Property Management Contracts Templates

PROPERTY MANAGEMENT SERVICES AGREEMENT

This Property Management Services Agreement (the "Agreement") is entered into as of this [Day] day of [Month], [Year] (the "Effective Date"), by and between:

OWNER: [Owner Legal Name], a [State/Country] [Entity Type], with its principal place of business at [Address] (“Owner”); and

MANAGER: [Management Company Name], a [State/Country] [Entity Type], with its principal place of business at [Address] (“Manager”).

RECITALS

WHEREAS, Owner holds legal title to the real property located at [Property Address] (the “Property”); and

WHEREAS, Owner desires to engage Manager to operate, maintain, and manage the Property, and Manager desires to provide such services under the terms and conditions set forth herein.

NOW, THEREFORE, in consideration of the mutual covenants contained herein, the parties agree as follows:

1. OPERATIONAL DEFINITIONS

1.1. "Gross Receipts" means all income collected from the operation of the Property, including rent, security deposits, parking fees, and laundry income, but excluding security deposits held in escrow. 1.2. "Management Fee" means the compensation payable to Manager, calculated as [Percentage]% of the monthly Gross Receipts. 1.3. "Operating Expenses" means all costs reasonably incurred by Manager in the management and maintenance of the Property, including utility charges, taxes, insurance premiums, and maintenance labor. 1.4. "Reserve Fund" means a cash balance of [Dollar Amount] maintained by Manager for emergency repairs and unforeseen operational costs. 1.5. "Term" means the initial duration of this Agreement, commencing on the Effective Date and continuing for a period of [Number] years, subject to renewal or early termination.

2. SUBSTANTIVE TERMS AND OBLIGATIONS

2.1. Appointment. Owner hereby appoints Manager as the exclusive agent for the management of the Property. Manager accepts such appointment and agrees to act in a fiduciary capacity to Owner. 2.2. Manager’s Duties. Manager shall: (a) collect all rents; (b) execute lease agreements on behalf of Owner; (c) perform routine maintenance and capital improvements as approved by Owner; (d) manage vendor contracts; and (e) prepare monthly financial reports for Owner. 2.3. Financial Reporting. Manager shall submit a detailed statement of income and expenses for the preceding month by the [Day]th day of each calendar month. 2.4. Owner’s Obligations. Owner shall provide Manager with adequate funds to cover Operating Expenses if Gross Receipts are insufficient, and shall maintain comprehensive liability insurance covering the Property naming Manager as an additional insured. 2.5. Performance Metrics. Manager shall maintain occupancy rates at or above [Percentage]% and ensure that all maintenance requests are addressed within [Number] business days.

3. DEFAULT, TERMINATION, AND REMEDIES

3.1. Breach. A party shall be in default if it fails to perform any material obligation under this Agreement. 3.2. Cure Period. The non-breaching party shall provide written notice of default. The breaching party shall have thirty (30) business days from the receipt of such notice to cure the default. 3.3. Termination for Cause. If the breach is not cured within the thirty (30) business day period, the non-breaching party may terminate this Agreement immediately upon written notice. 3.4. Termination Without Cause. Either party may terminate this Agreement with [Number] days’ prior written notice to the other party. 3.5. Remedies. Upon termination, Manager shall deliver all books, records, and keys related to the Property to Owner. Termination shall not relieve either party of obligations incurred prior to the termination date.

4. BOILERPLATE LEGAL PROVISIONS

4.1. Severability. If any provision of this Agreement is held to be invalid or unenforceable, the remaining provisions shall continue in full force and effect. 4.2. Entire Agreement. This Agreement constitutes the entire understanding between the parties and supersedes all prior agreements, oral or written. 4.3. Force Majeure. Neither party shall be liable for failure to perform duties due to causes beyond its reasonable control, including acts of God, war, or government regulation. 4.4. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the [Jurisdiction]. 4.5. Dispute Resolution. Any disputes arising out of this Agreement shall be submitted to binding arbitration in [City, State] in accordance with the rules of the American Arbitration Association.

5. FORMAL EXECUTION BLOCK

IN WITNESS WHEREOF, the parties have executed this Property Management Services Agreement as of the Effective Date.

OWNER: [Owner Entity Name]

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Signature

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Name and Title

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Date

MANAGER: [Management Company Name]

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Signature

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Name and Title

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Date