The Residential Leasing And Property Management Agreement is essential for property owners in India who wish to delegate the management of their residential properties to professional property management companies. This document has become increasingly important with the growth of India's residential rental market and the implementation of the Model Tenancy Act 2021, which has formalized many aspects of residential leasing. The agreement covers comprehensive property management services including tenant sourcing, rent collection, maintenance coordination, financial reporting, and regulatory compliance. It is particularly relevant in urban centers where professional property management is becoming the norm, and where property owners seek to ensure their investments are managed efficiently while complying with all applicable local and national regulations. The document needs to be customized based on specific state laws, as property and rental regulations can vary significantly across different Indian states.
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1. Parties: Identifies and provides details of the Property Owner and the Property Management Company
2. Background: Outlines the context of the agreement, including property details and the owner's intention to engage professional management services
3. Definitions: Defines key terms used throughout the agreement including Property, Services, Rental Income, Operating Expenses, etc.
4. Appointment and Authority: Formal appointment of the property manager and scope of delegated authority
5. Term and Termination: Duration of the agreement, renewal terms, and conditions for termination by either party
6. Property Manager's Duties and Responsibilities: Comprehensive list of services including tenant screening, rent collection, maintenance, and financial reporting
7. Leasing Services: Details of tenant sourcing, screening, lease execution, and rental determination processes
8. Maintenance and Repairs: Scope of maintenance services, spending limits, emergency procedures, and contractor management
9. Financial Management: Handling of rental income, security deposits, expenses, and accounting procedures
10. Fees and Compensation: Property management fees, leasing commissions, and payment terms
11. Owner's Obligations: Property owner's responsibilities including fund provision, insurance, and compliance requirements
12. Insurance and Liability: Insurance requirements, indemnification clauses, and liability limitations
13. Compliance with Laws: Commitment to comply with relevant laws, regulations, and local ordinances
14. Notices: Method and addresses for official communications between parties
15. Governing Law and Dispute Resolution: Applicable law and process for resolving disputes
1. Multiple Property Management: Additional terms when managing multiple properties for the same owner
2. Value Added Services: Additional services like property renovation, interior design, or specialized marketing
3. Property Tax Management: Specific terms for handling property tax payments and documentation
4. Foreign Owner Provisions: Special terms for non-resident Indian property owners including FEMA compliance
5. Power of Attorney: Terms when the property manager is granted power of attorney for specific functions
6. Digital Services: Terms for online rent collection, property management software, or virtual showing services
7. Short-term Rental Provisions: Special terms for properties used for short-term or vacation rentals
8. Staff Management: Terms regarding management of on-site staff like security guards or housekeeping
1. Property Details: Detailed description of the property including address, specifications, fixtures, and fittings
2. Fee Schedule: Detailed breakdown of all management fees, commissions, and service charges
3. Maintenance Reserve Schedule: Terms of maintenance reserve fund and authorized spending limits
4. Approved Contractor List: List of pre-approved contractors and vendors for maintenance and repairs
5. Property Manager's Standard Operating Procedures: Detailed procedures for routine property management tasks
6. Reporting Format: Templates and formats for various reports and financial statements
7. Insurance Requirements: Detailed insurance requirements for both property manager and owner
8. Key Performance Indicators: Metrics for evaluating property manager's performance
9. Inventory List: Detailed inventory of furnishings and equipment if property is furnished
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