This agreement dated __________, is made By and Between __________, whose
address is __________, (“Owner”), AND __________, whose address is
__________, (“Agent.”)
1. Agency. The Owner hereby employs the Agent to lease and manage the
Owner’s single family residence (“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 ($50.
00)for any single item without the express consent of the Owner, except
where required during an emergency.
F. Mortgages and Other Expenses. From the rents received the Agent
shall pay all operating expenses and such other expenses as requested by
the Owner. This may include the payment of mortgages or taxes.
G. Miscellaneous. The Agent shall also perform all other necessary
tasks and do all other things as required for the proper management,
upkeep and operation of the property as customarily be performed by a
Managing Agent of this type of property. This includes handling of all
inquiries and requests from the tenants.
H. Collection of Rents. The Agent shall collect the rents and other
income from the property promptly when such amounts come due taking all
necessary steps to collect same and performing all reasonable acts on
behalf of the Owner for the protection of the Owner in collection of such
amounts.
I. Financial Records. All monies collected by the Agent shall be
deposited into a special bank account or accounts as required by the
Owner. Such monies of the Owner shall not become mingled with funds of
the Agent. However, the Agent may withdraw monies from such accounts as
necessary to properly perform this contract and in payment of
compensation as required by this contract. The Agent shall provide the
Owner with periodic statements accounting for all expenses and will open
its records to the Owner upon demand.
J. Payments to Owner. The Agent will make payments to the Owner from
time to time from the funds being held by the Agent.
3. Compensation of Agent. The Owner shall pay the Agent as full
compensation for the services of the Agent the sum of __________ Dollars
($______) 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.
By: __________, OWNER
__________, AGENT