? If that's the case I'm surprised they've continued to represent your interest. Best you consult an attorney.
I am an Owner, and hired a property manager in Indiana last year. This manager has been lying to me about the tenant’s payments, or lack of payments. We are 2 months behind on rent. The PM sent the tenant a notice to quit, without my knowledge, on 4/13. I found out about this on 5/1. I reviewed my monthly statements and the numbers do not add up at all. I have sent the PM a request to answer several questions about the accounting. They have lied many times to me over the past months. I am going to evict the tenant and also break the agreement with the PM. I have to pay the PM 6 months management fees. My questions are in what order to do all of this. Send PM a notice to cancel our agreement? Send tenant a notice to quit, from me this time? The PM, according to the lease with the tenant, should still have the tenant’s deposit. I have zero proof that a deposit was even collected. The PM said they collected a pet fee, which was supposed to be 50% mine. I've not received that fee yet. There a few thousand dollars difference in their accounting numbers. Basically, I want to move on without my PM or the tenant but the deposit and the funny money need to be addressed. Any suggestions? I am not on the lease between PM and tenant. I do not have any contact information for tenant. Thanks in advance.
ALL LEGAL questions that should be answered by an Attorney not answered on a public forum.
The terms between the PM and myself say I can terminate the contract early, given I provide written notice. I owe them 6 months management fees. It does not address anything about the current lease with the tenant and the PM, nor does it discuss the security deposit. I am trying to understand if I fire this guy, how the lease transfers and how the deposit is handled. Thanks for helping.
Well you do admittedly owe them money. Before I went to the expense of a lawyer I, myself, would make a face-2-face appointment with the PM to discuss ending the contract and settling the financial issues of they providing the security deposit and you paying the PM fees you owe. Certainly it makes sense to have that discussion before you drive your costs up more with a lawyer if it can be sorted out between the two of you.
I didn't not state it correctly; if I terminate the contract between myself and the PM, I owe them 6 months of their management fees as a "buy out." or severance package. They are currently paid to date. If I terminate them early then they automatically are entitled to their fees for the future 6 months. I just thought someone would know the answer about the lease agreement and the deposit.
The PMC should transfer the security deposit to you upon dissolution of the contract. While the contract to rent your premises is between the PMC (as your agent) and the tenant, the rental agreement (contract) attaches to the property so the conditions in that contract will apply to you as well as to the tenant until the term expires.
Before submitting, in writing, your intent to end the contract with the PMC, I would definitely ask for a formal accounting of all monies collected by them, expended by them on your behalf, including the pet deposit and security deposit. Tell them that you want the accounting to be in a format acceptable under normal accounting procedures and you want to see a copy of the rental agreement between them and the tenant, along with any documentation as to how the tenant was vetted.
THEN, when you have all this documentation in hand, you may decide you do not want to terminate your contract with them. But get the facts first before you decide.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
