PROPERTY MANAGEMENT AGREEMENT
This agreement is made as of [DATE] by and between [NAME] of address [ADDRESS] (“hereinafter “Property Owner”) and [NAME] of address [ADDRESS] (hereinafter “Property Manager/ Agency”). The purpose of this document is to set out clearly & concisely the extent of the letting and management service offered and the scale of fees charged.
Whereas this agreement involves unfurnished
NOW, THEREFORE, in consideration of the premises, and of the mutual promises and undertakings herein contained, the parties, intending to be legally bound, do agree as follows:
- Property(s) Details
- The Authority
The Property Owner confirms that he / she is the sole or joint owner of the Property and has the right to rent out the Property under the terms of the mortgage or head lease. Where necessary, the Property Owner confirms that permission to let the Property has been obtained from the mortgagee or relevant party. The property Owner authorizes the Agency to carry out the various usual duties of property management including those listed in the descriptions of the Service in this agreement. The Property Owner also agrees that the Agency may take and hold deposits and comply with the requirements of any deposit protection scheme that may apply to the deposit.
- The agency and the landlord agree that maintenance shall be the responsibility of the agency. The landlord will however compensate the Agency for such services.
- Agency agrees to make the Landlord aware of any ongoing maintenance problems. ‘Retained maximum expenditure limit’ means that the Agency has authority to spend up to this amount _________ (or other amount as individually agreed) on reasonable improvements or repairs in any single monthly accounting period without prior reference to the Landlord.
- It is agreed that in an emergency or for reasons of contractual or legal necessity the Agency may reasonably exceed the limits specified, where reasonable endeavors have been made to contact the Landlord.
- The Agency endeavors to select competent tradesmen at reasonable prices but is unable to personally guarantee the standard of workmanship or any liability arising thereof, although the Landlord retains the right to pursue any claim against appointed tradesmen for substandard work.
- By law, it is necessary to carry out an annual inspection and service for the central heating and any gas appliances. The Agency will carry this out on the Landlord’s behalf and administer the necessary inspection and maintenance records. The costs involved will be debited to the Landlord’s account.
- Description of Services
Light refurbishment including paint and furniture
- This Agreement shall be operative from the date of execution of this Agreement and shall run until the completion of the Services or until the Agreement is terminated according to this Agreement.
- For the purpose of this agreement, this is a 5 year agreement.
- PAYMENT TERMS
- NON-DISCLOSURE OF CONFIDENTIAL INFORMATION
Neither Party will use, copy, adapt, alter or part with possession of any information of the other which is disclosed or otherwise comes into its possession under or in relation to this Agreement and which is of a confidential nature. This obligation will not apply to information which the recipient can prove was in its possession at the date it was received or obtained or which the recipient obtains from some other person with good legal title to it or which is in or comes into the public domain otherwise than through the default or negligence of the recipient or which is independently developed by or for the recipient.
The Parties acknowledge and agree that the relationship between the Property Owner and Property Manager shall be deemed to constitute an agency relationship or between the parties.
Either Party to this Agreement may terminate this Agreement upon a 4 months written notice of termination to the other Party. Unless otherwise mutually agreed to in writing, upon the termination of this Agreement, any arrangement for Services then in effect will immediately terminate.
This contract, in addition to any other addendum to this agreement represents the entire agreement between the two parties and supersedes any previous written or oral agreement. This agreement may be modified at any time, provided there is written consent of both parties to this contract.
The parties agree that if any portion of this contract is found to be void or unenforceable, it shall be struck from the record and the remaining provisions will retain their full force and effect.
This contract shall be governed, interpreted, and construed in accordance with the laws of [STATE, PROVINCE OR TERRITORY]
In Witness Whereof, this Agreement is duly executed by the duly authorized representatives of the parties as set forth below:
Property Owner (Landlord):
Property Manager (Agency):
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