Property Management Agreement

Property Management Agreement

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The Property Management Agreement rendered below is made effective on this day (date) between (company name) hereafter known as “The Owner” whose main business address is (address) and is registered with the state of (state) and (Property Manager name) hereafter known as “The Agent” whose main office is located at (address) and whose company is registered with the state of (state).
1.    Ownership
1.1 The Owner in this Property Management Agreement claims ownership via a property title or warranty deed to the following property (legal description and address).
1.2 The Owner agrees, at the request of “the Agent” to provide proof of ownership or allow a title search at Owner’s expense to verify ownership.
2.    The Agent
2.1 The Agent agrees to maintain and manage the property per these Property Management Agreements.
2.2 Prior to accepting management of the property the Agent will make a thorough inspection of said property.
2.3 A report shall be delivered to the owner in writing about the state of the property.
2.4 The report shall outline any repairs or alterations that must be made to the property prior to the Agent assuming property management duties.
3.    Renting
3.1    The Agent is expected to put forth their best efforts to rent the property.
3.2    The Agent accepts sole responsibility for negotiating the terms of the rent.
3.3    Per this Property Management Agreement, the Agent has the power to agree to tenant extensions and lease renewals.
3.4    Should a tenant require a lease that is less than (number)months, the Agent, will, in writing, outline the requested lease and ask permission from the Owner, who shall agree or deny the lease terms in writing.
3.5    The Agent will not make any concessions to the rental price without the written agreement of the Owner.
4.    Marketing
4.1    The Agent is expected to advertise when the Owner’s property is vacant.
4.2    Per this Property Management Agreement, advertising expenses are not to surpass (amount) per month.  Any expenses in excess of this monthly amount are to be approved by the Owner in writing.
5.    Property Maintenance
5.1 The Owner expects the Agent to keep the property sufficiently maintained and in an excellent state of repair so as to attract potential tenants.
5.2 Per this Property Management Agreement the Agent is also expected to maintain the property while it is occupied and effect all necessary repairs in a timely manner.
5.3 For any repairs costing more than (amount), written consent from the owner is required except in an emergency situation where the repairs will prevent injury to the property or individuals living in the structure.
6.    Insurance
6.1 The Agent in this Property Management Agreement expects the Owner to maintain sufficient liability insurance as determined by the Agent on the property.
6.2    Fire and hazard insurance shall cover full replacement cost of the property.
6.3    As per Property Management Agreements the Owner is beholden to the Agent to provide a copy of the insurance policy
upon request.
The Agent and The Owner agree to the terms and conditions of this Property Management Agreement.
The Agent                                                                  The Owner
______________________                                        _______________________
Authorized Signature                                                  Authorized Signature
_____________________                                         ________________________
Print Name/Title                                                         Print Name/Title

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