In our lawyer practice in Varna and Black Sea region we face various types of property management contracts. Some of them are drafted professionally by other lawyers and others are done pretty bad by the property developers themselves. Generally there are two types of property management contracts:
- Property management contract for the common areas of the condominium and
- Property management contract for the individual apartment or other commercial premises in the building
In the second type of contract (#2 above), the legal theory is diverse. The prevailing lawyer's opinion is that property management of individual apartment is contracted by the owner as individual and therefore any outstanding payments for the management company should be paid by the person who was owner at the moment of signing the contract. This type of management agreement is not considered as part of the ownership, but rather than a separate service rendered to the person.