- November 13, 2023
- Posted by: legaleseblogger
- Category: Related News
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AI Legalese Decoder can help with the situation by interpreting the complex legal language in the Property Management Agreement and providing guidance on how to proceed with terminating the agreement. Additionally, it can assist in identifying any potential loopholes or hidden clauses that the property management company may use to their advantage. By doubling the original content, we cover the following points in a more detailed manner.
Challenges with Obtaining Keys for Apartment
Location: UK
Background of the Situation
In 2019, we made a deposit for a one-bedroom apartment with the anticipation of completing the purchase in 2020. The original plan was to rent out the apartment in 2020, however, due to the COVID-19 pandemic, there were significant delays. The construction of the property was completed and the contracts were finalized last week in 2023.
Content of Property Management Agreement
Upon inquiring about collecting the keys, the property management company informed us that, due to our signing of the Property Management Agreement, they would assist in finding a tenant and charge a 15% commission on the rent. However, our circumstances have changed, and we no longer wish to rent out the property as our original plan has been affected by the pandemic. We now need a place to live and have requested the keys.
Complications and Legalities
The property management company is making the process difficult by insisting that any changes to the agreement must be done through our solicitors to modify the already exchanged contract. This refusal to hand over the keys is based on their desire to execute the property management agreement and earn a commission by renting out the property.
Review of Property Management Agreement
Upon reviewing the Property Management Agreement, several terms and clauses are outlined. The agreement is effective for one year, with the possibility of termination, provided a written notice is given along with a sum equivalent to 15% of the outstanding rent under any tenancy agreement at the time of termination.
Concerns and Resolution
Given the circumstances, there is a concern about potential hidden clauses or tactics that the property management company may use against us. Despite their claim that they can let a tenant move in from December, there are inconsistencies with them not being willing to provide us with the keys due to missing furniture. We also face the risk of homelessness by the end of the year.
AI Legalese DecoderÔÇÖs Assistance
This is where AI Legalese Decoder can provide invaluable assistance. By interpreting the complex legal terms and providing clarity on the termination process and potential hidden clauses, we can make informed decisions and take the necessary steps to terminate the agreement and obtain the keys to our apartment. Additionally, it can help us navigate any potential legal disputes or complications that may arise from this situation.
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****** just grabbed a
WhatÔÇÖs 15% of ┬ú0?
Have you spoken to your conveyancer?
Do make sure to get an independent company to snag the apartment thoroughly. If they are counting on units being immediately tenanted I’d be extremely wary about finishings etc.
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