"Property Management Agreement Template" - Alabama

ADVERTISEMENT
ADVERTISEMENT

Download "Property Management Agreement Template" - Alabama

Download PDF

Fill PDF online

Rate (4.7 / 5) 21 votes
Alabama Property Management Agreement
This Property Management Agreement (hereinafter referred to as the “Agreement”) is
entered into as of ________________________, by and between ___________________
___________________, with a mailing address of _______________________________
__________________________________ (hereinafter referred to as the “Owner”) and
__________________________________, with a mailing address of ________________
_______________________________________________________ (hereinafter referred
to as the “Agent”), collectively referred to as the “Parties,” both of whom agree to be
bound by this Agreement.
1. Appointment of Agent. The Owner hereby appoints and grants the Agent the
exclusive right to rent, lease, operate and manage the following [Commercial/Residential]
property(ies): (check one)
A Single Property described as the following:
Address: __________________________________________________________
Additional description: _______________________________________________
__________________________________________________________________
Multiple Properties described as the following:
1st Property:
Address: __________________________________________________________
Additional description: _______________________________________________
__________________________________________________________________
2nd Property:
Address: __________________________________________________________
Additional description: _______________________________________________
__________________________________________________________________
©
TEMPLATEROLLER.COM
Alabama Property Management Agreement
This Property Management Agreement (hereinafter referred to as the “Agreement”) is
entered into as of ________________________, by and between ___________________
___________________, with a mailing address of _______________________________
__________________________________ (hereinafter referred to as the “Owner”) and
__________________________________, with a mailing address of ________________
_______________________________________________________ (hereinafter referred
to as the “Agent”), collectively referred to as the “Parties,” both of whom agree to be
bound by this Agreement.
1. Appointment of Agent. The Owner hereby appoints and grants the Agent the
exclusive right to rent, lease, operate and manage the following [Commercial/Residential]
property(ies): (check one)
A Single Property described as the following:
Address: __________________________________________________________
Additional description: _______________________________________________
__________________________________________________________________
Multiple Properties described as the following:
1st Property:
Address: __________________________________________________________
Additional description: _______________________________________________
__________________________________________________________________
2nd Property:
Address: __________________________________________________________
Additional description: _______________________________________________
__________________________________________________________________
©
TEMPLATEROLLER.COM
Hereinafter referred to as the “Property”.
2. Term. This Agreement shall be for a term of ____ months beginning on ___________
______________________, and ending on ________________________ (hereinafter
referred to as the “Term”). After the Term expires, this Agreement shall: (check one)
Terminate.
Continue on a month-to-month basis with either Party having the option to
terminate with ______ days’ notice.
3. Right to Terminate. During the Term of this Agreement, either Party: (check one)
May terminate this Agreement by providing at least _______ days’ notice.
May not terminate this Agreement and both Parties must satisfy the terms and
conditions of this Agreement until the expiration of the Term.
4. Leasing. The Owner hereby grants the Agent power to create rental agreements related
to the Property: (check all that apply)
For fixed-term arrangements not exceeding ____ months.
For month-to-month rental arrangements in accordance with Governing Law.
For vacation rentals.
Other: ____________________________________________________________.
5. Rental Amount. The Owner hereby grants the Agent power to create rental
agreements related to the Property for: (check one)
Market rent.
A rate no lower than $______________ per ___________________.
Other: ____________________________________________________________.
6. Security Deposits. The Owner hereby grants the Agent power to collect security
deposits from the tenants on the Property. Returning said security deposit shall be the
responsibility of the: (check one)
©
TEMPLATEROLLER.COM
Agent for returning to vacating tenants.
Owner for returning to vacating tenants.
7. Distribution to Owner. The Parties agree that the Agent shall make the following
distributions to the Owner: (check one)
With each payment made by a tenant of the Property on a timely basis.
____% of payments collected to be paid each [Week/Month] with the full balance
owed _________ days before the end of each taxable quarter.
$___________ to be paid each [Week/Month] with the full balance owed _______
days before the end of each taxable quarter.
To be paid-in-full _______ business days before the end of each taxable quarter.
Other: ____________________________________________________________.
Any unpaid amount from the Agent to the Owner shall be held by the Agent and
designated for other fees, expenses, distributions, or other items related to the Property.
Any such remaining amounts shall be distributed to the Owner upon the termination of
this Agreement.
8. Agent’s Compensation. The Owner agrees to pay the Agent the following fees
indicated below for the services and provided: (check all that apply)
Management Fee: $_____________.
New Lease: $_____________.
Renewal of Lease: $_____________.
Eviction: $_____________.
Preparing the Property for Leasing: $_____________.
Other: ______________________________________________________.
10. Key-Safe/Lockbox. The Owner: (check one)
Authorizes the use of a key-safe/lockbox to allow entry into the Property.
©
TEMPLATEROLLER.COM
Does not authorize the use of a key-safe/lockbox to allow entry into the Property.
11. Repairs; Maintenance. The Owner hereby gives power to the Agent to supervise
repairs, improvements, alterations, and decorations to the Property as well as purchase
and pay bills for services and supplies. The Agent shall obtain prior approval of the
Owner for all expenditures over $______________ for any single item. Prior approval for
lesser amounts shall not be required for monthly or recurring operating charges or if
emergency expenditures over the maximum are, in the Agent’s opinion, needed to protect
the Property from damage, prevent injury to persons, avoid suspension of necessary
services, avoid penalties or fines, or suspension of services to tenants required by a lease
or rental agreement or by law, including, but not limited to, maintaining the Property in a
condition fit for human habitation as required by applicable law.
12. Lead-Based Paint. The Owner shall be responsible for providing information about
the Property in regard to lead-based paint. It is understood that in accordance with 42
U.S. Code § 4852d that all occupants of residential property must be made aware of the
existence of lead-based paint in residential dwellings built prior to January 1, 1978.
13. Financial Statements to the Owner. The Agent shall render statements of receipts,
expenses, and other charges for the Property as requested by the Owner with no more
than _________ statement(s) per month.
14. Other Compensation. Unless otherwise stated, this Agreement does not include the
Agent’s service of preparing the Property for sale or refinance, modernization, fire or
major damage restoration, rehabilitation, financial accounting or legal advice,
representation before public agencies, advising on proposed new construction, debt
collection, counseling, attending any Association or Condominium meetings, and any
other obligation not listed as a Service. If the Owner requests the Agent to perform
services not included in this Agreement, a fee shall be agreed upon before such services
are performed.
15. Equal Housing Opportunity. The Property is offered in compliance with Federal,
State, and local anti-discrimination laws.
16. Responsibilities of the Owner. The Owner agrees to:
A. Provide all documentation, records, and disclosures as required by law or required
by the Agent to manage and operate the Property, and immediately notify the
©
TEMPLATEROLLER.COM
Agent if the Owner becomes aware of any change in such documentation, records
or disclosures, or any matter affecting the habitability of the Property;
B. Indemnify, defend, and hold harmless the Agent, and all persons in the Agent's
firm, regardless of responsibility, from all costs, expenses suits, liabilities,
damages, attorneys fees, and claims of every type, including, but not limited to,
those arising out of injury or death of any person, or damage to any real or
personal property of any person, including the Owner, for:
a. Any repairs performed by the Owner or by others hired directly by the
Owner; or
b. Those relating to the management, leasing, rental, security deposit, or
operation of the Property by the Agent, or any person in the Agent's
company, or the performance or exercise of any of the duties, powers, or
authorities granted to the Agent;
This subsection, and all rights to the Agent’s indemnification, shall be considered
void if the Agent exemplifies any willful acts of gross negligence;
C. Maintain the Property in a condition fit for human habitation as required by
applicable State and local laws;
D. Pay all interest on Tenants’ security deposits if required by applicable laws;
E. Carry and pay for:
a. Public and premises liability insurance in an amount of no less than
$_____________; and
b. Property damage and worker’s compensation insurance are adequate to
protect the interests of the Owner and the Agent. The Agent shall be, and
the Owner authorizes Agent to be, named as an additional insured party on
the Owner’s policies; and
F. Pay any late charges, penalties, and/or interest imposed by lenders or other parties
for failure to make payment only if the failure is due to insufficient funds in the
Agent’s trust account available for such payment. In addition, the Owner agrees to
replace any funds required if there are insufficient funds in the Agent’s trust
account to cover such responsibilities of the Owner.
©
TEMPLATEROLLER.COM
Page of 9