What is a key requirement for property managers in Oklahoma after terminating a management agreement?

Property managers in Oklahoma have specific responsibilities even after a management agreement has been terminated. Accounting for all outstanding funds is crucial because it ensures that any financial transactions are clear, and all parties understand their financial obligations. This includes reconciling any revenue or expenses that may have occurred during their management period. Additionally, confidentiality must be maintained regarding the tenants and the financial details of the property. This protects sensitive information and upholds the trust that tenants and property owners place in the property management firm.

While returning security deposits is vital, it is typically tied to the condition of the property and the status of the tenant's lease. Notifying tenants may be part of a best practice but isn't a formal requirement under the law. Transferring records to the property owner is necessary, but the most pressing obligation revolves around the accountability of financial matters and protecting the confidentiality of all parties involved.