Services
• Tenant Retention
• Lease Administration/Evaluation
• ADA Compliance
• Asset Preservation
• Superior Reporting Skills
• Full Service accounting
• Complete monthly reports
• Budget Preparation
• Energy Management
• Serving California including Sacramento, the Central Valley, San Francisco Bay Area, Oakland-East Bay, Northern California, Reno and northern Nevada.
Office Buildings • Retail Centers • Multi-Family • Mobile Home & RV Parks
Industrial • Business Operation
A Receiver’s Primary Duty
A receiver’s primary duty is to protect and secure the property, prevent waste, and collect rents. In general, the receiver is required to follow the court’s order, which may include specific authority to manage the property, collect rents, and provide monthly accountings. In some instances, the court may grant the receiver authority to enter into leases and position the property for sale.
Once appointed, the receiver must take custody of the property, which may include changing locks, securing operating accounts, and retrieving property-related documents from the borrower. Depending on the situation, obtaining control can be rather simple or very difficult. The key for the receiver is to act quickly so that the borrower cannot cause harm to the property.
After securing the property, the receiver should promptly inspect it and prepare a report summarizing the property’s general condition and itemizing personal property of the borrower. The receiver also should contact the tenants notifying them of the change in control, providing a new point of contact, and, ideally, arranging a time to meet with them individually.
Other items that generally require the receiver’s immediate attention include the transfer of utility bills, placement of property insurance, hiring of a third-party management company, maintaining or entering into new service contracts with vendors, and other issues concerning the property’s overall operation and security.
Upon termination of the receivership the receiver will be required to file with the court a final accounting and a motion for discharging the Receiver.