What should be formally documented to outline duties and responsibilities in property management?

Formally documenting duties and responsibilities in property management is essential to ensure clarity and accountability among all parties involved. A formal agreement, such as a contract or grant, serves this purpose effectively. It clearly outlines the expectations, obligations, and rights of each party, providing a legally binding framework to guide the management of the property.

This formal documentation is crucial because it helps prevent misunderstandings and disputes that can arise from vague or informal arrangements. Unlike verbal agreements, which can be misinterpreted or forgotten, formal agreements provide a reference point that all parties can rely on. They also often include important details such as terms of service, duration, payment schedules, and consequences for non-compliance, thus promoting transparency and professionalism in property management.

The other options do not fulfill the requirement for clear and binding documentation as effectively. Verbal agreements and informal notes lack the legal reinforcement that formal contracts offer, and while lists of penalties for non-compliance might indicate consequences, they do not comprehensively cover the duties and responsibilities required in property management.