Fiduciary duty and liability for property managers

Fiduciary duty and liability for property managers

Apr 02, 2021

Article

Co-author, Colorado Real Estate Journal, April 2, 2021

Property owners frequently delegate authority for financial matters involving their properties to property managers, including the collection of rent or deposits and the costs of repairs or maintenance. What duties does the property manager owe to the property owner by assuming responsibility for these financial matters? In addition to any duties imposed by the contract, the property manager may owe a “fiduciary duty” to the property owner, depending on the level of control exercised by the property manager over these financial matters. A fiduciary duty imposes strict legal requirements on the property manager and subjects the property manager to increased exposure to liability, if breached.

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