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PROPERTY LADDER, INC.
Residential Property Management Agreement
John Q. Public, as Owner(s) hereby employs Property Ladder, Inc. as Broker, to
exclusively lease and manage the real property situated at 123 Main Street Parker,
Colorado, 80134 (“the Premises”) for a period of one year from the TBD, and thereafter
automatically renewable for yearly periods, unless terminated by either party. If there is
a current lease in place with a tenant secured by Property Ladder Inc. and the owner
chooses to terminate this agreement, owner agrees to pay Property Ladder Inc. the
management fees due for the remaining term of the lease. Upon termination of this
agreement, Agent shall assign all leases to Owner and Owner shall assume all
responsibility for performing the landlord’s obligations under each such lease and shall
assume all obligations for any agreements or expense entered into or incurred by Agent in
relation to the Premises as authorized herein and shall indemnify and hold Agent
harmless from any liability, costs or attorney fees in relation thereto. Agent may
withhold funds for up to 90 days after the end of the month in which this agreement is
terminated in order to pay bills and expenses previously incurred but not yet invoiced and
to close accounts. Agent shall deliver and pay to owner within 90 days after the end of
the month in which this agreement is terminated any balance of funds due owner;
however any tenant security deposits under the control of the agent which were held by
agent in connection with the management of the premises shall be transferred to owner
promptly upon termination of this agreement.
AGENT’S AUTHORITY AND OBLIGATIONS
Owner hereby confers upon the Agent the following duties, authority, and powers:
1. Leasing and Administrative Powers: Owner agrees to give the Agent the
authority and powers necessary to advertise the Premises or any part thereof, to
display signs thereon and to rent the same; to investigate references of prospective
tenants to sign leases in Agent’s name and to renew existing leases as they
become due; to collect from tenants all or any of the following without accounting
for such charges to the Owner; a late rent administrative charge, a non-negotiable
check charge, a subleasing administrative charge; to terminate tenancies and to
sign and institute and prosecute actions in Agent’s name to oust tenants and to
recover possession of the Premises; to incur attorney fees for advice and services
relating to the Property or performance of this agreement; to sue for and recover
rent and other amounts which may be owed in relation to the rental of the
premises; to assign to a collection agency of Agent’s choosing any unpaid
accounts and to settle, compromise and release such claims, actions or suits, or
reinstate such tenancies.
2. Rents: To collect rents and to collect and disburse security and other deposits; to
deposit all receipts collected for Owner in a Trust Account with a qualified
banking institution, but Agent shall not incur any liability for bankruptcy or
failure of the depository.
3. Payments of Fees and Expenses: To pay from money collected all expenses
incurred as authorized by this agreement and all management fees accrued under
this agreement. Agent is authorized but not obligated to make payments and
disbursement exceeding the amount of funds held for the benefit of the Owner.
4. Deposits: Owner agrees that Agent has the authority to place security and or
operating deposits into an interest bearing trust account under the Agent’s control,
and interest accruing thereon shall be the property of the Agent as compensation
for maintaining and administering said interest bearing trust account.
5. Maintenance and Repairs: To employ, supervise and discharge all labor
required for the operation and maintenance of the property, as the Agent shall
deem advisable and/or necessary, and to take charge of repairs, decorating or
alterations and to purchase supplies therefore. Agent agrees to obtain Owner’s
prior authorization for any single expense which exceeds $250.00 except monthly
or recurring operating charges or emergency repairs, or in the event the Owner is
not reasonably available for the consultation, if the Agent deems such expenditure
necessary for the protection of the property from damage or to perform services to
the tenants provided for in their leases.
6. Service Contracts: To execute contracts for utilities and services for the
operation, maintenance, and safety of the property, as the Agent shall deem
advisable and/or necessary.
7. Initial Advertising: This does not apply within this contract. At the time of
signing this agreement and if the property is vacant or is to become vacant, the
Owner shall submit a check for $300.00 to begin the advertising account.
8. Periodic Statements: To render monthly itemized statements of receipts,
expenses, advertising costs, charges and accruals, and remit to Owner receipts less
disbursements, reserves and accruals for future expenses.
9. Advertising: Agent will advertise herein described property until the property
has been leased, rented, or withdrawn from the rental market. The Owner of an
advertised property will be responsible for all-advertising costs and fees.
Currently, we advertise in several places, the most expensive are the newspaper
ads. Due to the billing delays, advertising costs are debited from an Owner’s
account 35 to 60 days after an ad has appeared. If funds are not sufficient in an
Owner’s account to pay all advertising costs and fees, Managing Agent may
continue to run ads and all charges will accrue against that Owner’s account.
10. Building Compliance: Agent does not assume and is given no responsibility for
compliance of the Property or any building thereon or any equipment therein with
the requirements of any building codes or with any statute, ordinance law, or
regulation of any governmental body or of any public authority or official thereof
having jurisdiction, except to notify Owner promptly or forward to Owner
promptly any complaints, warning, notices or summonses received by Agent
relating to such matters. Owner represents that to the best of the Owner’s
knowledge the Property and all such equipment comply with all such
requirements, and Owner authorizes Agent to disclose the ownership of the
Property to any such officials and agrees liability whatsoever which may be
imposed by reason of any present or future violation or alleged violation of such
laws, ordinance, statutes, or regulations.
11. Agent Assumes No Liability: Agent assumes no liability whatsoever for any
acts or omissions of Owner, or any previous owners of the Property, or any
previous management or other agent. Agent assumes no liability for any failure
of or default by any tenant in the payment of any rent or other charges due Owner
or in the performance of any obligations owed by any tenant to Owner pursuant to
any lease or otherwise. Nor does Agent assume any liability for previously
unknown violations or environmental or other regulations that may become
known during the period this Agreement is in effect. Any such regulatory
violations or hazards discovered by Agent shall be brought to the attention of
Owner in writing, and Owner shall promptly cure them.
OWNER’S OBLIGATIONS
1. Management Fees: Owner agrees that Agent shall be paid a leasing fee of ½ of
1 full months rent per signed lease and a management fee of _10%_ of the gross
monthly receipts for the operation of the Premises. $350.00 per renegotiation of a
current lease.
2. Cancellation: If the property has been marketed longer than fifteen (15) days,
and the Owner decides to either sell the property or take it off the market, there
shall be a $250.00 severance fee plus any advertising and or credit report fees
incurred. If cancelled less than 15 days owner will reimburse broker for expenses
plus a $100.00.
3. Payment Due: Owner assumes full responsibility for the payment of any
expenses and obligations incurred in connection with the exercise of Agent’s
duties set forth herein. In the event disbursements (expenses) shall exceed
receipts (income), Owner shall promptly remit payment of the difference to the
Agent.
4. Effect of Non Payment: Owner hereby grants to Agent a lien against all
property being managed by Agent for Owner covering all net amounts owed by
Owner to Agent under the terms of this agreement which have not been paid
within 30 days after being billed Owner. In the event any such lien arises, Owner
hereby specifically authorizes Agent to record in the real estate records of the
county where the property is located a Notice of Lien stating the amount owed
and setting forth a legal description of the property subject to the lien. Owner also
agrees to pay Agent and agrees to include in the total amount due under such lien,
interest of the rate of 1.5% per month from the date the lien is recorded and
reasonable attorney fees and costs incurred in relation to the balance due or
foreclosing the lien. Foreclosure of the lien shall be in the discretion of the agent.
5. Insurance: Owner shall maintain at Owner’s expense adequate property
insurance including extended coverage hazard insurance and comprehensive
public liability insurance for the premises. The liability insurance shall provide
coverage for the Agent. Owner agrees to furnish to Agent certificates
evidencing of existence of such insurance.
6. Hold Harmless: Owner agrees to indemnify, defend and hold the Agent
harmless from any liability, damages, costs or expenses including attorney fees
arising from any claim in connection with the management of the Premises and
from injury suffered by any employee or other person. The Agent also shall not
be liable for any error or judgment, or for any mistake of fact or law, or for
anything which he may do or refrain from doing hereunder, except in cases of
willful misconduct or gross negligence. If suit is brought to collect the Agent’s
compensation or if Agent successfully defends any action brought against Agent
by Owner, relating to the property, or Agent’s management thereon, Owner
agrees to pay all costs incurred by Agent in connection with such action,
including reasonable attorney’s fee.
7. Data and Records: Owner agrees to make available to Agent all data, records
and documents pertaining to the property which the Agent may require to
properly exercise his duties hereunder.
8. Sale of Property to Tenant: Owners of subject property agree to pay Property
Ladder, Inc. and Katherine Morgan a 3.0% Brokerage fee if the tenants, secured
by Katherine Morgan decide to purchase subject home from Owners. This
agreement will be in effect with the concurrent lease and will survive our
management agreement and lease agreement as long as the tenants secured by
Katherine Morgan purchase the subject property from the Owners. The agency
relationship will become one as a Transaction Broker and Katherine Morgan will
handle all negotiations and paperwork customary to the duties of a Realtor.
Katherine Morgan and Property Ladder, Inc. will be paid the fee upon the
successful closing of the property.
9. Non Payment of Rent: Agent shall take all reasonable steps to collect and
enforce the collection of all rentals and other charges due Owner from the tenants
in accordance with the terms of the rental agreements. In this connection, Agent
shall, in the name of Owner, execute and serve such notices and institute such
legal proceedings against delinquent tenants as may be necessary to enforce the
collection of rent or other sums due from the tenant, or to enforce any other
covenants of a lease agreement. No other form of legal action will be instituted
and no compromise of any such other action shall be made without the prior
consent of Owner.
Agent will deliver and post a 3 day notice to pay or quit if rent is late. Owner agrees
to pay all court costs and legal fees of approximately $350.00 if full eviction process
takes place.
10. Additional Provisions:
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Property Ladder, Inc.
PO BOX 4517
Parker, Colorado 80134
303-882-9040
303-805-3774 Fax
propertyladder@q.com
Agent agrees to correspond with Owners by mail, email or fax.
Address
and by phone at:___________________ or__________________________________
by fax at:______________________ email________________________________
The Owner’s Social Security Number or Federal Tax ID Number to be used for income
tax reporting is___________________________________________________________
The Agent accepts this exclusive employment and agrees to use due diligence in the
exercise of the duties, authority, and powers conferred upon him under the terms hereof.
_________________________________ __________________________
Print Owner Name Property Ladder, Inc.
_________________________________ ___________________________
Owner’ Signature Date
_________________________________ ___________________________
Print Owner Name
_________________________________ ____________________________
Owner’s Signature Date
Additional Information:
CURRENT PROPERTY INSURANCE CARRIER:
Company________________________________________________
Agent Name______________________________________________
Policy Number____________________________________________
Phone Number____________________________________________
Address__________________________________________________
HOMEOWNER ASSOCIATION MANAGING COMPANY
Company___________________________________________________
Contact Person_______________________________________________
Phone Number_______________________________________________
Address____________________________________________________
The owner is responsible for HomeOwners Association Dues
