The Property Management Agreement Between Landlord And Agent is a crucial document used in the Indian real estate sector when a property owner wishes to delegate the management of their property to a professional management company or agent. This agreement is particularly important in the context of Indian property law, where it must comply with the Real Estate (Regulation and Development) Act, 2016 (RERA) and various state-specific regulations. The document is designed to clearly define the scope of services, establish professional responsibilities, outline financial arrangements, and set operational procedures for effective property management. It becomes especially relevant for owners managing multiple properties, non-resident Indians (NRIs), or those seeking professional management of their real estate investments. The agreement typically includes comprehensive details about property maintenance, tenant management, financial reporting, and dispute resolution mechanisms, while ensuring all parties' interests are protected under Indian law.
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1. Parties: Identification and details of the Landlord and the Property Management Agent
2. Background: Context of the agreement, including property details and purpose of engagement
3. Definitions: Key terms used throughout the agreement
4. Appointment and Term: Formal appointment of the agent and duration of the agreement
5. Scope of Services: Comprehensive list of property management services to be provided by the agent
6. Agent's Responsibilities: Detailed obligations of the property manager including maintenance, tenant management, and reporting
7. Landlord's Responsibilities: Obligations of the landlord including providing necessary documentation and maintaining insurance
8. Financial Terms: Management fees, commission structure, and payment terms
9. Operating Budget and Expenses: Process for budget approval and handling of property expenses
10. Maintenance and Repairs: Procedures for routine maintenance and emergency repairs
11. Reporting and Documentation: Requirements for financial reports, property inspections, and record-keeping
12. Insurance and Liability: Insurance requirements and allocation of risks
13. Termination: Conditions and procedures for ending the agreement
14. Dispute Resolution: Process for handling disagreements between parties
15. Governing Law: Applicable laws and jurisdiction
16. General Provisions: Standard contract clauses including notices, amendments, and force majeure
1. Multiple Property Management: Additional terms for managing multiple properties - include when the agreement covers more than one property
2. Special Services: Terms for additional services like renovation project management or luxury amenities - include when offering premium services
3. Sub-Agency: Terms governing the appointment of sub-agents - include when sub-contracting is anticipated
4. Marketing Services: Detailed marketing and advertising responsibilities - include when agent will handle property marketing
5. Property Development: Terms related to property improvements or development - include when significant property upgrades are planned
6. Digital Services: Terms covering online property management platforms and tools - include when using specific technology solutions
7. Green Building Management: Special terms for eco-friendly property management - include for properties with environmental certifications
1. Schedule A - Property Details: Detailed description of the property/properties including address, size, amenities, and current condition
2. Schedule B - Management Fee Structure: Detailed breakdown of all fees, charges, and commission structures
3. Schedule C - Scope of Services Matrix: Detailed matrix of all services included and excluded from the agreement
4. Schedule D - Maintenance Procedures: Detailed procedures for different types of maintenance and repair scenarios
5. Schedule E - Reporting Templates: Standard formats for various reports to be submitted by the agent
6. Schedule F - Emergency Protocols: Procedures and contact details for emergency situations
7. Appendix 1 - Required Licenses and Registrations: Copies of all relevant licenses and RERA registrations
8. Appendix 2 - Insurance Requirements: Detailed insurance specifications and certificates
9. Appendix 3 - Key Contact Information: List of all relevant contact persons and their details
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