What must a property manager do no later than 60 days after the termination of a property management agreement?

Providing the owner with a final accounting of the owner's ledger account within 60 days after the termination of a property management agreement is crucial for several reasons. First, it ensures transparency regarding all financial transactions conducted during the management period. This accounting should detail income collected, expenses paid, and any outstanding balances, which helps maintain a clear financial history for both the owner and manager.

Such accountability is essential for fostering trust and professionalism in the property management relationship. A final accounting allows the property owner to understand how their property was managed financially and prepares them for future management or selling decisions.

The other options do not align with standard requirements for property management. Opening a new trust account is not necessary immediately after a management agreement ends; it is only relevant if a new property management agreement begins. Paying all tenants their security deposits can be part of the closing process but depends on the specific terms outlined in the lease agreements; it is not universally applicable as a requirement. Renewing the management agreement would typically be the opposite of terminating it, which doesn't apply in this context.