Unit Management Agreement

A unit management agreement, or UMA, is a legal contract between a property owner and a management company. The UMA outlines the terms and conditions of the relationship between the two parties, including the responsibilities of the management company in managing the property.

UMAs are commonly used in situations where multiple units are owned within the same property, such as apartment buildings or condominiums. The UMA can cover a wide range of responsibilities, including maintenance, repair, leasing, and financial management.

One of the primary benefits of using a UMA is that it allows property owners to delegate the day-to-day management tasks to a professional management company. This frees up the property owner’s time and resources, allowing them to focus on other aspects of their business.

Another significant advantage of using a UMA is that they offer a level of protection to the property owner. The management company is contractually obligated to manage the property according to the terms of the UMA, which can include meeting specific maintenance and financial targets. If the management company fails to meet these targets, the property owner can take legal action to enforce the agreement.

UMAs are also essential for ensuring consistent and high-quality management of the property. By outlining the specific responsibilities of the management company, UMAs help to ensure that all units are managed in a standardized way. This can help to improve tenant satisfaction and reduce maintenance issues over time.

When creating a UMA, it’s essential to work with an experienced attorney who can provide guidance on the specific terms and conditions that should be included. This will help to ensure that the UMA is legally binding and protects the interests of both the property owner and the management company.

In summary, a unit management agreement is a critical legal contract that outlines the terms and conditions of the relationship between a property owner and a management company. By delegating management responsibilities to a professional company, property owners can free up their resources and ensure consistent and high-quality management of their property.