Tuesday, July 4, 2017

3094. Property Management Contract

   

Property Management Contract

     Responsibilities of manager
          A. Exclusivity of services
          B. Rent collection
          C. Scope of manager’s expectations
Agency Appointment
Limitation of Liability
Insurance
Manager Compensation
Terms and Termination
Property Management Agreement

Responsibilities of manager

Under the terms of this property management agreement, [Client], hereby referred to as “Owner,” authorizes [Sender], hereby referred to as “Manager,” to perform business-related transactions on behalf of Owner for the property at [Number.Street] in [City], hereby referred to as “Property.” Manager is given full authority to carry out all lawful necessary steps to fulfill this agreement.

A. Exclusivity of services

Manager has the exclusive right to manage Property for the duration of this agreement. Both parties agree that Manager has sole cause of any management of Property, whether made in writing or orally.

B. Rent collection

Manager will collect from tenants rent payments by cheque, unless payments are by electronic transfer,  on or before the due date, and issue receipts to tenants, if applicable. Owner will pay Manager monthly a management fee of S$300 and expenses incurred in the management of the Property. Manager will provide a monthly accounting of all rent payments for Owner’s records. Manager assumes responsibility of any rent payment disputes with tenants.

C. Scope of Manager’s expectations
  • Coordinates and oversees repair services deemed necessary by Owner, or contractually required under a lease; pay for services with Owner’s funds. Owner shall deposit S$1,000 as petty cash reserved for such services. 
  • At Owner’s expense, serves legal notices to tenants when necessary on behalf of Owner, with Owner’s prior consent, and hires attorneys when needed for eviction proceedings or rent recuperation. Owner agrees to be an interested party in such legal action, and Manager has full authority to settle claims on behalf of Owner.
  • Collects rent from tenants when due, making no guarantees as to regular payment from tenants.
  • At Owner’s expense and permission, hires collection agencies when necessary.
  • Maintains an accounting of rent payment receipts, expenses, and charges on a quarterly basis for Owner.
  • Hires and supervises contractors to repair and maintain Property.


Agency Appointment

Manager shall be considered an agent of Owner, given full authority to perform necessary actions to evict tenants and/or collect unpaid rent. Manager has the right to enter Property at any time during the length of this property management agreement.

Limitation of Liability

Manager, and all employees or independent contractors hired by Manager, shall have no liability under this agreement, including such liability related to injury to persons or damage to Property under Manager’s supervision, except in instances of gross negligence or willful misconduct by Manager.

Insurance

Owner is responsible for obtaining and paying for general liability insurance and other necessary insurance to protect the interests of Manager and all associated personnel.

Manager Compensation

Owner agrees to pay Manager under the following conditions:
  • The greater of 10 percent of the gross rental income due to be paid by tenants under existing or future rental agreements, or a flat dollar amount of S$300. Payment will be due by Owner to Manager on the 1st of each month based on tenant commitments the preceding month.
  • If Manager conducts property reviews for publication on instruction of Owner, Owner shall pay S$150  per review. Such reviews will include a written overview of Property and recommended preservation projects, including a preliminary cost estimate for each project.

Terms and Termination

Manager and Owner enter into this property management agreement on [Contract.Start.Date]. This agreement shall automatically renew after one year unless Owner provides 60 days prior notice in writing to Manager.

Property Management Agreement

This property management agreement begins as of [Day.Month.Year] and is entered into by [Client.FirstName] [Client.LastName], and [Sender.FirstName] [Sender.LastName] for the Property at [Number.Street] in [City].



Owner
Signature
Name and NRIC No.
Mobile Phone No.
Email.


Manager
Signature
Name and NRIC No.
Mobile Phone No.
Email.
Witness
Signature
Name and NRIC No.
Mobile Phone No.
Email.

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