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A letting agent terms of business agreement allows a letting agent to manage part or all of the lettings process of a property on behalf of a landlord. A let only letting agent will source a tenant and hand over the management to the landlord at the start of a tenancy. A full management letting agent will manage all aspects of the tenancy before and during the tenancy.
A full management letting agent will take care of all aspects of letting and managing a property. This means sourcing and referencing tenants, preparing an inventory, registering a deposit, collecting rent from the tenant and conducting routine property inspections. The letting agent will also be the tenant's point of contact for repairs and other tenancy related issues.
In the event of damage to the property, a letting agent might need to hire professionals to conduct repairs immediately. For practical reasons, a landlord will usually give the letting agent the authority to spend a certain amount on repairs in the context of maintenance and in the context of an emergency.
Repair expenditure limits need to be reasonable to protect the agent and the landlord. If the agent needs the landlord's approval to conduct a repair but can't reach them, the damage to the property might worsen. Equally, an expenditure limit mustn't be excessive to protect the landlord agains unreasonable expenditures.
A letting agent terms of business must clearly specify the expenditure limits and circumstances they will be used to protect the landlord and letting agent. Legislate's letting agent terms of business allows the letting agent to specify the repair limits and conditions for spending them.