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Michigan Property Management Package

Property Management Michigan Requirements

Name: Michigan Property Management Package
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.78 (260 reviews)

Category:

Michigan Real Estate - Packages - Property Management

State:

Michigan

Control #:

MI-P114-PKG

Format:

Instant download

Description

This Property Management Package contains the essential forms to assist you in leasing your premises, complying with legal requirements, and keeping relations with your tenants amicable. State-specific forms are included.

The following forms are included in this package:

1. Landlord Tenant Closing Statement to Reconcile Security Deposit

2. Residential Rental Lease Application

3. Residential Rental Lease Agreement

4. Commercial Building or Space Lease

5. Security Deposit Agreement

6. Inventory and Condition of Leased Premises for Pre-Lease and Post-Lease

7. Agreement to Lease Commercial Property with Option to Purchase at End of Lease Term - Rent to Own - Real Estate Rental

8. Lease or Rental Agreement of Residential Property with Option to Purchase and Own Property - Lease or Rent to Own

9. Property Manager Agreement

Purchase of this package is a savings of almost 60% off over purchase of the forms individually!

View Fiduciary Deed for use by Executors, Trustees, Trustors, Administrators and other Fiduciaries

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View Warranty Deed from Limited Partnership or LLC is the Grantor, or Grantee

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View General Warranty Deed for Husband and Wife from Joint Tenants to Tenants in Common

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View Deed of Distribution - Personal Representative to Beneficiary

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View Deed of Distribution - Personal Representative to Four Beneficiaries

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FAQ

Some standard matters covered by the service charge include: insurance for the building (not including contents of your apartment); refuse collection; electricity to the common areas; lift maintenance; maintenance of fire-safety systems; cleaning of the common areas; grounds maintenance; CCTV and security; repairs and

Property management isn't worth the money to some investors.One important note, even if you choose to manage your own properties it pays to have a backup plan in case you're no longer able to handle them. For others investing in real estate, there's no way they'd choose to manage their own rental properties.

A property manager costs approximately 7-10% of your total rental income, however the services and expertise offered by a good property manager is worth much much more than this fee, plus in many cases the agents service fee is tax deductable.

It is well settled under Michigan law, anyone who engages in property management must have a real estate broker's license, unless they are a real estate sales person employed by a real estate broker to engage in property management.

Management fees cover a number of ongoing services that keep your property occupied and operating well, while leasing commissions pay for just one thing putting a tenant in a space.

The property manager will not generally spend money out of their own pocket without being funded by the landlord. Some managers may charge a percentage of repair costs often 10 percent to compensate them for the hours spent dealing with repairs, meeting with vendors, etc. Others don't.

The management fee is intended to compensate the managers for their time and expertise for selecting stocks and managing the portfolio. It can also include other items such as investor relations (IR) expenses and the administration costs of the fund.

The fee covers the time it takes to make any adjustments to the leaseincluding performing a Comparative Market Analysis to recommend rent changes (if any)and obtain the tenant's signature. Whether the property managers charge a set fee or a percentage, the lease-renewal fee is typically around $200 or less.

Property Management Michigan Requirements

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