This agreement dated ________________________, is
made By and Between _________________________, whose
address is _____________________________, referred
to as "Owner", AND ________________________,
whose address is _____________________,
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
($50.00) for any single item without the express consent
of the Owner, except where required during an emergency.
F. Mortgages and Other Expenses. From the rents
received the Agent shall pay all operating expenses
and such other expenses as requested by the Owner.
This may include the payment of mortgages or taxes.
G. Miscellaneous. The Agent shall also perform all
other necessary tasks and do all other things as required
for the proper management, upkeep and operation of
the property as
customarily be performed by a Managing Agent of this
type of property. This includes handling of all inquiries
and requests from the tenants.
H. Collection of Rents. The Agent shall collect
the rents and other income from the property promptly
when such amounts come due taking all necessary steps
to collect same and performing all reasonable acts
on behalf of the Owner for the protection of the Owner
in collection of such amounts.
I. Financial Records. All monies collected by the
Agent shall be deposited into a special bank account
or accounts as required by the Owner. Such monies
of the Owner shall not become mingled with funds of
the Agent. However, the Agent may withdraw monies
from such accounts as necessary to properly perform
this contract and in payment of compensation as required
by this contract. The Agent shall provide the Owner
with periodic statements accounting for all expenses
and will open its records to the Owner upon demand.
J. Payments to Owner. The Agent will make payments
to the Owner from time to time from the funds being
held by the Agent.
3. Compensation of Agent. The Owner shall pay the
Agent as full compensation for the services of the
Agent the sum of __________ Dollars ($________) 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:
________________________________ ______________________________
"OWNER"
________________________________ _______________________________
"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.
