This is an agreement between a property owner and a property manager for the
management services of a single family home. The property owner hires the manager
on an agency basis and pays the manager a monthly fee. This agreement outlines the
property manager's responsibilities, including collecting rent, repairs, maintenance,
maintaining occupancy, negotiating leases, and other matters. This document should
be used by property owners who want to hire a property manager to supervise a single
family home.
MANAGEMENT AGREEMENT FOR SINGLE FAMILY HOME
THIS MANAGEMENT AGREEMENT FOR SINGLE FAMILY HOME
(“Agreement”) dated __________, is made by and between __________ ("Owner") and
__________ ("Agent").
Recitals
WHEREAS, Owner holds legal title to the property located at [PROPERTY
ADDRESS].
WHEREAS, Owner desires to employ the services of the Agent and the Agent desires to
perform such services in the manner and upon the terms and provisions hereinafter set
forth.
NOW THEREFORE, in consideration of the mutual covenants of the parties hereto, and
other good and valuable consideration, the parties hereto agree as follows:
Terms
SECTION 1. AGENCY.
Owner hereby employs Agent to lease and manage Owner's single family residence (the
"Property") located at [ADDRESS] and more particularly described as follows:
[LEGAL DESCRIPTION]
SECTION 2. TERM OF AGREEMENT.
This Agreement shall continue for a period of one year from the date hereof, and shall be
automatically renewed from year to year unless terminated by either party upon thirty
(30) days written notice sent to the other party.
SECTION 3. DUTIES OF AGENT.
In order to properly manage and lease the Property, Agent shall have the following duties
and responsibilities:
A. Best Efforts
Agent shall use best efforts to search for and retain tenants for the Property.
B. Lease Negotiations
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Agent shall handle all lease negotiations with tenants. All such agreements are subject to
the approval of Owner.
C. Employees
Agent shall employ, supervise, discharge, and pay all employees or independent
contractors who are reasonably required to properly manage and operate the Property.
Agent shall pay all employees and independent contractors and fully complete all
necessary federal and state tax returns, IRS 1099 and W-4 requirements, and payments of
related taxes on behalf of Owner.
D. Supplies
Agent shall purchase all necessary supplies for the proper management of the Property.
E. Repairs and Maintenance
Agent shall contract for or undertake the making of all necessary repairs and the
performance of all other necessary work on the Property, including all required
alterations to properly carry out this Agreement. However, no expenses shall be incurred
for such matters in excess of _____________ for any single item without the express
consent of Owner, except where required in case of emergency.
F. Mortgages and Other Expenses
From the rents received Agent shall pay all operating expenses and such other expenses
as requested by Owner. This may include the payment of mortgages or taxes.
G. Collection of Rents
Agent shall collect the rent and other income from the Property promptly when such
amounts come due and take all necessary steps to collect same. Agent shall perform all
reasonable acts on behalf of Owner for the protection of Owner in collection of such
amounts.
H. Financial Records
All monies collected by Agent shall be deposited into a bank account as specified by
Owner. Such monies of Owner shall not become mingled with funds of Agent. Agent
shall provide Owner with periodic statements accounting for all expenses and will open
its records to Owner upon demand.
SECTION 4. COMPENSATION OF AGENT.
Owner shall pay Agent as full compensation for the services of Agent the sum of
__________ Dollars ($______) per month.
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SECTION 5. DUTIES OF OWNER.
Owner will provide all necessary documents and records and fully cooperate with Agent
in all matters with respect to this Agreement.
SECTION 5. INDEMNITY.
Owner shall indemnify and hold Agent completely harmless with respect to liability and
damages, costs and expenses in connection with any damage or injury whatsoever to
persons or property arising out of the use, management, operation, occupation,
ownership, maintenance or control of the Property. However, Owner will not indemnify
Agent against the willful or intentional misconduct of Agent.
SECTION 6. NOTICES.
All written notices to Owner or to Agent shall be addressed and mailed, by United States
registered mail, to the following address:
To Owner: ______________________
______________________
______________________
To Agent: _