What document outlines the agreement between the property owner and the manager?

The management contract is the document that specifically outlines the relationship and agreement between the property owner and the property manager. This contract details the responsibilities, rights, and obligations of both parties, which may include aspects such as management fees, property maintenance duties, lease enforcement, and any services the manager is expected to provide, such as tenant screening and rent collection.

In contrast, a lease agreement is typically a contract between the property owner and a tenant, specifying the terms of rental occupancy for a specific property. A property deed is a legal document that conveys ownership of real estate, outlining who holds title to the property, but it does not address management responsibilities. A tenancy agreement, while similar to a lease, focuses on the rental terms between a landlord and tenant rather than the relationship between the property owner and manager.

Thus, the management contract is essential for defining how property management will be conducted, making it the correct choice in this context.