Magazine article Journal of Property Management

Contractual Duties

Magazine article Journal of Property Management

Contractual Duties

Article excerpt

*An AMO Firm shall perform its contractual duties and maintain company, property, and client records in accordance withal applicable regulatory guidelines, contractual obligations, client objectives and company policies. It shall not act beyond its contractual scope of authority as an agent without documented client approval."

-AMO CODE, ARTICLE 2

The Institute of Real Estate Management (IREM), its CERTIFIED PROPERTY MANAGERS (CPM) Members and ACCREDITED MANAGEMENT ORGANIZATION (AMO) Firms justifiably take great pride in their contract drafting skills, precision with words and overall documentation preparation and management. Both the CPM Code of Ethics (Article 6) and the AMO Code (Article 2) highlight and reinforce the critical importance of establishing your scope of authority, duties and responsibilities, documenting these precisely and then managing prudently and skillfully within the parameters of the management and related service contracts.

As per Article 2 of the AMO Code - at all times, and without exception - the CPM Member and the AMO Firm must adhere to all regulatory guidelines and contractual obligations. They have a fiduciary duty to adhere to, and work towards, the clients objectives and company policies. All contracts must be carefully crafted and followed precisely. The only acceptable variances to contractual duties are those which are due to legal or regulatory changes, and those which have been discussed and approved by clients beforehand. …

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