Property Management
Agreement
ocstoc Legal Agreements
This Property Management Agreement is intended to be used between a
Property Owner and an Agent, used when the Owner employs the Agent to
manage, operate, control, rent and/or lease a property. This contract is
intended to satisfy the requirements between the Owner and an individual
Agent, or between the Owner and a commercial, residential rental or real
estate property company.
ALL INFORMATION AND FORMS ARE PROVIDED “AS IS” WITHOUT ANY EXPRESS OR IMPLIED
WARRANTY, INCLUDING AS TO LEGAL EFFECT OR COMPLETENESS. They are for guidance and should be
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Entire document © Docstoc, Inc., 2010, 2011
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Attorney Drafted
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PROPERTY MANAGEMENT AGREEMENT
THIS PROPERTY MANAGEMENT AGREEMENT (the “Agreement”) is made as of ____
[Month] ____ [Date], 20____, by and between ______________________ [Instruction: Insert
the name of Owner], (hereinafter called "Owner"), and _____________________ [Instruction:
Insert the name of Manager] (hereinafter called "Manager").
1. Employment: The Owner hereby employs the Manager exclusively to rent and manage the
property upon the terms and condition provided herein.
2. Relationship: The relationship of the parties to this agreement shall be that of principal and
Agent, and all duties performed by Manager under this agreement shall be on behalf of
Owner, in Owner’s name and for Owner’s account. In taking any action under this
agreement, Manager shall be acting only as a Agent for Owner, and nothing in this
agreement shall be construed as creating a partnership, joint venture or any other relationship
between the parties or as requiring Manager to bear any portion of losses arising out of or
connected with the ownership or operation of the property, Manager shall not at any time
during the period of this Agreement be considered a direct employee of Owner. Neither party
shall have a power to bind or obligate the other except as expressly set forth in this
agreement, except that Manager is authorized to act with such additional power as may be
necessary to carry out the spirit and intent of this agreement.
3. Description of the property: The property to be managed by the Manager under this
agreement as describe on Exhibit A.
4. Term of Agreements:[Instruction: Choose any one clause below.]
The term of this Agreement shall commence with the date of its execution, and shall be
automatically renewed each year thereafter unless either party gives notice of termination not
less than sixty (60) days prior to the end of the contract year; provided, however, that either
party may terminate this agreement on ______ days written notice.
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Or
Term of Agreement The term of this Agreement shall commence on the _____ day of
__________, 20____, and end on the __________ day of __________, 20 _____. Upon
expiration of the above initial term, this Agreement shall automatically be renewed and
extended for a like period of time unless terminated in writing by either party ___________
(___) [◊Fourteen (14)] days prior to the date for such renewal. This Agreement may also be
terminated by mutual agreement of the parties at any time upon payment to Manager of all
fees, commissions and expenses due Manager under terms of this Agreement.
5. Compensation and Expenses: [Instruction: Choose any one clause below]
The Owner shall pay to tile Manager a monthly fee of _____percent (___ %) of gross rental
amounts received on all leases or rental agreements with respect to the property, plus any
penalty fee indicated in the rental agreement in the event the renter defaults on the terms of
the agreement.
Or
a. For Management: ___________ ($___) dollars per month or _____ percent (___%)
of the monthly gross receipts from the operation of the PREMISES during the period
this Agreement remains in full force and effect, whichever is the greater amount.
b. For Leasing: _______percent (____%) of the gross rent for the execution of a lease
for a period of _________ (____) months or longer, to be deducted from the first
month’s receipts and _____ percent (____%) of the gross rent for the execution of a
lease extension, or ___________ percent (_____%) of the first month’s rent for a
lease for less than ________ (____) months or a month-to month tenancy.
c. For Remodeling, Redecorating, Damage as a Result of Acts of Nature, Or Fire
Restoration: ____ percent (___ %) of gross invoices for all labor and materials
contracted for by agent. This fee will not apply to ordinary repairs and/or
maintenance, unless Owner requires bids.
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6. Management Services to be provided. The Manager shall provide the following property
management services:
a. Provide billing of the tenants in the name of the Owner for monthly rent, receive rents
due, provide receipts therefore to the tenants and notify Owner of any delinquencies
with respect to payments of rent;
b. Maintain full, detailed and accurate records and accounts 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;
c. Send to the Owner on or before the___________ (___) [◊Fourteen (14)] days of each
month, a detailed, itemized statement of all property rent and expense receipts
incurred during the month;
d. Advertising of available units;
e. Promptly report to the Owner any and all adverse conditions relating to the property
and/or tenants which shall require the attention of the Owner;
f. Serve the proper preliminary notices in the event an eviction is required. Should the
tenant contest the eviction and an attorney is required, the Owner shall pay all
attorney and court costs;
g. Approve leases and rental agreements with previous agreement by the Owner;
h. 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 premises or the safety of the tenants and occupants
thereof or are required to avoid the suspension of any necessary services to the
premises.
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i. If permitted by the law, Manager may collect from the tenant and retain any and or
all, but not limited to the following: an administrative charges for late payment of
rent, return of checks etc.
7. Termination: This agreement may be terminated by either Owner or Manager, at the end of
the initial term or any following term year upon the giving of ___________ (___)
[◊Fourteen (14)] days written notice prior to the end of said initial term or following term
year.
8. Limitations on Expenses: The Owner hereby gives the Manager the following authority and
powers and agrees to assume the expenses in connection herewith: To hire, discharge, and
pay all contractors, janitors, and other employees; to make or cause to be made all ordinary
repairs and replacements necessary to preserve the Premises in its present conditions and for
the operating efficiency thereof and all alterations required to comply with lease
requirements, and to do decorating on the Premises; to negotiate contracts for non-recurring
items not exceeding ________________dollars ($____)and to enter into agreements for all
necessary advertising, repairs, maintenance, minor alterations, and utility services; and to
purchase supplies and pay all bills. Manager shall secure the approval of the Owner for any
alterations or emergency repairs in excess of the maximum, if in the opinion of the Manager
such repairs are necessary to protect the property from damage or to maintain services to the
Tenants as called for by their tenancy.
9. Indemnity: Owner hereby agree to hold Manager harmless from any and all claims, charges
(including attorney fees), debts, demand and lawsuit, claim of personal injury and property
damage incurred and occurring in, on or about the property, except for acts or failures to act,
which are intentional, grossly negligent, or as a result of reckless disregard.
10. Applicable Law: This Agreement shall be governed by and construed in accordance with the
provisions of the laws of the State of Montana. Venue shall be in
________________________ [Instruction: Insert the County], Montana. If any part of this
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agreement shall be declared invalid or unenforceable, either party shall have the option to
terminate this agreement by written notice to the other party.
11. Notice: All notices and other communications required or permitted to be given under this
Agreement shall be in writing and will be delivered personally, or mailed by registered or
certified mail, return receipt requested, postage prepaid, or sent by reputable overnight
courier service, or by telex, telecopy or other form of rapid transmission, confirmed by
mailing as described above, addressed as follows:
To Owner:
Name ______________________________
Address ______________________________
______________________________
Phone ______________________________
Email ______________________________
To Manager:
Name ______________________________
Address ______________________________
______________________________
Phone ______________________________
Email ______________________________
12. Counterparts: This Agreement may be executed in any number of counterparts, and each
such counterpart shall be deemed to be an original instrument, but all such counterparts shall
together constitute but one Agreement.
13. Severability: In case any one or more of the provisions contained in this Agreement shall for
any reason be held to be invalid, illegal, or unenforceable in any respect that disability shall
not affect any other provision of this Agreement, and this Agreement shall be construed as if
that provision had never been contained in this Agreement
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14. Captions: Captions to paragraphs and subparagraphs of this Agreement have been included
solely for the sake of convenient reference and are entirely without substantive effect.
15. Facsimile Signatures: The parties agree that this Agreement may be executed by facsimile
and such facsimiles shall be binding as if originals.
16. Entire Agreement: This agreement shall be binding upon the parties, and each of their
respective heirs, executors, administrators, successors and assigns. No amendment is valid
unless in writing and signed by the parties.
17. Other Condition
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
___________________________________________________________________________
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IN WITNESS WHEREOF, the Owner and the Manager have executed this Agreement as of
the date first above written.
For: OWNER For: MANAGER
Signed:_______________________________ Signed:________________________________
Name: Name:
Title: Title:
Date: Date:
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EXHIBIT A
[Instructions: Kindly refer to section 3.]
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