Property Management

Could a property management company thats
going bankrupt be replaced immediately?

Asked on March 8, 2018 under Real Estate Law, Georgia

Answers:

SJZ, Member, New York Bar / FreeAdvice Contributing Attorney

Answered 2 years ago | Contributor

If you don't have a written contract, only an oral one, you can replace them as the property management company at any time. If you do have a written contract and it is for a specified time (for example, one-year), you can only replace them 1) if they breach the contract in some material, or important way, such as by non-performance, or 2) if the terms of the contract otherwise provide grounds and a mechanism for early replacement.


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