canceling PMA on weekly summer property, problem? (lease agreement, tenants, renters)

[JWnova]

What will happen If I was to cancel my property management agreement on a beach house weekly rental property. Some people have already reserved weeks at the property for this summer 14. And probably put money down to hold the weeks. The property is vacant right now and is primarily a weekly summer rental property. I plan to move into the property this March 14. And not rent it anymore.

This is language out of my agreement doc-

"This agreement shall commence on October -- 2005 and continue until May 15, of the following year and thereafter for additional periods of one year each unless Owner or Agent gives in writing, one to the other THREE MONTHS NOTICE of intent to cancel, prior to the expiration of the current yearly term."

So I can cancel the agreement 30 days prior to May 15, 2014 , correct?
I other words if I notify them now do I have any more obligation to them or the people that have reserved weeks with a deposit? Can the PMC come after me for anything?

Thanks in advance

[thelopez2]

Originally Posted by JWnova

, one to the other THREE MONTHS NOTICE of intent to cancel, prior to the expiration of the current yearly term."

So I can cancel the agreement 30 days prior to May 15, 2014 , correct?
I other words if I notify them now do I have any more obligation to them or the people that have reserved weeks with a deposit? Can the PMC come after me for anything?

Thanks in advance

How did you turn a 3 months notice into 30 days? Are you asking what is the implications of canceling the contact of the people that have reservations and plans to stay at your place before May 15 2014 just because you want to use it for yourself?

There are too many unknowns, when people make reservations, is there a clause that says, "Your reservations can be cancelled at any time because the owner wants to move into the unit and use it for themselves."

Talk to PMC, if you don't like the answer , talk to a real estate contracts attorney.

[NinaN]

Read further into your contract. Mine says I have to honor accepted reservations even if I cancel the agreement I still have tenants on those weeks.

[JWnova]

thank you both

Yes correct, should be 3 months not 30 days.

The agreement only says that if I sell the property confirmed reservations must be honored. I'm not selling. I don't see anything that says if I cancel and occupy, that I have to honor confirmed reservations.

THX

[dontaskwhy]

Call your property manager and confirm with them. Keep a copy of your contract nearby when you call. You might have to honor any previous reservations even if you cancel.

[MikePRU]

Whenever my family and I have rented a house for a week in the summer we've always had a rental contract/lease that we've had to sign. If there are any leases in place, it's irrelevant whether or not you cancel your contract with the property manager because the lease is between you and the tenant. Even if the property manager signed as your agent, that is essentially you signing.

[JWnova]

Thanks mike, I do understand that. So whats the point you are making here?

[mdcrim]

Mike appears to be saying that you still need to honor the terms of the weekly rentals that are already booked if there is a signed agreement between the property management company (acting as you) and the renters.

[JWnova]

Thanks again everyone. I appreciate your time.

I guess it really comes down to the specific language in the contract and lease agreement.

[MikePRU]

Originally Posted by mdcrim

Mike appears to be saying that you still need to honor the terms of the weekly rentals that are already booked if there is a signed agreement between the property management company (acting as you) and the renters.

Yes. That is exactly what I was trying to convey.