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Management Of Single Family House
This agreement dated __________(1)___________, is made By and
Between ________(2)______________, whose address is ____________(3)______________,
referred to as "Owner", AND ____________(4)_________, whose address is
________(5)__________,
referred to as "Agent."
1. Agency. The Owner hereby employs the Agent to lease and manage the
Owner's single family residence (hereinafter referred to as "Property") located
and described as follows:
(Address or Legal Description)
2. Duties of Agent. In order to properly manage and lease the property,
the Agent shall have the following duties and responsibilities:
A. Best Efforts. The Agent shall use its best efforts to attract and
retain tenants for the property.
B. Lease Negotiations. The Agent shall handle all negotiations with
tenants with respect to leases. All such agreements are subject to the approval of the
Owner. However, the Owner may provide the Agent with authorization to lease under certain
specified terms and conditions.
C. Employees. The Agent shall employ, supervise, discharge, and pay all
employees or independent contractors who are reasonably required in the proper management
and operation of the property. The Agent shall pay all employees and independent
contractors and fully complete all necessary federal tax returns and payments of related
taxes on behalf of the Owner.
D. Supplies. The Agent shall purchase all necessary supplies for the
proper management of the property. This includes heating fuel where applicable.
E. Repairs and Maintenance. The Agent shall contract for or undertake
the making of all necessary repairs and the performance of all other necessary work for
the benefit of the
property including all required alterations to properly carry out this contract. However,
no expenses shall be incurred for such matters in excess of Fifty Dollars ($50.00) for any
single item without the express consent of the Owner, except where required during an
emergency.
F. Mortgages and Other Expenses. From the rents received the Agent
shall pay all operating expenses and such other expenses as requested by the Owner. This
may include the payment of mortgages or taxes.
G. Miscellaneous. The Agent shall also perform all other necessary
tasks and do all other things as required for the proper management, upkeep and operation
of the property as
customarily be performed by a Managing Agent of this type of property. This includes
handling of all inquiries and requests from the tenants.
H. Collection of Rents. The Agent shall collect the rents and other income from the
property promptly when such amounts come due taking all necessary steps to collect same
and performing all reasonable acts on behalf of the Owner for the protection of the Owner
in collection of such amounts.
I. Financial Records. All monies collected by the Agent shall be
deposited into a special bank account or accounts as required by the Owner. Such monies of
the Owner shall not become mingled with funds of the Agent. However, the Agent may
withdraw monies from such accounts as necessary to properly perform this contract and in
payment of compensation as required by this contract. The Agent shall provide the Owner
with periodic statements accounting for all expenses and will open its records to the
Owner upon demand.
J. Payments to Owner. The Agent will make payments to the Owner from
time to time from the funds being held by the Agent.
3. Compensation of Agent. The Owner shall pay the Agent as full
compensation for the services of the Agent the sum of ___(6)____ Dollars ($________) per
month. These amounts shall be payable to the Agent when such funds become available from
the amounts collected by the Agent according to this contract.
4. Duties of the Owner. The Owner will provide all necessary documents
and records and fully cooperate with the Agent in all matters with respect to this
contract. The Owner will provide the Agent with evidence of insurance which evidence the
Agent shall examine to determine the adequacy of coverage. If necessary, additional
insurance of changes in insurance coverage may be made upon the approval of the Owner.
5. Indemnity. The Owner shall indemnify and hold the Agent completely
harmless with respect to liability and damages, costs and expenses in connection with any
damage or injury whatsoever to persons or property arising out of the use, management,
operation, occupation, ownership, maintenance or control of the property or out of any
matter or thing with respect to which it is elsewhere in this contract provided or agreed
that the Agent shall not be under responsibility. However, the Owner will not indemnify
the Agent against the willful misconduct of the Agent.
6. Term of Contract. This contract shall continue for a period of one
year from the date hereof, and shall be automatically renewed from year to year unless
terminated by either party upon written notice sent to the other party not less than
fifteen (15) days before any expiration date.
7. Termination of Contract. This contract may be terminated at any time
by the Owner upon giving the Agent thirty (30) days written notice in the event of a bona
fide sale of the property, and without notice in the event the Agent fails to discharge
the duties of the Agent faithfully in the manner herein provided.
8. Notices. All written notices to the Owner or to the Agent may be
addressed and mailed, by United States registered mail, to the address above written.
9. Modification. This contract may not be modified, altered, or amended
in any manner except by an agreement in writing executed by the parties hereto.
10. Who is Bound. This contract is binding upon the parties hereto,
their representatives, successors and assigns.
11. Signatures. Both the Owner and the Agent agree to this contract.
Witnessed By:
____________(7)_________________ ____________(8)_______________
"OWNER"
____________(7)_________________ _____________(9)_______________
"AGENT"
NOTICE
The information in this document is designed to provide an outline that
you can follow when formulating business or personal plans. Due to the variances by many
local, city, county and state laws, we recommend that you seek professional legal
counseling before entering into any contract or agreement.
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