What are the Legal and Ethical Requirements of Property Management?

Understanding the legal and ethical requirements of property management extends to satisfying the statutory qualifications about the area in which a property is situated. The maintenance and upkeep of a property are mainly regulated through the statutory and regulatory requirements in an area. The customary practices associated with property maintenance also have a bearing on the standards of maintenance and upkeep with regards to institutional and private properties. Some other miscellaneous factors such as agricultural practices, irrigation checks and sewage regulations are also important when it comes to the maintenance and upkeep of your properties.

In this article, our experts who provide management assignment help will be talking about some of the most important legal and ethical requirements of property management for institutional, agricultural and residential properties. We shall also discuss the maintenance prerogatives that rest with different parties such as the landowner or licensee, the tenant as well as the estate manager.

Who is a Stakeholder in Any Immovable Property?

To determine Legal And Ethical Requirements of Property Management, properties can be classified into the following categories:

Residential property: the standards for maintenance of residential property differ for license holders and leaseholders. If you hold a plot of land on lease, you have to pay a regular maintenance charge. In most states of Australia, this charge is to be paid annually. Yet there are many states where the amount is paid by the license holder bi-annually. For leaseholders, usually, the regular maintenance charge is exempted as such. However, the general practices of rent calculation in Australia often include rent.

For leaseholders, it can be quite tedious to calculate the exact amount due to be paid to the land control authority. Therefore, this amount is usually included within the total rent due.

In the case of commercial immovable property, the license holders are generally exempted from the actual cost of damage and the expenses are shared between the local property management authorities as well as the federal property maintenance funds. To provide an impetus for industries and businesses, commercial premises in Australia are given several benefits.

Ethical Prerogatives of Property Management 

Residential Property

While most leaseholders and licensees may think that by simply paying the maintenance charge, they have discharged their duties towards managing their property. However, there are several customary practices associated with managing residential practices. For leaseholders and licensees, it is important to ensure that the supplementary and adjoining areas are maintained and kept well. The stairways, alleyways and common areas are also kept in the same condition as the flat or condominium.

Commercial and Institutional Property

As per Australian common law, the responsibility to maintain and manage a property rests with the license holder as well as the end-user. The liability for mismanagement is also decided accordingly. The liability or culpability is decided based on the person who is responsible for the act or omission leading up to the incident that has caused damage to the said property. There are several landmark cases in which misuse or mismanagement by the staff is considered to be the primary reason for the damage of a property. In such a case, the culpability is shared partly by the management and the person or persons directly responsible for the damage.

Responsibilities of an Estate Manager

The estate manager has special duties and responsibilities towards the management of an estate when it comes to property management. It is important to proceed by understanding who is an estate manager and what are his duties. An estate manager is a person who has been appointed to represent the interests of another person, group of people or trust. An estate manager is generally appointed specifically for property management. Depending upon the type of property. Any estate manager is bestowed with special duties of maintenance that he is expected to discharge from time to time.

Conclusion

Depending upon the different types of properties in Australia, there are different statutory and regulatory provisions for Legal And Ethical Requirements of Property Management. Whereas the culpability and liability for mismanagement are decided as per the statutes, the breach of ethical standards of management may also give rise to liability. Here, it is pertinent to note that there are several case laws and precedents in Australian common law to determine the liability in case of statutory breaches. However, owing to the customary practices of management, there is now also a set of established directives when it comes to property management. The breach of these directives may also give rise to liability. The person on whom the liability rests may be fined or asked to pay certain damages.

If you are writing an assignment on the topic of property management, it may be prudent to take a look at the statutory provisions in the Australian common law. You can also avail yourself of the management assignment help to complete your assignment. The well-informed and qualified experts at My Assignment Services can provide you with detailed assignments on the topic. Here are some of the most manifest advantages of availing management assignment help from My Assignment Services:

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