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Contract For Property Management Services
"I need a Contract For Property Management Services for a portfolio of 5 residential apartment buildings in California, with special emphasis on maintenance reporting requirements and a performance-based fee structure, to commence from March 1, 2025."
1. Parties: Identification of the property owner and the property management company, including full legal names and addresses
2. Background: Context of the agreement, including brief description of the property and the owner's desire to engage professional management services
3. Definitions: Key terms used throughout the agreement, including Property, Services, Management Fee, Operating Expenses, etc.
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Property Manager's Duties and Responsibilities: Comprehensive list of services to be provided, including tenant management, maintenance, financial management, and reporting
6. Owner's Duties and Responsibilities: Owner's obligations including funding, insurance, and cooperation requirements
7. Financial Management: Handling of rental income, security deposits, operating accounts, and reserve funds
8. Compensation: Management fees, additional service fees, payment terms, and reimbursable expenses
9. Insurance and Liability: Required insurance coverage, indemnification provisions, and limitation of liability
10. Termination: Grounds for termination, notice requirements, and post-termination obligations
11. General Provisions: Standard legal clauses including governing law, notices, assignment, and amendments
1. Emergency Services: Specific procedures and authority levels for emergency situations, recommended for larger properties or those with high-risk features
2. Capital Improvements: Procedures for major property improvements and renovations, useful for older properties or those planning upgrades
3. Marketing and Leasing: Detailed marketing strategies and leasing procedures, important for properties with high turnover or vacancy issues
4. Staff Employment: Terms regarding on-site staff employment and management, necessary when property requires dedicated staff
5. Environmental Compliance: Specific environmental management requirements, important for properties with environmental concerns or strict local regulations
6. Special Amenities Management: Management of specific amenities like pools, gyms, or common areas, relevant for properties with such facilities
1. Schedule A - Property Description: Detailed description of the managed property, including address, facilities, and current condition
2. Schedule B - Fee Structure: Detailed breakdown of all management fees, service charges, and commission structures
3. Schedule C - Maintenance and Repair Authorization Levels: Spending authority limits and approval requirements for various types of maintenance and repairs
4. Schedule D - Required Reports: List and formats of required financial and operational reports
5. Schedule E - Key Performance Indicators: Specific performance metrics and targets for the property manager
6. Appendix 1 - Emergency Procedures: Detailed emergency response procedures and contact information
7. Appendix 2 - Insurance Requirements: Specific insurance coverage requirements and minimum limits
8. Appendix 3 - Standard Operating Procedures: Detailed operational procedures for routine property management tasks
Authors
Property
Premises
Services
Management Fee
Base Management Fee
Additional Fees
Operating Expenses
Operating Account
Reserve Account
Security Deposit
Gross Monthly Income
Net Operating Income
Effective Date
Initial Term
Renewal Term
Property Manager
Owner
Tenant
Lease
Rental Agreement
Common Areas
Emergency
Emergency Repairs
Capital Improvements
Maintenance
Routine Maintenance
Major Repairs
Service Contracts
Vendors
Applicable Laws
Business Day
Confidential Information
Force Majeure
Insurance Requirements
Management Standard
Operating Budget
Property Personnel
Reporting Period
Required Insurance
Term
Termination Date
Utilities
Term and Renewal
Services Scope
Authority and Powers
Property Manager Duties
Owner Obligations
Financial Management
Fees and Compensation
Insurance
Indemnification
Liability Limitation
Operating Budget
Maintenance and Repairs
Emergency Services
Tenant Management
Rent Collection
Marketing and Leasing
Reporting Requirements
Record Keeping
Compliance
Health and Safety
Environmental
Confidentiality
Non-Competition
Intellectual Property
Force Majeure
Assignment
Subcontracting
Termination
Post-Termination Obligations
Dispute Resolution
Governing Law
Notices
Severability
Entire Agreement
Amendment
Waiver
Third-Party Rights
Counterparts
Real Estate
Property Management
Commercial Real Estate
Residential Real Estate
Retail Property
Industrial Property
Mixed-Use Development
Hospitality
Student Housing
Senior Living
Multi-family Housing
Legal
Real Estate
Operations
Asset Management
Property Management
Facilities Management
Risk and Compliance
Finance
Leasing
Administrative
Property Manager
Asset Manager
Real Estate Manager
Facilities Manager
Operations Director
Real Estate Attorney
Leasing Manager
Building Manager
Portfolio Manager
Real Estate Investment Manager
Property Administrator
Compliance Officer
Risk Manager
Real Estate Director
Chief Operating Officer
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