A property management agreement is a contract between a property owner and the person hired to manage the property highlighting the terms and conditions under which the manager will be working. It is an official document and limits the power of the manager as compared to the property owner. It can be used as evidence in a court of law if any problem arises.
The template of the property management agreement is given below,
The property management agreement is drafted on the date (__/__/__) among the following individuals,
Name: Derek Mason Address: 749 New Hamptons, New York, USA. Contact: 839 744-7392
Name: Eric Dane Address: 849 Hawk ridge Street, California, USA.
House # 5, Patrick Street, California, USA
Terms and conditions of the agreement are mentioned below,
Rules and guidelines of the agreement shall commence from date (__/__/__) and onward.
Manager will be responsible for the property after the commencement.
Property will be completely managed by the manager and is allowed to take required and necessary actions that benefit the property.
Thorough examination of the house by professionals will be conducted after every 6 months to eradicate the chances of damage to property and lives.
All utility bills will be paid within first 10 days of issuance to stay out of defaulters list.
Water and sanitisation would be properly taken care of to avoid any leakage and seepage.
If the property is empty, manager will be responsible for cleaning it each week.
Lawns of the house will be moaned when necessary and all the plants should be taken care of when required.
Salary of the manager will be transferred online on first 5 days of each month.
Manager salary will increase by 10% each year.
In case of theft and other mishap, manager will be responsible for filing a complaint in local police station.
Manager will abide by the rules of society regarding house.
All the legal formalities of the house will be the responsibility of manager.
Manager will update owner every month about the situation of house.
House can only be rented when it is in the best workable condition possible.
Manager will perform marketing duties for renting the house.
Meetings with potential renters will be conducted by the manager and the most appropriate renters will be given the house for rent.
Renters will be treated nicely, and all the terms and conditions should be agreed on before renting.
Manager will be responsible for visiting the house once a month after it has been rented.
Manager will be responsible for running credit checks on the renters.
Rent will be collected by the manager in cash, no online transfer and cheques are acceptable.
All the repairs and damage of the house during rent will be taken care of by the manager.
House rent agreement will only be for 1 year. In case of extension, a renewal agreement can be drafted.
Manager will make sure that renters are a married family and not young boys or girls.
Manager will view the house and make sure about everything before the evacuation of renters.
All the terms and conditions will be drafted in the presence of 2 witnesses entrusted by both parties.
In case of amendments in the agreement, both parties will file for a change in agreement.