Termination notice period

Definition

How much notice an owner needs to leave, which is market convention and not a legal floor.

Why It Matters

Doors under management look like contracted revenue and usually are not, and the thirty days everyone quotes is convention with no legal floor under it. Nevada lists what a property management agreement must contain, and its termination clause is conditional. The agreement must set out the circumstances of cancellation only if it is subject to cancellation at all, and it may authorize either side to cancel with cause, without cause, or both. Nothing there requires a right to leave and nothing sets a period. Florida regulates the analogous instrument more tightly: a written listing agreement must carry a definite expiration date and may not require the seller to give notice of cancelling once that date passes. So the agreement is the only floor there is, which makes the paperwork the asset and the door count a description of it.