The Property Management Contract serves as the cornerstone document for delegating property management responsibilities in the United States real estate sector. This agreement is essential when property owners wish to engage professional management services for their real estate assets, whether residential, commercial, or mixed-use properties. The contract comprehensively addresses crucial aspects such as property maintenance, tenant relations, financial management, and regulatory compliance, while clearly defining the roles and responsibilities of both parties. It's particularly important in ensuring compliance with various federal regulations including the Fair Housing Act, state-specific property management laws, and local housing codes. Property owners typically utilize this contract when they require professional expertise in managing their properties, lack the time or resources for direct management, or seek to optimize their property's performance through professional oversight.
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1. Parties: Identification of property owner and property management company, including legal names and addresses
2. Background: Brief context about the property and the purpose of the management agreement
3. Definitions: Key terms used throughout the agreement
4. Scope of Services: Detailed description of property management duties and responsibilities
5. Term and Termination: Duration of agreement and conditions for termination
6. Compensation: Management fees, payment terms, and additional fee structures
7. Property Manager's Authority: Extent and limitations of manager's decision-making power
8. Owner's Responsibilities: Obligations and duties of the property owner
1. Emergency Protocols: Procedures for handling emergencies - recommended for larger properties or those with specific safety concerns
2. Marketing Services: Terms for advertising and tenant procurement - include when marketing is part of the services
3. Construction Management: Terms for overseeing renovations or improvements - include when property requires significant maintenance or improvements
4. Special Requirements: Property-specific management requirements - include for properties with unique features or requirements
1. Property Details Schedule: Detailed description of managed property including address, units, amenities
2. Fee Schedule: Detailed breakdown of all fees and charges
3. Service Level Agreement: Specific performance metrics and service standards
4. Insurance Requirements: Details of required insurance coverage
5. Maintenance Schedule: Regular maintenance tasks and frequencies
6. Emergency Contact List: List of emergency contacts and procedures
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