The Residential Exclusive Management Agency Agreement is essential when property owners seek professional management of their residential properties. This contract type establishes a formal relationship where the management company becomes the exclusive agent responsible for all property-related matters. It's particularly relevant in the United States where property management is heavily regulated at both federal and state levels. The agreement typically includes detailed provisions for property maintenance, tenant relations, financial management, and reporting obligations, while ensuring compliance with Fair Housing laws, state licensing requirements, and local property regulations.
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Key Requirements PROMPT example:
Residential Exclusive Management Agency Agreement
"I need a Residential Exclusive Management Agency Agreement for my four-unit apartment building in California, with specific provisions for short-term rental capabilities and a requirement that the management company maintains a $5,000 emergency repair fund, starting March 1, 2025."
1. Parties: Identification of property owner and management company, including legal names and addresses
2. Background: Context of the agreement and basic information about the property
3. Definitions: Key terms used throughout the agreement
4. Appointment and Authority: Scope of manager's authority and exclusive nature of appointment
5. Manager's Duties: Comprehensive list of services to be provided by the property manager
6. Owner's Obligations: Responsibilities and commitments of the property owner
7. Fees and Compensation: Management fees, commission structures, and payment terms
8. Term and Termination: Duration of agreement and conditions for termination
1. Insurance Requirements: Detailed specification of insurance obligations for both parties
2. Property Maintenance Fund: Terms and conditions for maintaining and managing a property maintenance reserve account
3. Emergency Procedures: Specific protocols and procedures for handling emergency situations
4. Short-Term Rental Provisions: Special terms and conditions applicable to short-term rental arrangements
1. Property Schedule: Detailed description and specifications of the managed property
2. Fee Schedule: Comprehensive breakdown of all fees, charges, and commission structures
3. Service Level Agreement: Detailed service standards, response times, and performance metrics
4. Maintenance Contractor List: List of approved contractors and service providers for property maintenance
5. Property Management Plan: Detailed strategies and objectives for property management
6. Insurance Requirements Schedule: Detailed specifications of required insurance coverage and limits
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