Multiple Owner Declaration and Data Schedule (Exhibit)
Most management agreements are not set up for four or five owners to sign. When you are dealing with multiple owners you need a way of identifying each of them and more importantly, who the contact person is for you. If you don’t have a spokesperson, you’ll create chaos figuring out who to listen to as they argue about who’s in control. Properly identifying who is on title (or who has authority to speak for the owners) is often a challenge for a property manager. Before you attempt to manage a property with multiple owners, be sure to get all their information and some identification as to who the spokesperson is. This document helps clarify multiple ownership and who’s speaking for the owner(s).