MIME-Version: 1.0 Content-Location: file:///C:/EA4359D4/RMAcontractLT.htm Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="us-ascii"
PROPERTY MANAGEMENT AGREEMENT
THIS AGREEMENT, by and between:=
_____________
(hereinafter called "Owner") and
AGENCY. Owner exclusively appoints Agent to rent, lease, operate, and manag=
e on
the owner's behalf the property located at: _______________________________=
_______
Property Name: ______________ Unit #<=
/b>: ________
TERM. This agreement shall be for an initial period of twelve
months beginning on: ___________, =
span> and shall be automatically rene=
wed
for successive one year terms thereafter. However, either party upon sixty =
(60)
days written notice may terminate this agreement. Termination of this agree=
ment
does not invalidate any existing rental agreements made by Agent on Owner's
behalf. Upon termination, Owner shall continue to be responsible or shall c=
ause
to be completed all obligations or expenses incurred hereunder by the Agent=
. In
the event this agreement is terminated, or the property is sold, the Owner
shall honor all confirmed leases (Rental Agreements).
RESPONSIBILITIES OF AGENT. Agent agrees to and shall:
(a) Complete an initial property inspection and
prepare a condition report of the unit. If necessary, make recommendations =
to
Owner and prepare unit for occupancy.
&=
nbsp; (b)
Use its best efforts to promote unit for rent and be diligent in the manage=
ment
of the property.
&=
nbsp; (c)
Advertise the rental unit in =
the
local newspapers, bulletin board, and on the Internet. Provide the invoice(=
s)
from the media, pay the charges and pass on the =
cost
to the Owner, on the monthly proceeds statements.
&nb=
sp; (d)
Collect all rents for property and deposit same in a special trust account =
in
an insured financial institution authorized to do business in the State of =
&=
nbsp; (f)
Contract for services and authorize expenditures on Owner's behalf for
housekeeping and regular maintenance. Agent shall obtain prior written appr=
oval
from Owner for any expenditure in excess of Three Hundred Dollars ($300.00) except for what the Agent
shall in its best judgment consider an emergency
RESPONSIBILITIES OF OWNER. Owner agrees to and shall:
(a) Allow Agent to establish rental rates for the
property.
&=
nbsp; (b)
Provide Agent with Owner's General Excise Tax License.
&=
nbsp; (c)
Provide Agent with Owner's U.S. Federal Tax Identification number or Social
Security number.
&nbs=
p; (d) Provide Liability Insurance co=
verage
for the property with minimum =
limits
of $300,000 for bodily injury and $25,000 for property damage to others. The
Agent shall be named as additional insured and shall be furnished with a co=
py
of the insurance policy and a certificate of insurance.
PROPERTY MANAGEMENT
AGREEMENT: =
(Page 2)
AGENT'S FEES. Owner is advised=
and
agrees to pay the following:
A fee of ten percent (10%) of the gross revenues for management services for long te=
rm
(rental leases of more than 180 days, or 6 months).
A commission of twenty percent (20%) of the first month’s gross revenue for management
services: Preparing a Rental Agreement and supporting documents.
A minimum charge for administr=
ation
and accounting, at $20.00/month.
A fee of ten percent (10%) on the total charge for rep=
airs,
upgrades, restorations, and maintenance.
A fee of $35/hour
to schedule repairs, upgrades, renovations, replacement of appliances, carp=
ets,
curtains, drapes, and/or to escort the contractors, repairpersons, technici=
ans
and handymen.
AGENCY START-UP FEE. Upon the execut=
ion
of this Agreement, the Owner shall pay one hundred fifty dollars ($150.00) to the Agent as a
non-refundable start-up fee. The Agent shall use such fee to pay initial
administrative expenses of including the premises (property) in its rental
program, to conduct a complete inventory of all furniture and furnishings in
the rental unit, to produce a condition/inspection report of the premises,
appliances and contents, and to pay other sums initially required for the
performance of its duties under this agreement.
Plus, the Agent will assess/charge the Owner the
Hawaii Gross Excise tax (4.712%) on
all the above fees, commissions and charges.
=
DISCLAIMER
OF GUARANTEES. The Owner understands and agrees that Agent has made no
guarantees (written or verbal) of occupancy or income levels for the proper=
ty.
HOLD HARMLESS. The Owner agrees=
that
Agent shall not be liable for any claim for loss or injury to any person or
property located on the property subject to this agreement, except for loss=
or
injury caused by Agent's gross negligence or wilful misconduct, and Owner s=
hall
hold Agent harmless and indemnify Agent for any such claim or liability.
GOVERNING LAW. This is the enti=
re
Agreement between the parties and shall be governed by the laws of the Stat=
e of
SIGNED in duplicate this __________ day
of_____________, 20 ____.
Both parties acknowledge receipt of a copy of this Agreement.
O=
WNER:
__________________ =
AG=
ENT:
By: __________________________<=
span
style=3D'mso-spacerun:yes'> By:
___________________________
=
It’s
Owner =
=
=
It's
Principal Broker
Date:_________________________
Date:__________________________