The Simple Property Management Contract is a foundational document used to establish a professional relationship between property owners and property management companies in the United States. This agreement is essential when property owners wish to delegate the day-to-day management of their real estate assets to professional managers. The contract addresses key aspects including manager's authority, service scope, fee structures, maintenance responsibilities, financial reporting, and compliance with federal and state regulations. It's particularly relevant for both residential and commercial properties, providing clear guidelines while remaining adaptable to various property types and management needs. The document ensures compliance with U.S. property management laws while protecting both parties' interests through clearly defined roles and responsibilities.
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1. Parties: Identification of the property owner and the property management company, including full legal names and addresses
2. Background: Brief context explaining the purpose of the agreement and the property management arrangement
3. Definitions: Key terms used throughout the agreement defined for clarity
4. Appointment and Authority: Formal appointment of the property manager and scope of their authority
5. Property Manager's Duties: Comprehensive list of services and responsibilities of the property manager
6. Owner's Obligations: Responsibilities and obligations of the property owner
7. Fees and Compensation: Details of management fees, payment terms, and additional service charges
8. Financial Management: Handling of rent collection, operating expenses, and owner's funds
9. Reporting Requirements: Frequency and type of financial and operational reports required
10. Insurance and Liability: Required insurance coverage and allocation of liability between parties
11. Term and Termination: Duration of agreement and conditions for termination by either party
12. Governing Law: Applicable law and jurisdiction for the agreement
13. General Provisions: Standard contractual provisions including notices, amendments, and assignment
1. Multiple Property Management: Additional terms for managing multiple properties, used when the owner has more than one property under management
2. Special Maintenance Provisions: Specific maintenance requirements for unique property features or luxury amenities
3. Emergency Services: Additional provisions for emergency response services and protocols
4. Property Improvement Authorization: Terms for handling property improvements and renovations, used when significant property updates are anticipated
5. Marketing Services: Detailed marketing and advertising responsibilities, used when extensive marketing services are required
6. Staff Management: Terms regarding on-site staff management, used for larger properties requiring dedicated staff
7. Vacation Rental Provisions: Special terms for vacation or short-term rental properties
1. Schedule A - Property Details: Detailed description of the managed property, including address and specific features
2. Schedule B - Fee Schedule: Comprehensive breakdown of all management fees, charges, and commission structures
3. Schedule C - Services Included: Detailed list of included property management services
4. Schedule D - Maintenance Contractor List: Approved contractors and service providers for property maintenance
5. Schedule E - Reporting Templates: Templates for required financial and operational reports
6. Appendix 1 - Property Management Procedures: Standard operating procedures for property management activities
7. Appendix 2 - Emergency Response Plan: Procedures and contact information for emergency situations
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