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A copy of every service agreement or contract

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Make sure to obtain copies of all service agreements and/or contracts. These documents may include agreements with maintenance landscapers or gardeners; pest-control services; heating, ventilation, and air conditioning (HVAC) companies; boiler maintenance services; laundry services; elevator, swimming pool, or spa servicing; and other providers. Review all current contracts, and meet with service providers that the current owner uses. If contracts bind you to continue service, ensure that such provisions are legal and in your best interest. You may need to consult an attorney or renegotiate your purchase if you discover service agreements and/or contracts that are not competitively priced or provide only what you need.

If you plan to terminate the services of a particular contractor or service provider, the seller may be willing to voluntarily send a written conditional notice of termination indicating that, should the property sell as planned, the provider’s services will no longer be needed as of the close of escrow. Then you’re free to make your own plans for services and can even renegotiate with the current company for better terms. If the seller already had favorable pricing with the provider, of course, you may be able to negotiate the same terms.

Property Management Kit For Dummies

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