Property Management Agreement (General)

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This Property Management Agreement is for use by a property owner who wants to engage a manager to operate and manage properties on a day-to-day basis. This agreement sets out the specific terms of the arrangement and can be easily adapted to your unique situation.

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This Property Management Agreement is between a property owner and a manager who will operate and manage the owner's property. This arrangement is extremely useful for those who own rental properties, out-of-state property owners or an individual who is no longer able to manage their own property. The agreement sets out the specific services the property manager will perform, the continuing responsibilities of the owner and the compensation the manager will be paid. It is imperative that this type of agreement be set out in writing rather than by oral communication. A written Property Management Agreement will prove invaluable in the event there are disagreements or misunderstandings as to the roles each party will play.

This Property Management Agreement contains the following provisions:
  • Parties: Sets forth the name and address of the property owner and property manager;
  • Term: States the beginning and ending dates of the agreement;
  • Property Management Services: Sets out in specific detail the services the property manager will provide;
  • Ownership Responsibilities: Sets out in detail the continuing responsibilities of the property owner;
  • Compensation: The compensation the manager shall receive for management services;
  • Termination: The agreement may be terminated by either party by giving sixty days written notice;
  • Dispute Resolution: Any disputes will be settled according to the rules of the American Arbitration Association;
  • Signature: Both property owner and property manager must sign the management agreement.

Protect yourself, your rights and your property by purchasing this attorney-prepared form.

This attorney-prepared package includes:
  1. General Information
  2. Instructions and Checklist
  3. Property Management Agreement
State Law Compliance: This form complies with the laws of all states
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
Property Management Agreement
 

 

THIS PROPERTY MANAGEMENT AGREEMENT entered into as of the ___ day of ____________, 20___, by and between ___________________________________________ of ______________________________________________________________ (the Owner) and ______________________________________ of____________________________________ (the Manager) (collectively Parties).
 
RECITALS
 
WHEREAS, the Owner is the owner of certain real property located at ________________ _______________________________________________ (the Property); and
 
WHEREAS, the Owner desires to engage the Manager to operate and manage the Property and the Manager agrees to provide such services, on the terms and conditions contained in this Agreement.
 
NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, the Parties agree as follows:
 
1.    PURPOSE
 
Owner appoints the Manager to act as the exclusive agent and representative on behalf of the Owner for the sole purpose of managing, operating and maintaining the Property (Property Management Services).
 
2.    TERM
 
This Agreement shall remain in effect for a period beginning on the date written above and continuing for a period of _______________ years, unless terminated earlier as provided below. Upon expiration of the initial term, this Agreement shall automatically renew for successive period of one (1) year each unless either party gives notice of termination not less than sixty (60) days prior to the end of the contract year.
 
3.    PROPERTY MANAGEMENT SERVICES
 
The Manager shall provide the following Property Management Services:
 
(i)   Collect all rents as they become due, and provide receipts for the same. 
 
(ii)   Pay all expenses incurred providing the Property Management services from the rents collected from the Property.
 
(iii)   Pay all taxes levied or imposed against the Property.
(iv)   Cause any improvements, decorations and alterations to the Property and do any and all things which are reasonably necessary in its reasonable discretion for the proper maintenance, in good condition and repair of the Property.
 
(v)   Hire, supervise and terminate all independent contractors and employees, reasonably required for the operation and proper maintenance of the Property.
 
(vi)   Sue any third party on behalf of the Owner for recovering any past due rent and for loss or damage caused to any part of the Property and compromise, settle and release any such legal proceedings or lawsuits.
 
(vii)    Maintain full, detailed and accurate books and records of all receipts and expenditures with respect to the property, which records and accounts shall be available for review by the Owner or his representatives, at any reasonable time.
 
(viii)   Rent or lease the Property and arrange for the advertising of available units.
 
(ix)   Pay all remaining rents after deducting all authorized expenses including Managers fees and tax from the rents collected from the tenants of the Property.
 
(x)   Send to the Owner on or before the fifteenth day of each month, a detailed, itemized statement of all property rent and expense receipts incurred during the month.
 
(xi)   Promptly report to the Owner any and all adverse conditions relating to the property which shall require the attention of the Owner.
 
(xii)   Render emergency repairs, when Owner is not readily available, as may be required because of danger to life or property or which are immediately necessary for the preservation and safety of the Property or the safety of the tenants and occupants as required.
 
4.    OWNER RESPONSIBILITIES
 
The Owner shall be responsible for the following matters:
 
(i)   Payment of any real estate taxes, insurance premiums and mortgage payments unless specified otherwise in this Agreement.
 
(ii)   Determination of insurance policies to be purchased for the Property.
 
(iii)   Determination of any rent decreases or increases.
 
(iv)   Collection of any delinquent rent and tenant eviction.
 
(v)   Approval of any improvement plans from the authorities.
 
(vi)   Payment of all advertising for the rental property.
5.    COMPENSATION
 
As compensation for its services to be performed pursuant to this Agreement, the Owner shall pay to the Manager a fee equivalent to _____________ percent of all rents received from the Property.
 
6.    TERMINATION
 
This Agreement may be terminated by either party upon sixty (60) day's written notice. If so terminated, Owner shall retake possession of the Property, subject to the rights of any tenant rightfully in possession. Upon termination or expiration of this Agreement, Owner shall pay all commissions and expenses due Manager.
 
 
7.    INDEMNIFICATION OF MANAGER
 
The Owner agrees to indemnify the Manager from and against all claims arising from or connected with the management of the Property by the Manager or the performance or exercise of any of the duties, obligations or powers granted hereunder to the Manager, provided. However, Manager will be solely responsible for any claims arising from or connected with any actions committed due to the willful misconduct, recklessness or negligence of the Manager. The Owner agrees to pay all expenses incurred by the Manager, including, but not limited to, reasonable attorney's fees and Manager's costs and time in connection with any claim, proceeding, or suit involving an alleged violation by the Manager or the Owner, of any law pertaining to fair employment,  fair credit reporting, environmental protection rent control, taxes, or fair housing, including, but not limited to any law prohibiting, or making illegal discrimination on the basis of race, sex, creed, color, religion, national origin, familial status, or physical handicap, provided, however, that the Owner shall not be responsible to the Manager for any such expenses in the event the Manager is finally adjudicated to have personally, and not in a representative capacity, violated any such law. Similarly, the Manager agrees to indemnify and hold harmless the Owner from and against any and all claims, actions and judgments arising directly from the negligence of the Manager.
 
8.    GOVERNING LAW
 
This Agreement shall be governed and construed in accordance with the laws of the State of _______________________.
 
9.    DISPUTE RESOLUTION
 
Any controversy, dispute or claim arising out of or relating to this Agreement, or the interpretation, application, implementation, breach or enforcement hereof, which the Parties are unable to resolve by mutual discussions and agreement, shall be settled by submission by either party to binding arbitration to be held in the state of __________________ unless the Parties agree in writing to a different location, before a single arbitrator in accordance with the rules of the American Arbitration Association. In any such arbitration proceedings the Parties hereto agree to provide all discovery deemed necessary by the arbitrator. The decision and award made by the arbitrator shall be final, binding and conclusive on all Parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.
 
10.    ENTIRE AGREEMENT
 
This Agreement contains the entire agreement of the Parties concerning the subject matter hereof, and supersedes any and all prior agreements among the Parties hereto concerning the subject matter hereof, which prior agreements, if any, are hereby canceled. This Agreement may not be changed, modified, amended, discharged, abandoned or terminated orally, but only by an agreement in writing, signed by the Parties hereto.
 
11.    SEVERABILITY
 
If any of the provisions of this Agreement is held invalid, such invalidity shall not affect the other provisions hereof that can be given effect without the invalid provision, and to this end the provisions of this Agreement are intended to be and shall be deemed severable.
 
12.    NOTICES
 
All notices, correspondence, writings, statements or other communication required or permitted to be given hereunder by either of the Parties to the other of them shall be given, made or communicated, as the case may be, by personally delivering the same, by telex, telegram or electronic facsimile transfer, or by registered or certified mail, first-class, postage prepaid, return receipt requested, addressed to the recipient as follows:
 
To the Owner:
_____________________________________
_____________________________________
_____________________________________
 
To the Manager:
_____________________________________
_____________________________________
_____________________________________
 
Both Parties reserve the right to change the address of service at any time, with notice in writing to the receiving party.
 
13.    WAIVER
 
Any waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right of such party. The failure of any party to take action by reason of any such breach or to exercise any such right shall not deprive such party of the right to take action at any time while such breach or condition giving rise to such right continues.
14.    ASSIGNMENT
 
No party hereto shall have the right to assign all or any part of its right or obligations hereunder without the prior consent of the other party, except that nothing contained in this sentence shall prevent any party from assigning its right to receive monies hereunder.  
 
15.    SUCCESSORS AND ASSIGNS
 
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of Manager and the heirs, administrators, successors, and assigns of the Owner. Notwithstanding the preceding sentence, Manager shall not assign its interest under this Agreement except in connection with the sale of all or substantially all of the assets of its business. In the event of such sale, Manger shall be released from all liability under this Agreement upon the express assumption of such liability by its assignee.
 
IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first above written.
 
 
_____________________________________
Owner
 
 
_____________________________________Manager
 
 
 
 
 
Number of Pages9
DimensionsDesigned for Letter Size (8.5" x 11")
EditableYes (.doc, .wpd and .rtf)
UsageUnlimited number of prints
Product number#43429
This is the content of the form and is provided for your convenience. It is not necessarily what the actual form looks like and does not include the information, instructions and other materials that come with the form you would purchase. An actual sample can also be viewed by clicking on the "Sample Form" near the top left of this page.
 
Property Management Agreement
 

 

THIS PROPERTY MANAGEMENT AGREEMENT entered into as of the ___ day of ____________, 20___, by and between ___________________________________________ of ______________________________________________________________ (the Owner) and ______________________________________ of____________________________________ (the Manager) (collectively Parties).
 
RECITALS
 
WHEREAS, the Owner is the owner of certain real property located at ________________ _______________________________________________ (the Property); and
 
WHEREAS, the Owner desires to engage the Manager to operate and manage the Property and the Manager agrees to provide such services, on the terms and conditions contained in this Agreement.
 
NOW THEREFORE, in consideration of the mutual covenants and promises contained herein, the Parties agree as follows:
 
1.    PURPOSE
 
Owner appoints the Manager to act as the exclusive agent and representative on behalf of the Owner for the sole purpose of managing, operating and maintaining the Property (Property Management Services).
 
2.    TERM
 
This Agreement shall remain in effect for a period beginning on the date written above and continuing for a period of _______________ years, unless terminated earlier as provided below. Upon expiration of the initial term, this Agreement shall automatically renew for successive period of one (1) year each unless either party gives notice of termination not less than sixty (60) days prior to the end of the contract year.
 
3.    PROPERTY MANAGEMENT SERVICES
 
The Manager shall provide the following Property Management Services:
 
(i)   Collect all rents as they become due, and provide receipts for the same. 
 
(ii)   Pay all expenses incurred providing the Property Management services from the rents collected from the Property.
 
(iii)   Pay all taxes levied or imposed against the Property.
(iv)   Cause any improvements, decorations and alterations to the Property and do any and all things which are reasonably necessary in its reasonable discretion for the proper maintenance, in good condition and repair of the Property.
 
(v)   Hire, supervise and terminate all independent contractors and employees, reasonably required for the operation and proper maintenance of the Property.
 
(vi)   Sue any third party on behalf of the Owner for recovering any past due rent and for loss or damage caused to any part of the Property and compromise, settle and release any such legal proceedings or lawsuits.
 
(vii)    Maintain full, detailed and accurate books and records of all receipts and expenditures with respect to the property, which records and accounts shall be available for review by the Owner or his representatives, at any reasonable time.
 
(viii)   Rent or lease the Property and arrange for the advertising of available units.
 
(ix)   Pay all remaining rents after deducting all authorized expenses including Managers fees and tax from the rents collected from the tenants of the Property.
 
(x)   Send to the Owner on or before the fifteenth day of each month, a detailed, itemized statement of all property rent and expense receipts incurred during the month.
 
(xi)   Promptly report to the Owner any and all adverse conditions relating to the property which shall require the attention of the Owner.
 
(xii)   Render emergency repairs, when Owner is not readily available, as may be required because of danger to life or property or which are immediately necessary for the preservation and safety of the Property or the safety of the tenants and occupants as required.
 
4.    OWNER RESPONSIBILITIES
 
The Owner shall be responsible for the following matters:
 
(i)   Payment of any real estate taxes, insurance premiums and mortgage payments unless specified otherwise in this Agreement.
 
(ii)   Determination of insurance policies to be purchased for the Property.
 
(iii)   Determination of any rent decreases or increases.
 
(iv)   Collection of any delinquent rent and tenant eviction.
 
(v)   Approval of any improvement plans from the authorities.
 
(vi)   Payment of all advertising for the rental property.
5.    COMPENSATION
 
As compensation for its services to be performed pursuant to this Agreement, the Owner shall pay to the Manager a fee equivalent to _____________ percent of all rents received from the Property.
 
6.    TERMINATION
 
This Agreement may be terminated by either party upon sixty (60) day's written notice. If so terminated, Owner shall retake possession of the Property, subject to the rights of any tenant rightfully in possession. Upon termination or expiration of this Agreement, Owner shall pay all commissions and expenses due Manager.
 
 
7.    INDEMNIFICATION OF MANAGER
 
The Owner agrees to indemnify the Manager from and against all claims arising from or connected with the management of the Property by the Manager or the performance or exercise of any of the duties, obligations or powers granted hereunder to the Manager, provided. However, Manager will be solely responsible for any claims arising from or connected with any actions committed due to the willful misconduct, recklessness or negligence of the Manager. The Owner agrees to pay all expenses incurred by the Manager, including, but not limited to, reasonable attorney's fees and Manager's costs and time in connection with any claim, proceeding, or suit involving an alleged violation by the Manager or the Owner, of any law pertaining to fair employment,  fair credit reporting, environmental protection rent control, taxes, or fair housing, including, but not limited to any law prohibiting, or making illegal discrimination on the basis of race, sex, creed, color, religion, national origin, familial status, or physical handicap, provided, however, that the Owner shall not be responsible to the Manager for any such expenses in the event the Manager is finally adjudicated to have personally, and not in a representative capacity, violated any such law. Similarly, the Manager agrees to indemnify and hold harmless the Owner from and against any and all claims, actions and judgments arising directly from the negligence of the Manager.
 
8.    GOVERNING LAW
 
This Agreement shall be governed and construed in accordance with the laws of the State of _______________________.
 
9.    DISPUTE RESOLUTION
 
Any controversy, dispute or claim arising out of or relating to this Agreement, or the interpretation, application, implementation, breach or enforcement hereof, which the Parties are unable to resolve by mutual discussions and agreement, shall be settled by submission by either party to binding arbitration to be held in the state of __________________ unless the Parties agree in writing to a different location, before a single arbitrator in accordance with the rules of the American Arbitration Association. In any such arbitration proceedings the Parties hereto agree to provide all discovery deemed necessary by the arbitrator. The decision and award made by the arbitrator shall be final, binding and conclusive on all Parties hereto for all purposes, and judgment may be entered thereon in any court having jurisdiction thereof.
 
10.    ENTIRE AGREEMENT
 
This Agreement contains the entire agreement of the Parties concerning the subject matter hereof, and supersedes any and all prior agreements among the Parties hereto concerning the subject matter hereof, which prior agreements, if any, are hereby canceled. This Agreement may not be changed, modified, amended, discharged, abandoned or terminated orally, but only by an agreement in writing, signed by the Parties hereto.
 
11.    SEVERABILITY
 
If any of the provisions of this Agreement is held invalid, such invalidity shall not affect the other provisions hereof that can be given effect without the invalid provision, and to this end the provisions of this Agreement are intended to be and shall be deemed severable.
 
12.    NOTICES
 
All notices, correspondence, writings, statements or other communication required or permitted to be given hereunder by either of the Parties to the other of them shall be given, made or communicated, as the case may be, by personally delivering the same, by telex, telegram or electronic facsimile transfer, or by registered or certified mail, first-class, postage prepaid, return receipt requested, addressed to the recipient as follows:
 
To the Owner:
_____________________________________
_____________________________________
_____________________________________
 
To the Manager:
_____________________________________
_____________________________________
_____________________________________
 
Both Parties reserve the right to change the address of service at any time, with notice in writing to the receiving party.
 
13.    WAIVER
 
Any waiver by any party of any breach of this Agreement or failure to exercise any right hereunder shall not be deemed to be a waiver of any other breach or right of such party. The failure of any party to take action by reason of any such breach or to exercise any such right shall not deprive such party of the right to take action at any time while such breach or condition giving rise to such right continues.
14.    ASSIGNMENT
 
No party hereto shall have the right to assign all or any part of its right or obligations hereunder without the prior consent of the other party, except that nothing contained in this sentence shall prevent any party from assigning its right to receive monies hereunder.  
 
15.    SUCCESSORS AND ASSIGNS
 
This Agreement shall be binding upon and inure to the benefit of the successors and assigns of Manager and the heirs, administrators, successors, and assigns of the Owner. Notwithstanding the preceding sentence, Manager shall not assign its interest under this Agreement except in connection with the sale of all or substantially all of the assets of its business. In the event of such sale, Manger shall be released from all liability under this Agreement upon the express assumption of such liability by its assignee.
 
IN WITNESS WHEREOF the Parties have executed this Agreement as of the date first above written.
 
 
_____________________________________
Owner
 
 
_____________________________________Manager
 
 
 
 
 

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