Tic Management Agreement

In addition, the management contract may also authorize the administrator to draw up declarations to the co-owners indicating their shares in the income and costs of the property, to take out or modify insurance for the property and to negotiate changes to the rental conditions or a debt that weighs on the property (subject to the agreement of the co-owners). (See Proc. 2002-22, Section 6.05, for conditions for approval of lease and debt amendments.) The fixing of any fees that the co-ownership pays to the syndic may not depend in whole or in part on the income or profits generated by a person on the property and may not exceed the market value of the administrator`s services. Any tax paid by the co-owner to a broker must be comparable to the fees paid by independent parties to a broker for similar services….