Free Real Estate Property Management Contract Template

Real Estate Property Management Contract

This Real Estate Property Management Contract ("Contract") is entered into on [Date], by and between:

[Property Owner's Name(s)], referred to herein as the "Owner," having an address at [Owner's Address], and

[Your Company Name], referred to herein as the "Manager," having an address at [Your Company Address].

Management Services

The Manager shall provide the following property management services for the property located at [Property Address]:

  • Marketing and Advertising: The Manager shall advertise the property for rent, screen potential tenants, and facilitate lease agreements.

  • Tenant Screening and Selection: The Manager shall conduct thorough background checks on potential tenants, including credit checks, employment verification, and rental history.

  • Lease Negotiation and Execution: The Manager shall negotiate lease terms with approved tenants and execute lease agreements on behalf of the Owner.

  • Rent Collection: The Manager shall collect rents from tenants, maintain records of rental payments, and disburse rental income to the Owner in a timely manner.

  • Property Maintenance and Repairs: The Manager shall oversee routine maintenance tasks, coordinate repairs as needed, and ensure the property is maintained in good condition.

  • Inspections: The Manager shall conduct periodic inspections of the property to assess its condition and identify any maintenance or repair needs.

  • Emergency Response: The Manager shall be available to respond to emergencies at the property, including after-hours maintenance issues and tenant emergencies.

Owner Responsibilities

The Owner shall be responsible for the following:

  • Providing necessary funds for property maintenance and repairs.

  • Complying with all applicable laws and regulations related to the property.

  • Maintaining adequate insurance coverage for the property.

Compensation

  1. The Owner agrees to pay the Manager a management fee equal to [00]% of the monthly rental income collected from the property.

  1. In addition to the management fee, the Owner agrees to reimburse the Manager for any out-of-pocket expenses incurred in the course of managing the property, including but not limited to maintenance and repair costs.

  1. The Manager shall provide the Owner with a monthly statement detailing rental income received, expenses incurred, and the net income disbursed to the Owner.

Term of Agreement

This Contract shall commence on [Date] and shall remain in effect for a period of [00] months, unless terminated earlier in accordance with the provisions of this Contract.

Termination

  1. Either party may terminate this Contract upon [00] days' written notice to the other party, without cause.

  1. Either party may terminate this Contract immediately in the event of a material breach by the other party, provided that written notice of the breach is provided to the breaching party and the breach remains uncured for a period of [00] days following receipt of such notice.

  1. Upon termination of this Contract, the Manager shall provide the Owner with a final accounting of all income and expenses related to the property, and any remaining funds held by the Manager shall be disbursed to the Owner.

Liability and Indemnification

  1. The Manager shall not be liable for any loss, damage, or injury arising out of the actions or omissions of third parties, including but not limited to tenants and contractors.

  1. The Owner agrees to indemnify and hold harmless the Manager from any claims, liabilities, damages, or expenses arising out of or related to the Owner's use or ownership of the property.

Governing Law

This Contract shall be governed by and construed in accordance with the laws of the State of [State / Province], without regard to its conflicts of law principles.

Miscellaneous Provisions

  1. This Contract constitutes the entire agreement between the parties with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, whether written or oral, relating to such subject matter.

  1. This Contract may not be amended or modified except by a written instrument executed by both parties.

Signatures

IN WITNESS WHEREOF, the parties have executed this Contract as of the date first above written.

[Name of Property Owner(s)]

[Date]

[Your Company Representative's Name]

[Date]

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