Final answer:
When the owner/manager agreement is terminated, the property manager has possession to turn over all documents to the owner.
Step-by-step explanation:
When the owner/manager agreement is terminated, the property manager has possession to turn over all documents to the owner.
According to the terms mentioned in the lease agreement, if the owner is unable to deliver possession of the residence to the residents on the agreed date, the agreement can be terminated by either party upon written notice.
In such a case, the property manager is responsible for returning all documents to the owner.
It is important for property managers and owners to have a clear understanding of the termination process and the responsibilities that come with it to ensure a smooth transition.