The Property Management Contract Agreement serves as the foundational document governing the relationship between property owners and professional property managers in the United States. This agreement is essential when property owners seek to delegate the day-to-day management of their real estate assets to professional managers. It comprehensively addresses operational responsibilities, financial arrangements, regulatory compliance, and risk management. The document must comply with both federal regulations and state-specific property management laws, which can vary significantly by jurisdiction. It's particularly crucial for ensuring clear accountability, establishing service standards, and protecting both parties' interests in the property management relationship.
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1. Parties: Identifies the property owner and property management company, including full legal names and addresses
2. Background: Outlines the context of the agreement, property details, and the parties' intention to enter into a management arrangement
3. Definitions: Defines key terms used throughout the agreement
4. Scope of Services: Details the specific property management services to be provided
5. Term and Termination: Specifies the duration of the agreement and conditions for termination
6. Compensation: Outlines management fees, payment terms, and additional fee structures
7. Responsibilities of Manager: Detailed listing of property manager's duties and obligations
8. Responsibilities of Owner: Specifies owner's obligations and commitments
9. Insurance and Liability: Details required insurance coverage and liability provisions
1. Emergency Protocols: Procedures for handling emergencies - recommended for larger properties or those with specific safety concerns
2. Environmental Compliance: Environmental management requirements - applicable when property has specific environmental considerations
3. Construction Management: Procedures for managing construction projects - relevant when property requires significant renovations or improvements
4. Special Provisions: Additional terms specific to the property - used when property has unique requirements or circumstances
1. Property Schedule: Detailed description of the managed property(ies)
2. Fee Schedule: Detailed breakdown of all fees and charges
3. Service Level Agreement: Specific performance metrics and service standards
4. Maintenance Schedule: Regular maintenance requirements and schedules
5. Emergency Contact List: List of emergency contacts and procedures
6. Insurance Requirements: Detailed insurance specifications
7. Required Forms: Standard forms used in property management operations
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