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Property Management Agreement

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Property Management Agreement Powered By Docstoc
					This is an agreement between a property owner and a property manager for
management services associated with a piece of property. The property owner hires
the manager on an independent contractor basis and pays the manager a monthly fee.
This agreement outlines the property manager's responsibilities, including collecting
rent, maintenance, occupancy rates, expiration dates of leases, and other matters. This
document should be used by property owners that want to hire a property manager to
supervise a piece of property.
   PROPERTY MANAGEMENT AGREEMENT – APARTMENT

             THIS AGREEMENT (the “Agreement”) is entered into as of the _________ day
of          ____________, ______ (the "Effective Date") by and between
_______________________________ (the "Owner”) and ___________________________ (the
“Property Manager"),

                                               R E C I T A L S:



       A. Owner is desirous of engaging the Property Manager as an independent contractor to
handle and manage the apartment complex (the “Complex”) known as ___________________
on behalf of the Owner pursuant to written instructions from the Owner, from time to time as
required; and

       B. Property Manager has agreed to such engagement in accordance with the terms and
conditions set forth herein.

       NOW, THEREFORE, in consideration of the mutual covenants, warranties and
representations contained herein, the parties hereby agree as follows:


       ARTICLE ONE – APPOINTMENT OF PROPERTY MANAGER AND TERM

1.1    Representation and Warranty. The Property Manager represents and warrants to the
Owner that it has and shall continue to have the facilities, personnel, experience and expertise to
provide to the Owner the services required by this Agreement in a competent and efficient
manner.

1.2    Appointment. In reliance on the foregoing representation and warranty the Owner hereby
appoints and retains the Property Manager as the exclusive property manager to manage the
Complex and to perform all services referred to herein, subject to instructions which the Property
Manager may from time to time be given by the Owner.

1.3    Capacity of Property Manager. It is acknowledged by the parties hereto that the Property
Manager is being engaged by the Owner in the capacity of independent contractor, acting as an
agent of the Owner, and not as an employee, or in any other way as a representative of the
Owner. The Owner and the Property Manager acknowledge and agree that this Agreement shall
not be construed so as to constitute the Property Manager as either a partner or joint venturer of
the Owner.



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1.4     Effective Date and Term. The term of this Agreement shall commence and become
effective upon the date first above written and shall continue for a term of _________ (___)
years or until earlier terminated by either party pursuant to the terms of this Agreement;
provided, however, that at the expiration of the initial or each renewal term, if any, this
Agreement shall automatically be renewed for successive additional periods of _____ (___)
years, unless either party shall have delivered to the other notice in writing of its intention not to
renew at least sixty (60) days prior to the expiration of the then current term.

1.5     Grounds for Termination. Either party may immediately terminate this Agreement upon
giving thirty (30) days' written notice to the other party.

1.6    Post Termination. The Property Manager shall, within fifteen (15) days after the date of
termination, render a final accounting to the Owner and pay over to the Owner any balance in the
Property Manager's trust account remaining to the credit of the Owner.

1.7     Costs or Damages. No costs or damages shall be payable to or by either party as a result
of the termination or non-renewal of this Agreement, other than any costs and damages arising
out of a breach of this Agreement.


         ARTICLE TWO – RESPONSIBILITIES OF THE PROPERTY MANAGER

2.1     Property Manager's Responsibilities. The Property Manager shall handle the financial
operations of the Complex, making certain that rent is collected and that mortgages, taxes,
insurance premiums, payroll, and maintenance bills are paid on time, the preparation of financial
statements and periodically reporting to the Owner on the status of the Property, occupancy rates,
expiration dates of leases, and other matters. The Property Manager shall advertise the apartment
units for rent in the Property or hire a leasing agent to find tenants. The Property Manager shall
negotiate contracts for janitorial, security, landscaping, trash removal, and other services. The
Property Manager shall monitor the performance of contractors and investigate and resolve
complaints from residents and tenants when services are not properly provided. The Property
Manager shall also purchase supplies and equipment for the Property and make arrangements
with professionals for repairs that cannot be handled by regular property maintenance staff. The
Property Manager shall comply with applicable legislation and fair housing laws, shall make
certain that their renting and advertising practices are not discriminatory, and that the Complex is
in accordance with local, State, and Federal regulatory and building codes.


                                   ARTICLE THREE – ACCOUNTING

3.1    Accounting. The Property Manager shall keep and maintain full, detailed and proper
records regarding all financial transactions involved in the management of the Property and shall
forward to the Owner on or before the fifteenth (15th) day of each month a statement of receipts
and disbursements in a form designated by the Owner, showing all rentals and other moneys

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collected and receivable and all disbursements made during the preceding month. All such
records shall be made available to the Owner and the Owner's auditors or other designated
representatives upon reasonable notice and at reasonable times whenever requested.


                                           ARTICLE FOUR – FEES

4.1     Fees. The Fees payable for the above referenced services by the Property Manager shall
be the sum of __________ ($_______) Dollars per month, payable by the Owner on a bi-weekly
basis.


                     ARTICLE FIVE - GENERAL CONTRACT PROVISIONS

5.1    Notices. Any notice, communication, payment or demand required or permitted to be
given or made hereunder shall be sufficiently given or made for all purposes if delivered
personally to the party or to an officer of the party to whom the same is directed or if sent by
ordinary first class mail, postage prepaid or if transmitted by telecommunications facility, at the
addresses as set forth below, namely:

         if to the Owner:




         if to the Property Manager:




or at such other address as may be given by such person to the other parties hereto in writing
from time to time.

        All such notices shall be deemed to have been received when delivered or transmitted, or,
if mailed, two days after the day of the mailing thereof.

5.2     Additional Considerations. The parties shall sign such further and other documents and
do and perform and cause to be done and performed such further and other acts and things as
may be necessary or desirable in order to give full effect to this Agreement and every part
thereof.


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5.3    Counterparts. This Agreement may be executed in several counterparts, each of which so
executed shall be deemed to be an original and such counterparts together shall be but one and
the same instrument.

5.4    Time of the Essence. Time shall be of the essence of this Agreement and of every part
hereof and no extension or variation of this Agreement shall operate as a waiver of this
provision.

5.5    Entire Agreement. This Agreement constitutes the entire agreement between the parties
with respect to all of the matters herein and its execution has not been induced by, nor do any of
the parties rely upon or regard as material, any representations or writings whatever not
incorporated herein and made a part hereof and may not be amended or modified in any respect
except by written instrument signed by the parties hereto.

5.6    Successors and Assigns. This Agreement shall inure to the benefit of and be binding
upon the parties and their respective successors and permitted assigns.

5.7    Headings for Convenience Only. The division of this Agreement into articles and
sections is for convenience of reference only and shall not affect the interpretation or
construction of this Agreement.

5.8    Governing Law. This Agreement shall be governed by and construed in accordance with
the laws of the State of __________________.

5.9    Gender. In this Agreement, words importing the singular number shall include the plural
and vice versa, and words importing the use of any gender shall include the masculine, feminine
and neuter genders and the word "person" shall include an individual, a trust, a partnership, a
body corporate, an association or other incorporated or unincorporated organization or entity.

5.10 Calculation of Time. When calculating the period of time within which or following
which any act is to be done or step taken pursuant to this Agreement, the date which is the
reference date in calculating such period shall be excluded. If the last day of such period is not a
Business Day, then the time period in question shall end on the first business day following such
non-business day.

5.11 Severability. If any Article, Section or any portion of any Section of this Agreement is
determined to be unenforceable or invalid for any reason whatsoever that unenforceability or
invalidity shall not affect the enforceability or validity of the remaining portions of this
Agreement and such unenforceable or invalid Article, Section or portion thereof shall be severed
from the remainder of this Agreement.




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5.12 Transmission by Facsimile. The parties hereto agree that this Agreement may be
transmitted by facsimile or such other similar device and that the reproduction of signatures by
facsimile or such similar device will be treated as binding as if originals and each party hereto
undertakes to provide each and every other party hereto with a copy of the Agreement bearing
original signatures forthwith upon demand.




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            IN WITNESS WHEREOF the parties have duly executed this Property
Management Agreement as of the date first written above.


                                        (OWNER)



                                        Name:
                                        Title:


                                        (PROPERTY MANAGER)




                                        Name:
                                        Title:

				
DOCUMENT INFO
Description: This is an agreement between a property owner and a property manager for management services associated with a piece of property. The property owner hires the manager on an independent contractor basis and pays the manager a monthly fee. This agreement outlines the property manager's responsibilities, including collecting rent, maintenance, occupancy rates, expiration dates of leases, and other matters. This document should be used by property owners that want to hire a property manager to supervise a piece of property.
This document is also part of a package Real Estate Business Templates 153 Documents Included