This is an agreement between a property owner and a property manager for
management services associated with a piece of property. The property owner hires
the manager on an independent contractor basis and pays the manager a monthly fee.
This agreement outlines the property manager's responsibilities, including collecting
rent, maintenance, occupancy rates, expiration dates of leases, and other matters. This
document should be used by property owners that want to hire a property manager to
supervise a piece of property.
PROPERTY MANAGEMENT AGREEMENT – APARTMENT
THIS AGREEMENT (the “Agreement”) is entered into as of the _________ day
of ____________, ______ (the "Effective Date") by and between
_______________________________ (the "Owner”) and ___________________________ (the
“Property Manager"),
R E C I T A L S:
A. Owner is desirous of engaging the Property Manager as an independent contractor to
handle and manage the apartment complex (the “Complex”) known as ___________________
on behalf of the Owner pursuant to written instructions from the Owner, from time to time as
required; and
B. Property Manager has agreed to such engagement in accordance with the terms and
conditions set forth herein.
NOW, THEREFORE, in consideration of the mutual covenants, warranties and
representations contained herein, the parties hereby agree as follows:
ARTICLE ONE – APPOINTMENT OF PROPERTY MANAGER AND TERM
1.1 Representation and Warranty. The Property Manager represents and warrants to the
Owner that it has and shall continue to have the facilities, personnel, experience and expertise to
provide to the Owner the services required by this Agreement in a competent and efficient
manner.
1.2 Appointment. In reliance on the foregoing representation and warranty the Owner hereby
appoints and retains the Property Manager as the exclusive property manager to manage the
Complex and to perform all services referred to herein, subject to instructions which the Property
Manager may from time to time be given by the Owner.
1.3 Capacity of Property Manager. It is acknowledged by the parties hereto that the Property
Manager is being engaged by the Owner in the capacity of independent contractor, acting as an
agent of the Owner, and not as an employee, or in any other way as a representative of the
Owner. The Owner and the Property Manager acknowledge and agree that this Agreement shall
not be construed so as to constitute the Property Manager as either a partner or joint venturer of
the Owner.
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1.4 Effective Date and Term. The term of this Agreement shall commence and become
effective upon the date first above written and shall continue for a term of _________ (___)
years or until earlier terminated by either party pursuant to the terms of this Agreement;
provided, however, that at the expiration of the initial or each renewal term, if any, this
Agreement shall automatically be renewed for successive additional periods of _____ (___)
years, unless either party shall have delivered to the other notice in writing of its intention not to
renew at least sixty (60) days prior to the expiration of the then current term.
1.5 Grounds for Termination. Either party may immediately terminate this Agreement upon
giving thirty (30) days' written notice to the other party.
1.6 Post Termination. The Property Manager shall, within fifteen (15) days after the date of
termination, render a final accounting to the Owner and pay over to the Owner any balance in the
Property Manager's trust account remaining to the credit of the Owner.
1.7 Costs or Damages. No costs or damages shall be payable to or by either party as a result
of the termination or non-renewal of this Agreement, other than any costs and damages arising
out of a breach of this Agreement.
ARTICLE TWO – RESPONSIBILITIES OF THE PROPERTY MANAGER
2.1 Property Manager's Responsibilities. The Property Manager shall handle the financial
operations of the Complex, making certain that rent is collected and that mortgages, taxes,
insurance premiums, payroll, and maintenance bills are paid on time, the preparation of financial
statements and periodically reporting to the Owner on the status of the Property, occupancy rates,
expiration dates of leases, and other matters. The Pr