Real Estate Property Management Agreement An agreement for property management services, specifying property management responsibilities, fees, maintenance, and tenant-related matters for real estate properties.
The Owner hereby irrevocably appoints Manager as the exclusive agent for the management, operation, and leasing of the Property during the term of this Agreement, and Manager hereby accepts such appointment and agrees to perform all such duties as a property manager as hereinafter set forth.
This Agreement shall commence on the date first above written and continue for a term of one (1) year, and shall automatically renew for successive one (1) year terms unless either party provides written notice of its intent not to renew at least sixty (60) days prior to the end of the then-current term.
3.1. Maintenance and Repair
Manager shall be responsible for the general maintenance and repair of the Property in order to keep it in good condition. Manager shall obtain Owner's prior written approval for any non-emergency maintenance or repairs exceeding $500. In the case of emergencies, Manager shall have the authority to undertake maintenance or repairs without prior approval, but shall notify the Owner as soon as reasonably practicable.
3.2. Tenant Relations
Manager shall be responsible for all aspects of tenant relations related to the Property, including tenant screening and background checks, negotiation and execution of lease agreements, collection of rent and security deposits, handling of tenant complaints and issues, and initiation of eviction processes if necessary.
3.3. Financial Management
Manager shall maintain accurate and complete financial records for the Property, including income and expense statements, and provide monthly financial reports to Owner. Manager shall deposit all rent collections into a bank account designated by Owner and remit the net income to Owner on a monthly basis.
Owner shall pay Manager a monthly management fee equal to [Percentage]% of the gross rental income received during each calendar month for services performed pursuant to this Agreement. Manager shall be entitled to charge and retain all late fees, application fees, and other administrative fees collected from tenants.
Owner shall also be responsible to reimburse Manager for all reasonable, out-of-pocket expenses incurred by Manager on behalf of Owner in connection with the performance of Manager's duties under this Agreement, including, but not limited to, post office expenses, advertising costs, and the like.
Owner shall indemnify, defend and hold Manager harmless from and against any and all liabilities, claims, demands, damages, judgments, costs, and expenses, including reasonable attorney's fees, arising out of or related to the performance of Manager's duties under this Agreement, except to the extent caused by Manager's gross negligence or willful misconduct.
Owner shall maintain adequate property and liability insurance for the Property, and shall name Manager as an additional insured under such policies. Manager shall maintain its own commercial general liability and errors and omissions insurance. Each party shall provide the other with certificates of insurance evidencing such coverage upon request.
Either party may terminate this Agreement without cause upon sixty (60) days' written notice to the other party. In the event of a breach of this Agreement, the non-breaching party may terminate this Agreement upon thirty (30) days' written notice and an opportunity to cure the breach during such 30-day period.
This Agreement shall be governed by and construed in accordance with the laws of the United States and the State where the Property is located. Any legal action arising out of or relating to this Agreement shall be brought in the federal or state courts located in the State where the Property is located.
This Agreement constitutes the entire understanding and agreement of the parties with respect to the subject matter hereof and supersedes all prior and contemporaneous agreements or understandings, inducements, or conditions, express or implied, written or oral, between the parties concerning such subject matter.
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In this Real Estate Property Management Agreement, you will see the following sections:
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