Property Management Agreement printable pdf download

WELCOME HOME LEASING

7605 Brookhollow Cove

Austin, Texas, 78752

(512) 450-1526 office (512) 554-2920 cell (512) 371-7821 fax

PROPERTY MANAGEMENT AGREEMENT

This is a management agreement between ______________________________________, herein

called Owner, and ___________________________________, herein called Agent. The Owner

hereby appoints said Agent exclusively to manage, operate and lease for the Owner the property(s)

at the following specified address(es):

_______________________________________________________________________________

____________________________________________________________________________

This agreement shall become effective on the ___________________________________and shall

continue until _______________________________________________________, herein called

the expiration date. This agreement shall be automatically renewed on a month-to-month basis

after such expiration date has passed. Should either party find it necessary to terminate this

agreement at anytime, a written notice of termination shall be presented to the other party thirty

(30) days prior to such event. This agreement shall terminate automatically upon the sale of

property specified above, or upon the termination of the Owner’s right to collect rent therefrom.

RESPONSIBILITIES, DUTIES & AUTHORITY: The Owner herein gives the Agent the

following items of authority for all properties described above and agrees to assume all expenses

in connection herewith. Agent accepts responsibility for the following items, and agrees to

conduct such activities in a fiscally responsible manner.

1. Agent shall collect moneys, rental income, security deposits and other receipts and deposit them

in a management account, or separate banking account as specified by Owner.

2. All expenses incurred through the management of said property shall be paid in a timely

manner from moneys collected by the agent.

3. Security deposits shall be refunded by Agent to respective tenants in accordance with the terms

of each lease unless otherwise prearranged.

4. Owner agrees to maintain a positive balance of working funds in Agent’s control in excess of

$200.00. Should the minimum balance fall below $200.00, Owner agrees to remit additional

funds.

5. Agent shall provide Owner with an accounting of all funds collected and disbursed either

quarterly or monthly, and provide Owner with a year end Income Statement. Agent shall comply

with Owners requests for additional information as deemed reasonable. Such examples being rent

rolls, copies of lease agreements, maintenance contracts, and or financial data.

6. Agent shall be responsible for insuring that maintenance and repairs are performed in the

ordinary course of property operations. No expenditure for maintenance or repairs shall exceed

$250.00 without the consent of the Owner. Agent shall hire and supervise all labor and employees

for and on behalf of the Owner for the operation and maintenance of the premises, it being agreed

that all of the employees shall be deemed the Owner’s employees, not the Agent’s and that the

Property Management Agreement