Property owners may terminate the Management Agreement for various reasons, including financial difficulties, changes in personal circumstances, or perhaps a desire to sell the property. Additionally, they might be influenced by market conditions or shifts in investment goals. This guide will provide you an overview of the termination and offboarding process.

Notification of Termination

• To avoid any fees, owners must notify Baker Street in writing at least 90 days before the Effective Date of their desire to terminate the Management Agreement. Otherwise, Owners will be charged a Termination Fee of One Month’s Rent per Unit.
• Baker Street may also elect to terminate, in these cases, the Owner would not be charged a termination fee.
• Upon Notification of Termination, Baker Street may notify Tenants regarding the termination, that their leases will remain intact, and any other pertinent information they may need to know.
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Signature of Termination Agreement

• To incur no fees, the Termination Agreement must be signed at least 90 days before the Effective Date.
• If unsure when the Effective Date is (e.g., if the Owner is selling the property, and the timeline may be based on the sale of the property). In these cases, Owners may complete the Termination Agreement with an estimated Effective Date.
• Baker Street will continue to manage the Property or Properties per the terms of the Management Agreement until the Effective Date.
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Assumption of Licensing & Permits

• Effective with the Termination, the Owner agrees to assume full responsibility for all rental inspections, property registration, permits, or licensing for the property.
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Utilities

• The Owner agrees to place water, gas, electric, and other applicable utilities into their name (or enroll in the Landlord Plan if the tenants are responsible for utilities) as of the Effective Date. The Owner assumes full responsibility for all utilities related to the property or properties. Failure to do so may result in a delay in receiving the Final Statement.
• Transferring utilities into an owner’s name can typically be done online through the relevant utility provider’s website.
• Owners must confirm in writing to Baker Street that any relevant utilities have been transferred to their name, before or by the Effective Date.
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Leasing

• All current leases (if applicable) will remain valid and intact and be assumed by Owners or transferred to new Owner in the case of a sale.
• If the property is leased for a new term that begins after the Effective Date, a leasing fee per the Management Agreement will be charged.
• Baker Street may charge an hourly rate of $100/hr when leasing work is done up to the Effective Date, and a lease is not able to be secured.
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Bills, Invoices, and Final Statement

• Baker Street will remove any signage on the property within 30 days of the Effective Date.
• Between the signing of the Termination Agreement and the Effective date, Baker Street reserves the right to hold back the Owner's monthly deposit to cover estimated property expenses.
• A final statement will be provided within 45 days of the Effective Date, and a deposit will be made into the Owner's account of the remaining income, if any. The owner has 7 days to dispute the Final statement or make a payment of outstanding balances.

Property for Sale

• If an Owner is selling their property, digital assets such as photographs or the virtual tour may be available to purchase from Baker Street.
• Property visits related to the sale of a property outside of normal management will be charged at $100/hr. Real Estate Agents will coordinate property visits through Baker Street.

Cancellation

• We understand that things change, and the Termination Agreement may be canceled with written agreement from both Baker Street and the Owner.