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Property Management Agreement Between Landlord And Agent Template for United States

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Key Requirements PROMPT example:

Property Management Agreement Between Landlord And Agent

"I need a Property Management Agreement Between Landlord And Agent for my portfolio of 5 luxury residential properties in California, with specific provisions for high-end tenant screening and quarterly performance reviews, to commence from January 2025."

Document background
The Property Management Agreement Between Landlord And Agent is essential when property owners wish to delegate the management of their real estate assets to professional managers. This document, governed by U.S. federal and state laws, establishes clear guidelines for property administration, including tenant screening, rent collection, maintenance coordination, and financial reporting. It protects both parties' interests by clearly defining roles, responsibilities, and liability limitations. The agreement is particularly important for ensuring compliance with various regulations, including the Fair Housing Act, state property management laws, and local housing codes.
Suggested Sections

1. Parties: Identification of the property owner and the property management company

2. Background: Context of the agreement and property details

3. Definitions: Key terms used throughout the agreement

4. Appointment and Authority: Scope of agent's authority and responsibilities

5. Term and Termination: Duration of agreement and termination conditions

6. Management Fees: Fee structure and payment terms

7. Agent's Duties: Detailed responsibilities of the property manager

8. Owner's Obligations: Responsibilities and commitments of the property owner

9. Insurance and Liability: Insurance requirements and liability allocation

Optional Sections

1. Emergency Services: Procedures for emergency situations and 24/7 response requirements

2. Construction Management: Terms for managing renovation or construction projects when property requires significant improvements

3. Special Services: Additional services beyond standard management for luxury properties or special requirements

Suggested Schedules

1. Schedule A - Property Details: Detailed description of managed property

2. Schedule B - Fee Schedule: Detailed breakdown of management fees and charges

3. Schedule C - Maintenance Contractors: List of approved contractors and service providers

4. Appendix 1 - Property Management Procedures: Standard operating procedures for property management

5. Appendix 2 - Emergency Contact Information: List of emergency contacts and procedures

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈ˰æ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

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Industries

Fair Housing Act (FHA): Federal law prohibiting discrimination in housing transactions based on protected classes including race, color, religion, sex, national origin, disability, and familial status

Americans with Disabilities Act (ADA): Federal legislation requiring reasonable accommodation for disabled tenants and setting accessibility standards for properties

Fair Credit Reporting Act (FCRA): Federal law governing tenant screening processes, credit checks, and protection of private data

Lead-Based Paint Hazard Reduction Act: Federal law requiring disclosure and safety protocols for properties built before 1978 regarding lead-based paint

State Property Management Licensing Requirements: State-specific regulations determining licensing requirements for property managers, including potential real estate broker license requirements

State Landlord-Tenant Laws: State-specific laws governing security deposits, maintenance requirements, notice periods, and eviction procedures

State Real Estate Commission Rules: State-specific regulations covering fiduciary responsibilities, trust account requirements, and record-keeping obligations

Municipal Housing Codes: Local regulations establishing building maintenance standards and health/safety requirements

Zoning Laws: Local regulations governing property use restrictions and rental permit requirements

Agency Law: Legal framework governing fiduciary duties, scope of authority, and liability provisions in agent-principal relationships

Contract Law: Legal principles governing terms and conditions, termination clauses, and performance requirements in agreements

Insurance Requirements: Legal obligations regarding liability coverage, property insurance, and workers' compensation

Tax Reporting Requirements: Legal obligations for tax reporting including 1099 forms and income reporting requirements

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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