The Letting Agency Agreement is a crucial document used in the Irish property market to formalize the relationship between property owners and professional letting agents. It is required when a property owner wishes to engage a licensed letting agent to manage their property letting operations. The agreement must comply with Irish legislation, particularly the Property Services (Regulation) Act 2011 and the Residential Tenancies Acts 2004-2021. It details the agent's authority to act on behalf of the owner, including marketing the property, screening tenants, collecting rent, and managing the property. The document typically includes comprehensive fee structures, service levels, compliance requirements, and risk allocation between parties. This agreement is essential for professional property management in Ireland and must be executed with a PSRA-licensed agent.
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1. Parties: Identification of the letting agent and the property owner(s), including full legal names, addresses, and company registration details if applicable
2. Background: Brief context explaining the purpose of the agreement and the intention to appoint the letting agent
3. Definitions: Definitions of key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the agent, duration of the agreement, and renewal terms
5. Services: Detailed description of the core services to be provided by the letting agent
6. Agent's Obligations: Comprehensive list of the agent's duties and responsibilities
7. Property Owner's Obligations: Detailed obligations and responsibilities of the property owner
8. Fees and Commission: Structure and timing of all fees, commission rates, and payment terms
9. Marketing and Advertising: Details of how the property will be marketed and advertised
10. Compliance and Regulations: Obligations regarding regulatory compliance, including property standards and safety requirements
11. Insurance and Liability: Insurance requirements and limitation of liability provisions
12. Termination: Conditions and process for terminating the agreement
13. Data Protection: GDPR compliance and data handling procedures
14. Notices: How formal notices between parties should be given
15. Governing Law: Confirmation of Irish law as governing law and jurisdiction
1. Property Management Services: Detailed section for full property management services, included when the agent will provide comprehensive management rather than just letting services
2. Maintenance and Repairs: Included when the agent will handle maintenance, including spending authority limits and contractor management
3. Rent Collection and Financial Management: Detailed procedures for rent collection and financial management when the agent provides these services
4. Multi-Property Management: Additional terms for managing multiple properties, used when the owner has a portfolio of properties
5. Guaranteed Rent Scheme: Terms for guaranteed rent services if offered by the agent
6. International Owner Provisions: Special provisions for overseas property owners, including tax requirements
7. Energy Performance: Specific provisions regarding energy performance certificates and sustainability requirements
1. Schedule 1: Property Details: Detailed description of the property/properties covered by the agreement
2. Schedule 2: Fee Schedule: Comprehensive breakdown of all fees, charges, and commission structures
3. Schedule 3: Services Specification: Detailed breakdown of all services included in the agreement
4. Schedule 4: Marketing Plan: Specific marketing strategies and channels to be used
5. Schedule 5: Maintenance Contractors: List of approved contractors and maintenance procedures
6. Appendix A: Property Owner's Bank Details: Banking and payment information for the property owner
7. Appendix B: Required Certificates and Documentation: Checklist of required safety certificates and property documentation
8. Appendix C: Inventory Template: Standard inventory and condition report template
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