Why are contracts so important for HMO Property Management?
Posted on 1st November 2022 at 13:34
It's important to understand the technical definition of a contract: "A written or spoken agreement, especially one concerning employment, sales, or tenancy, that is intended to be enforceable by law".
The key aspects to consider within the definition are "agreement" and "enforceable by law". With a contract the people/parties involved need to come to a formal agreement, this agreement will then be written up on a piece of paper to form a contract. For this contract to then be eligible the parties involved will need to sign, date and print their name. This is then a representation to show that everybody has agreed to the terms of the contract, throughout the duration of the contract all of the terms should be followed. This is so important with HMO property management, as this is a long term agreement that involves a lot of money and responsibility.
It's key that everything is outlined at the beginning to ensure each party is clear on what the agreement is, below are three main reasons why HMO Property management contracts are so important.
If you've got a HMO and are looking for guaranteed rent or even have any questions related to HMOs, feel free to go to the Landlord Management Services page on our website (click HERE), or contact us on email.
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