Property management contract template (US)

Property Management Agreement

This Property Management Agreement is made on Agreement Date between Owner Name, at Owner Address ("Owner"), and Manager Name, a Manager Entity Type and State, real estate license no. Manager License Number or Not Required, at Manager Address ("Manager").

1. Property

Owner appoints Manager as its exclusive agent to manage: Property Addresses and Units.

2. Manager's Services

Manager will:

• Advertise vacancies and screen applicants in compliance with the federal Fair Housing Act and state and local fair housing laws

• Sign leases on Owner's behalf on terms Owner approves, up to Maximum Lease Term

• Collect rents, deposits and other charges

• Arrange routine maintenance and repairs

• Handle tenant requests and serve notices

• Start eviction proceedings with Owner's approval, through an attorney where the law requires

• Keep accurate books and records

3. Funds

Manager will hold rents in a trust account at Bank Name, separate from Manager's own funds, and will hold security deposits as state law requires. Manager will pay approved expenses from rents and remit the balance to Owner by the Remittance Day of each month, less a reserve of $Reserve Amount.

4. Repairs

Manager may approve any single repair costing up to $Repair Approval Limit without Owner's consent. Larger repairs need Owner's approval, except emergency repairs needed to protect people or the property, which Manager will report promptly.

5. Reports

Manager will send Owner a monthly statement of income and expenses by the Report Day of each month, and a year-end summary for tax purposes. Owner may inspect the records on reasonable notice.

6. Compensation

Owner will pay Manager:

• A management fee of Management Fee Percentage% of rents collected

• A leasing fee of $Leasing Fee for each new lease

• Other Fees, such as lease renewal or maintenance coordination

7. Owner's Duties

Owner will keep the property insured, naming Manager as an additional insured, provide funds for expenses, and keep the property in condition that meets health, safety and habitability laws. Owner will disclose known hazards, including lead-based paint for housing built before 1978.

8. Indemnity

Owner will indemnify Manager against claims arising from the property, except those caused by Manager's negligence, willful misconduct or breach of this Agreement.

9. Term and Termination

This Agreement runs from Start Date for Initial Term and continues month to month after that. Either party may end it on Termination Notice Days days' written notice. On termination, Manager will deliver all funds, deposits, leases, keys and records to Owner within Handover Days days.

General Terms

Governing law. This Agreement is governed by the laws of the State of Governing State, without regard to its conflict of laws rules. Any lawsuit will be brought in the state or federal courts located in Venue County and State.

Entire agreement. This Agreement is the parties' complete agreement on its subject and replaces all earlier discussions. It may be changed only in a writing signed by both parties.

Severability. If a court finds any part of this Agreement unenforceable, that part will be enforced to the extent the law allows, and the rest stays in effect.

Assignment. Neither party may assign this Agreement without the other's written consent, except to a successor to its whole business.

Notices. Notices must be in writing and sent to the addresses above by personal delivery, certified mail or a nationally recognized courier.

Counterparts and e-signatures. This Agreement may be signed in counterparts and by electronic signature, which has the same effect as an original.

| Owner | Manager |

| --- | --- |

| Signature: Owner Signature | Signature: Manager Signature |

| Name: Owner Printed Name | Name: Manager Printed Name |

| Date: Owner Signing Date | Date: Manager Signing Date |