property management takeover letter

Property Management Takeover Letter Sample

Managing a property and handling the problems and issues of residents is not easy. That’s why many property owners hire management companies to manage their properties professionally. These firms are responsible for putting a landlord or manager on site, hiring a handyman for day-to-day repair works, collecting rents from the tenants, ensuring tenants comply with rules and regulations, and finding new tenants for vacant properties i.e. apartments or shops. The owner of the property can change the management at any time but it’s important to inform the tenants about the change. A property management takeover letter is written to the tenants in this situation.

Importance of Property Management Takeover Letter:

As discussed above, a property manager has lots of duties and responsibilities. He deals with the tenants on regular basis i.e. collecting rent, late payments, receiving repair charges, updating tenants about rules and regulations, and most importantly, ensuring that there is no damage caused to the property and the tenants are residing under safe conditions. The owner of a building can change the management at any given time because of various reasons. The important thing is to let the tenants know about the change so they can update their records.

Informing the tenants about the management takeover can be vital in most cases. A tenant might want to file a repair request but the number or email of the previous landlord or manager is no longer in service. This can create a delay in the repair process and can cause further damage to the building. When the tenants have updated management details, they can remember to contact the new landlord as soon they have a repair request.

Another important element to consider is that the previous landlord used to receive rent payments through cash, check, and online bank transfer. If the tenants don’t know the landlord is changed, some might transfer their rent payment to the old landlord’s bank account. Usually when we talk about property management takeover letter, there is also a separate letter introducing the new management or landlord. This letter is mostly written by the new landlord where he introduces himself to the tenants, makes them familiar with his experience and expertise and asks them to contact him for further queries and requests.

Key Elements of Property Management Takeover Letter:

  • Name and details of the recipient of the letter
  • Date of writing the letter
  • Subject stating the purpose of the letter i.e. property management takeover letter
  • Statement saying that the property management is under changes
  • Formal introduction of the new management
  • Date from which the new management will takeover
  • Key changes in the management method
  • Suggestions from the new management for tenants
  • Guidelines for the tenants from new management

 

Sample Property Management Takeover Letter

 

Tenant Welfare Society

Date: 17th December, 2021

 

Subject: property management takeover letter

 

Dear Tenants,

It is hereby stated that as the owner of this building, I have changed the management including the landlord, handyman, security supervisor, genitor, receptionist and the lift boy. You will find the details of the new management in the letter attached here.

Previously this building was under supervision of DuPont Property Management and that was a good company. They handled the responsibilities very well for the past 10 years and neither I nor the tenants had any complaints about them. Sadly, the owner of the company died a few months ago and I wasn’t very happy about the way the company moved forward under new ownership. I also got some complaints from the tenants about misbehavior of the management with them.

Because of these reasons, I decided to change the management as soon the agreement expired. Instead of renewing the contract with them, I went with Leopard Property Management which was recommended to me by couple of friends and family members. This company has very good reviews and I have met with a few of their current clients who seemed very comfortable with their services.

I am sure that you will find them professional and experienced as well. Previously I didn’t have any saying in who will be the landlord of the building, who will sit at the receptionist and who will be appointed as the security supervisor but this time, I added specific clauses in the agreement that all the important positions will be filled with the approval of the welfare society. I have added the details of the selected individuals with this property management takeover letter and you can discuss these candidates in the next society meeting. If you have any concerns about someone, you can inform me and I will request the company to rethink and hire someone else.

I am waiting to hear good feedback from you on this.

 

Regards

 

Steven Collegian

Owner, building 243

West Virginia

Sample Letter to Mortgage Company for Submitting Enclosed Documents

When an individual or a company asks a mortgage company for loan or mortgage loan, they are required to submit various types of documents and papers related to the loan and its insurance. These documents are known as the enclosed documents for mortgage loan. In order to continue the process of mortgage loan, the client is required to submit the enclosed documents within the deadline provided by the mortgage company. The letter to mortgage company for submitting enclosed documents is the formal letter used by the clients to submit the documents and it’s either submitted via mail or delivered to the concerned employee in the company personally by the loaner.

Brief description of letter to mortgage company for submitting enclosed documents:

As an individual or a business owner, if you want to get a mortgage loan from a bank or a loan firm, there are certain things that you will be asked to do i.e. introducing a guarantor and submitting required documents about your bank accounts and cash flow in your business. These documents are known as the enclosed documents for mortgage loan procedures and they are required by every bank and loan firm in order to make sure that you make enough money so that you will pay the loan back and make the installments on time. The letter that we are discussing here is the official letter sent by the clients to the mortgage companies including the enclosed documents required by the firm.

Most of the time, this letter is delivered to the company via mail but if it’s convenient for the client, he can also deliver the letter personally. This way he can also make sure that he has submitted all the required documents and there is nothing missing that he will be asked to provide again. The content of this letter is quite simple and it only includes a few sentences informing the receiver that the required documents are attached with the letter along with a list of the documents in the content of the letter too. This way the receiver of the letter can make sure that all the enlisted documents are attached with the letter and nothing’s missing.

Sample Letter to Mortgage Company for Submitting Enclosed Documents

To: senior manager

ABC Mortgage Company, main branch

New York NY 35094

Subject: submission of enclosed documents

Date: 23 January 2015

Dear Sir,

As you requested last week, I am submitting all the required documents to continue my mortgage loan application process. I received a list from your loan officer telling me which documents I need to enclose and I have gathered and attached all those documents and papers with this letter.

I have made the list of the documents that you can also find with the letter to verify that everything is in order and nothing’s missing. If there is anything else that I need to do, please let me know.

I hope you will process me loan application as soon as possible.

Regards,

Max Derby

Account number: 7643-2975374-1984861

Signature

Complaint Letter for Mortgage Payment Problems

When an individual or a company gets loan or mortgage loan from a bank or mortgage company, they agree to pay the installments on time every month or twice a year depending on the agreement. But, it is possible that the lender or debtor can’t make the payment on time and when this happens, he has to write a formal application letter to the mortgage company informing them about the financial problem and possible delay in the payment process. The complaint letter to mortgage company for payment problems is used for this purpose and with this letter, the individual or company saves the trouble of being declared defaulter by the mortgage company after not making the payment(s) on time.

Brief description of complaint letter for mortgage payment problems:

It is possible that even if the lender or loaner has signed a formal contract with the mortgage company to make the loan payments on time and within deadlines provided by the mortgage company, there are some issues or financial problems due to which, the loaner can’t make the payments. Most of the time, loaners sense this problem may occur in future so they include the clause in the loan agreement and reserve the right to apply for a concession in such scenario. This letter is a formal way to apply for disclosing the financial problems that a company is having and asking for some kind of compensation or concession in the deadline to make the mortgage loan payments.

Sample Complaint Letter for Mortgage Payment Problems

To: senior manager

ABC Mortgage Company

New York NY 35094

Subject: possible payment problems

Date: 27 January 2015

Dear Sir,

As you can recall that I got mortgage loan from your company 2 years ago and as I agreed on the loan contract, I always made the installments or loan payments on time during this time. I am also willing to keep my end of the deal and make the payments on time but there are some financial problems in the business and I have to pay my partner as he wants to leave the company. When this will happen, you can understand I won’t be able to make the loan payments on time. So I am writing this formal request letter to you to consider my situation and compensate me with delaying the payment schedule.

It’s not sure but I can say that I will make the payment only a month later and if you are willing to give me this concession, I will make the payments with 2% extra. As a business owner, you can understand that there comes some times in the business when we can’t keep our promises and we have to look forward to the other party for some compensation and I am doing the same by writing this letter to you.

I hope you will consider my request and allow me to make the payments after the deadline. If you have anything to say or you want to discuss anything, you can contact me or we can fix a meeting to talk these things.

Regards,

Nicolas Pitt

Account number: 76-9549374-1937-01-0471

Signature

Application Letter for New Mortgage Loan

A formal letter that is written by individuals or companies and corporations to bank managers in order to ask them to provide a mortgage loan is known as the application letter for new mortgage loan. This letter is different from the simple loan request letter. In most cases, this request letter is addressed to the bank manager or branch supervisor but you can also write the letter without addressing anyone and the bank will refer the letter to whomever it may concern or to the person in charge of mortgage loan plans.

Brief Description of Application Letter for New Mortgage Loan:

There are many times when individuals and companies need urgent cash or money and they can’t find it from any friends or partners so banks come in for help. If you are good and reliable citizen, you can ask banks for loans. Many people make the mistake of resembling the mortgage loan letter with simple loan letter but they are different. The simple loan letter is just an application to get some loan without pledging any property or shares with the bank where the mortgage loan application asks the banks to take a look at the property and decide how much loan they can issue on mortgage.

Most people take only one mortgage loan on their properties but if they are paying their installments on time and schedule, they can also get a second mortgage on the property from the same bank or another bank depending on the situation and bank policies. Also, the mortgage loan application takes more time as the bank has to evaluate the mortgage property first and then prepare a statement of how much loan it can provide to the client. This is why if you are asking for mortgage loan, you need to send the application 2 to 3 weeks before you actually need loan money.

Sample Application Letter for New Mortgage Loan:

To: senior manager

National Capital bank, main branch

New York NY 35094

Subject: mortgage loan information

Date: 19 January 2015

Dear Sir,

I am regular customer of your bank and I have two accounts in your bank where my salary and other payments are transferred every month. With my accounts’ details, you can see that I always keep good amount of cash in my account so that proves that I won’t be a liability for your bank if you issue loan to me.

I have attached the details of my property/shares or stocks that I want to pledge with your bank for mortgage loan. Kindly consider my application and start the process as soon as possible so that you can evaluate the worth of property and issue the loan.

I have also attached testimony or insurance of two of my neighbors that will also act like my guarantors in this case. You can also talk to them and make the decision as soon as possible because I need the loan money without 15 days or less.

I hope you will consider me as a valuable applicant for this mortgage loan request.

Regards,

Thomas John

Account number: 98-23597-028470-112-1

Signature