Docstoc Legal Agreements
This Property Management Agreement is used by a property owner located in Kentucky
who employs a property manager to rent and manage the property. The document sets
forth the terms and conditions of the agreement including the compensation arrangement,
the management services to be provided and the duration of the agreement. It contains
many of the standard provisions that are commonly included in these types of agreements
and may be customized to ensure that the specific terms of the parties' agreement are
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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 the “Owner”), and _____________________
[Instruction: Insert the name of Manager] (hereinafter called the “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 the Manager under this Agreement shall be on behalf of
the Owner, in the Owner’s name and for the Owner’s account. In taking any action under this
agreement, the Manager shall be acting only as the Agent for the 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 the Manager to bear any portion of losses arising out of or
connected with the ownership or operation of the property, the Manager shall not at any time
during the period of this Agreement be considered a direct employee of the Owner. Neither
party shall have a power to bind or obligate the other except as expressly set forth in this
Agreement, except that the 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 ______ [Instruction: Insert the number of days.]
days written notice.
The term of this Agreement shall commence on the ____ [Month] ____ [Date], day of
20____ [year], and end on the ____ [Month] ____ [Date], day of 20____ [year]. 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 the Manager of
all fees, commissions and expenses due to the Manager under terms of this Agreement.
5. Compensation and Expenses: [Instruction: Choose any one clause below]
The Owner shall pay to the Manager a monthly fee of _____percent (___ %) of gross rental