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Property Management Agreement
This Property Management Agreement (the "Agreement") is made and entered into as of [Date] by and between [Owner Full Name], residing at [Owner Address] (the "Owner"), and [Manager Full Name], residing at [Manager Address] (the "Manager").
1. Introduction
1.1. The Owner is the owner of the property located at [Property Address] (the "Property").
1.2. The Owner desires to engage the Manager to manage the Property, and the Manager desires to provide such management services.
2. Services
2.1. The Manager agrees to provide the following services for the Property (the "Services"):
Marketing and Tenant Selection:
Market the Property for rent.
Screen and select tenants.
Conduct background checks on prospective tenants.
Prepare and execute lease agreements.
Collect security deposits and first month's rent.
Rent Collection and Accounting:
Collect rent from tenants.
Deposit rent into the Owner's designated bank account.
Provide the Owner with monthly statements of rent collected and expenses incurred.
Property Maintenance:
Respond to tenant requests for repairs and maintenance.
Hire and supervise contractors for repairs and maintenance.
Ensure that the Property is maintained in accordance with applicable laws and regulations.
Legal Compliance:
Ensure that the Property is in compliance with all applicable laws and regulations.
Advise the Owner of any legal issues that may arise.
Other Services:
[List any other services that the Manager will provide, such as landscaping, snow removal, or pool maintenance.]
2.2. The Manager shall not be responsible for any repairs or maintenance that are not covered by the lease agreement or that are caused by the tenant's negligence.
2.3. The Manager shall not be responsible for any loss or damage to the Property that is caused by an act of God, war, terrorism, or other events beyond the Manager's reasonable control.
3. Compensation
3.1. The Owner shall pay the Manager a management fee of [Management Fee Percentage]% of the gross monthly rent collected.
3.2. The Manager shall be entitled to reimbursement for all reasonable and documented expenses incurred in connection with the Services.
3.3. The Manager shall be paid the management fee and reimbursed for expenses on a monthly basis.
4. Term and Termination
4.1. This Agreement shall commence on [Start Date] and shall continue for a period of [Term Length] (the "Term").
4.2. This Agreement may be terminated by either party upon [Notice Period] written notice to the other party.
4.3. This Agreement may be terminated by the Owner for any reason upon [Notice Period] written notice to the Manager.
4.4. This Agreement may be terminated by the Manager for any reason upon [Notice Period] written notice to the Owner.
4.5. Upon termination of this Agreement, the Manager shall:
Deliver all Property records and documents to the Owner.
Return all Property keys and access cards to the Owner.
Account for all funds held by the Manager on behalf of the Owner.
5. Insurance
5.1. The Owner shall maintain the following insurance coverage for the Property:
Property insurance, including coverage for fire, theft, and vandalism.
Liability insurance, including coverage for personal injury and property damage.
5.2. The Owner shall provide the Manager with a certificate of insurance evidencing the insurance coverage required under this Section.
6. Indemnification
6.1. The Manager shall indemnify and hold harmless the Owner from and against any and all claims, losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to the Manager's negligence or breach of this Agreement.
6.2. The Owner shall indemnify and hold harmless the Manager from and against any and all claims, losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to the Owner's negligence or breach of this Agreement.
7. Governing Law
7.1. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
8. Entire Agreement
8.1. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
9. Amendments
9.1. This Agreement may be amended only by a written instrument signed by both parties.
10. Notices
10.1. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, sent by certified mail, return receipt requested, or sent by overnight courier service, addressed as follows:
If to the Owner: [Owner Full Name] [Owner Address]
If to the Manager: [Manager Full Name] [Manager Address]
11. Severability
11.1. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall remain in full force and effect.
12. Waiver
12.1. No waiver of any breach of this Agreement shall be deemed a waiver of any subsequent breach.
13. Binding Effect
13.1. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
14. Counterparts
14.1. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
[Owner Signature]
[Manager Signature]
Table of Contents
Introduction
Services
Compensation
Term and Termination
Insurance
Indemnification
Governing Law
Entire Agreement
Amendments
Notices
Severability
Waiver
Binding Effect
Counterparts
TLDR
This Property Management Agreement outlines the terms and conditions for the management of a rental property by a property manager. It covers services, compensation, term and termination, insurance, indemnification, governing law, and other relevant provisions.
Sources
Sample Property Management Agreement
This Property Management Agreement (the "Agreement") is made and entered into as of [Date] by and between [Owner Full Name], residing at [Owner Address] (the "Owner"), and [Manager Full Name], residing at [Manager Address] (the "Manager").
1. Introduction
1.1. The Owner is the owner of the property located at [Property Address] (the "Property").
1.2. The Owner desires to engage the Manager to manage the Property, and the Manager desires to provide such management services.
2. Services
2.1. The Manager agrees to provide the following services for the Property (the "Services"):
Marketing and Tenant Selection:
Market the Property for rent.
Screen and select tenants.
Conduct background checks on prospective tenants.
Prepare and execute lease agreements.
Collect security deposits and first month's rent.
Rent Collection and Accounting:
Collect rent from tenants.
Deposit rent into the Owner's designated bank account.
Provide the Owner with monthly statements of rent collected and expenses incurred.
Property Maintenance:
Respond to tenant requests for repairs and maintenance.
Hire and supervise contractors for repairs and maintenance.
Ensure that the Property is maintained in accordance with applicable laws and regulations.
Legal Compliance:
Ensure that the Property is in compliance with all applicable laws and regulations.
Advise the Owner of any legal issues that may arise.
Other Services:
[List any other services that the Manager will provide, such as landscaping, snow removal, or pool maintenance.]
2.2. The Manager shall not be responsible for any repairs or maintenance that are not covered by the lease agreement or that are caused by the tenant's negligence.
2.3. The Manager shall not be responsible for any loss or damage to the Property that is caused by an act of God, war, terrorism, or other events beyond the Manager's reasonable control.
3. Compensation
3.1. The Owner shall pay the Manager a management fee of [Management Fee Percentage]% of the gross monthly rent collected.
3.2. The Manager shall be entitled to reimbursement for all reasonable and documented expenses incurred in connection with the Services.
3.3. The Manager shall be paid the management fee and reimbursed for expenses on a monthly basis.
4. Term and Termination
4.1. This Agreement shall commence on [Start Date] and shall continue for a period of [Term Length] (the "Term").
4.2. This Agreement may be terminated by either party upon [Notice Period] written notice to the other party.
4.3. This Agreement may be terminated by the Owner for any reason upon [Notice Period] written notice to the Manager.
4.4. This Agreement may be terminated by the Manager for any reason upon [Notice Period] written notice to the Owner.
4.5. Upon termination of this Agreement, the Manager shall:
Deliver all Property records and documents to the Owner.
Return all Property keys and access cards to the Owner.
Account for all funds held by the Manager on behalf of the Owner.
5. Insurance
5.1. The Owner shall maintain the following insurance coverage for the Property:
Property insurance, including coverage for fire, theft, and vandalism.
Liability insurance, including coverage for personal injury and property damage.
5.2. The Owner shall provide the Manager with a certificate of insurance evidencing the insurance coverage required under this Section.
6. Indemnification
6.1. The Manager shall indemnify and hold harmless the Owner from and against any and all claims, losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to the Manager's negligence or breach of this Agreement.
6.2. The Owner shall indemnify and hold harmless the Manager from and against any and all claims, losses, damages, liabilities, costs, and expenses (including reasonable attorneys' fees) arising out of or relating to the Owner's negligence or breach of this Agreement.
7. Governing Law
7.1. This Agreement shall be governed by and construed in accordance with the laws of the Republic of Kenya.
8. Entire Agreement
8.1. This Agreement constitutes the entire agreement between the parties with respect to the subject matter hereof and supersedes all prior or contemporaneous communications, representations, or agreements, whether oral or written.
9. Amendments
9.1. This Agreement may be amended only by a written instrument signed by both parties.
10. Notices
10.1. All notices and other communications hereunder shall be in writing and shall be deemed to have been duly given when delivered personally, sent by certified mail, return receipt requested, or sent by overnight courier service, addressed as follows:
If to the Owner: [Owner Full Name] [Owner Address]
If to the Manager: [Manager Full Name] [Manager Address]
11. Severability
11.1. If any provision of this Agreement is held to be invalid or unenforceable, such provision shall be struck and the remaining provisions shall remain in full force and effect.
12. Waiver
12.1. No waiver of any breach of this Agreement shall be deemed a waiver of any subsequent breach.
13. Binding Effect
13.1. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and permitted assigns.
14. Counterparts
14.1. This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.
IN WITNESS WHEREOF, the parties have executed this Agreement as of the date first written above.
[Owner Signature]
[Manager Signature]
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