The Residential Leasing And Property Management Agreement is essential for property owners seeking professional management of their residential rental properties in the United States. This document establishes the legal framework for the relationship between property owners and management companies, detailing specific responsibilities, service scope, and compensation terms. It ensures compliance with federal housing laws, state landlord-tenant regulations, and local ordinances while protecting both parties' interests. The agreement is particularly important for properties requiring professional management, regular maintenance, tenant screening, rent collection, and financial reporting.
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1. Parties: Identification of property owner and property management company
2. Background: Context of the agreement and property details
3. Definitions: Key terms used throughout the agreement
4. Appointment and Authority: Scope of property manager's authority and responsibilities
5. Term and Termination: Duration of agreement and termination conditions
6. Management Services: Detailed description of services to be provided
7. Compensation: Fee structure and payment terms
8. Insurance and Liability: Insurance requirements and liability allocation
1. Emergency Services: Procedures for handling emergency situations when 24/7 emergency response is required
2. Capital Improvements: Procedures for major property improvements when significant upgrades are anticipated
3. Multiple Property Management: Terms for managing multiple properties when agreement covers more than one property
1. Property Schedule: Detailed description of managed property/properties
2. Fee Schedule: Detailed breakdown of management fees and charges
3. Maintenance Schedule: Regular maintenance tasks and frequencies
4. Required Insurance Coverage: Specific insurance requirements and minimum coverage amounts
5. Property Manager's Licenses: Copies of relevant licenses and certifications
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