Which document serves as evidence of the agreement between a property manager and owner?

The management contract serves as the official document that outlines the agreement between a property manager and the property owner. This contract delineates the responsibilities, obligations, and expectations of both parties, ensuring that they have a mutual understanding of the terms under which the property manager will operate on behalf of the owner.

The management contract typically includes details such as the scope of services provided, compensation structure, duration of the agreement, and termination conditions. By formalizing these aspects, the management contract safeguards the interests of both the owner and the property manager, providing a clear framework for the property management relationship.

On the other hand, a lease agreement pertains to the relationship between a landlord and tenants, establishing the terms of occupancy for a rental unit. A property operating plan focuses on the strategic and operational aspects of managing a property but does not serve as an agreement between the owner and the property manager. A purchase agreement outlines the terms of buying or selling a property rather than the management of property. Thus, the management contract is distinctly positioned as the essential document verifying the arrangement between the property manager and the owner.