|
|
| Gulf Property Management, LLC |
 |
|
|
| |
Frequently Asked Questions
Our goal is to answer all questions that you may have, please let us know if you have any questions. We will be glad to provide the information that you need.
|
1. Will we have to sign lease agreements?
Upon execution of the management agreement, Gulf Property Management will be able to sign leases, collect rent, terminate lease agreements, re-lease and perform other actions on behalf of the owner.
2. Who is responsible for paying property taxes if they aren't included in escrow?
Property taxes, insurance, mortgage payments and other expenses involving the property will be paid for by Gulf Property Management unless prior arrangements have been made.
3. If the tenant defaults on the lease, will the property management company owe us the rent that was due?
No, Gulf Property Management's responsiblity is to collect the rent due on behalf of the owner.
4. How often will funds be distributed?
We have distributed net proceeds from rent on a monthly basis and on an annual basis. Our preference is to distribute net proceeds quarterly, semi-annually or annually.
5. How will property expenses be paid?
Property expenses will be paid with funds from the owner's account. We have found that it is best to maintain a small operating account for the purpose of paying expenses.
6. Will the money in my account be commingled with any other accounts?
No, the Texas Real Estate Commission strictly prohibits commingling of funds by property management companies. Another words, a separate account will be established for your property operating account. A broker in violation of this rule will be subject to forfeiture of their Texas broker's license.
|
|
|
|
![](real_estate/spacer.gif"){kind=spacer}
