MAXIMIZE THE VALUE OF YOUR ASSET
What is a Receiver function? How does it work?
Appointment of Receiver:
1.Order for Appointment of Receiver: Made through plaintiff(s) attorney via Court Motion to Appoint Receiver “to take charge of the property”.
2.Why appoint a Receiver?
a.Tenant(s) are confused over their future and likely looking to relocate.
b. Current property owner is misdirecting rents.
c. Protect the value of asset.
d. Maximize the value of the Property.
e. Stop erosion of the Property value.
f. Tenant(s) are being neglected.
g. Vendor utilities & building services are being neglected and delinquent.
h. Asset is being neglected, value is being eroded.
3. Receiver responsibilities; MAXIMIZE AND PROTECT VALUE OF ASSET:
a. Maintain active consultant relationship with tenant(s).
b. Notify tenant(s) of appointment of Receiver including documentation.
c. Notify defendant(s) of appointment of Receiver including documentation.
d. Notify vendor(s) of appointment of Receiver including documentation.
e. Establish bank account(s) in Receivership name and deposit all sums collected.
f. Notify Courts, plaintiff(s) and defendant(s) monthly of activity with bank account(s).
4. Monthly responsibilities:
a. Report to Clerk of Court all activity with defendant(s), plaintiff(s) and all other parties.
b. Report monthly expenses related to the Property Management.
c. Pay all utilities and expenses related to operation of the Property.
5. Receiver management cost and expenses, reimbursed from property Receivership Account:
a. Receiver will file a periodic accounting with the Court monthly wintin fifteen (15) days after the end of each calendar month.
b. Expenses are reported monthly to the plaintiff(s).
c. Expenses are reported monthly to the defendant(s).
d. Parties have ten (10) days to dispute management cost or expenses prior to any payment being made.
e. Receiver is paid for the Property Management expenses.
f. Receiver is reimbursed for reasonable expenses (i.e.) supplies, postage, mileage and general business expenses.
We at Dakota Property Mgt, Inc. are committed to the above business practices at all times. All of our employees, contractors and suppliers agree to these standards. If you find us not meeting your expectations please feel free to contact us.
