Glossary
Property management glossary
Every condo and rental-management term explained simply: rent receipt, service charges, building manager, lease, and more.
- Building manager (syndic)
- A building manager, known as the syndic in French-speaking markets, is the person or company that runs a condominium: administering common areas, the budget, service charges, maintenance and the decisions of the owners' general meeting.
- Condominium
- A condominium is a building divided into units owned by several different owners. Each owner holds a private unit plus a share of the common areas, which are managed collectively.
- Inventory of fixtures (check-in / check-out)
- An inventory of fixtures is the document describing the exact condition of a home when the tenant moves in and again when they leave. It is the reference for returning the security deposit.
- Landlord
- A landlord is the owner of a home, or their agent, who lets it out and receives the rent. In return they must provide a decent home and guarantee the tenant peaceful enjoyment of it.
- Lease (tenancy agreement)
- A lease, or tenancy agreement, is the written contract by which a landlord makes a home available to a tenant in exchange for rent, setting out the term, the amount, the charges and each party's obligations.
- Management mandate
- A management mandate is the contract by which an owner entrusts the management of their property to a professional (an agency or manager), who then acts in their name for letting, collecting rent and day-to-day running.
- Owners' general meeting
- The owners' general meeting is the meeting at which condominium owners vote on decisions about the building: budget, works, service charges and appointing the building manager.
- Property management agency
- A property management agency is a professional firm that manages one or more properties on behalf of owners: rental management, the building-manager role, maintenance and the relationship with occupants.
- Rent arrears
- Rent arrears are amounts owed by a tenant for rent or service charges that have not been paid by the due date. Preventing and tracking them is central to healthy rental management.
- Rent receipt
- A rent receipt is a document issued by the landlord confirming that a tenant has paid their rent for a given period. It states the rent, the service charges and the dates covered.
- Rental management
- Rental management covers all the tasks involved in letting a property: finding a tenant, the lease, collecting rent, issuing receipts, tracking arrears and maintaining the home.
- Security deposit
- A security deposit is a sum paid by the tenant when moving in, held to cover any unpaid rent or damage beyond normal wear. It is returned when the tenant leaves, after an inventory of fixtures.
- Service charges
- Service charges are the shared running costs of a building (cleaning, security, water and electricity for common areas, lifts, caretaking) split between the occupants of the residence.
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