Property Management Contract Agreement Template for United States

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Key Requirements PROMPT example:

Property Management Contract Agreement

"I need a Property Management Contract Agreement for a portfolio of five residential properties in California, with specific provisions for eco-friendly maintenance requirements and quarterly performance reviews, starting from March 2025."

Document background
The Property Management Contract Agreement serves as the foundational document governing the relationship between property owners and professional property managers in the United States. This agreement is essential when property owners seek to delegate the day-to-day management of their real estate assets to professional managers. It comprehensively addresses operational responsibilities, financial arrangements, regulatory compliance, and risk management. The document must comply with both federal regulations and state-specific property management laws, which can vary significantly by jurisdiction. It's particularly crucial for ensuring clear accountability, establishing service standards, and protecting both parties' interests in the property management relationship.
Suggested Sections

1. Parties: Identifies the property owner and property management company, including full legal names and addresses

2. Background: Outlines the context of the agreement, property details, and the parties' intention to enter into a management arrangement

3. Definitions: Defines key terms used throughout the agreement

4. Scope of Services: Details the specific property management services to be provided

5. Term and Termination: Specifies the duration of the agreement and conditions for termination

6. Compensation: Outlines management fees, payment terms, and additional fee structures

7. Responsibilities of Manager: Detailed listing of property manager's duties and obligations

8. Responsibilities of Owner: Specifies owner's obligations and commitments

9. Insurance and Liability: Details required insurance coverage and liability provisions

Optional Sections

1. Emergency Protocols: Procedures for handling emergencies - recommended for larger properties or those with specific safety concerns

2. Environmental Compliance: Environmental management requirements - applicable when property has specific environmental considerations

3. Construction Management: Procedures for managing construction projects - relevant when property requires significant renovations or improvements

4. Special Provisions: Additional terms specific to the property - used when property has unique requirements or circumstances

Suggested Schedules

1. Property Schedule: Detailed description of the managed property(ies)

2. Fee Schedule: Detailed breakdown of all fees and charges

3. Service Level Agreement: Specific performance metrics and service standards

4. Maintenance Schedule: Regular maintenance requirements and schedules

5. Emergency Contact List: List of emergency contacts and procedures

6. Insurance Requirements: Detailed insurance specifications

7. Required Forms: Standard forms used in property management operations

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Relevant legal definitions
Clauses
Industries

Fair Housing Act: Federal law prohibiting discrimination in housing transactions based on race, color, national origin, religion, sex, familial status, and disability

Americans with Disabilities Act (ADA): Federal law requiring reasonable accommodations for disabled persons in residential and commercial properties

Fair Credit Reporting Act: Federal law governing the collection, dissemination, and use of consumer credit information, particularly relevant for tenant screening processes

Federal Lead-Based Paint Disclosure: Federal requirements for disclosure of known lead-based paint hazards in properties built before 1978

SAFE Act: Federal law establishing minimum standards for state licensing and registration of mortgage loan originators

State Real Estate Licensing Laws: State-specific requirements for obtaining and maintaining real estate and property management licenses

State Landlord-Tenant Laws: State-specific regulations governing the relationship between property owners and tenants, including rights, responsibilities, and remedies

Security Deposit Regulations: State laws governing the collection, holding, and return of security deposits, including maximum amounts and timeframes

Rent Control Laws: Local and state regulations limiting rent increases and establishing tenant protections in certain jurisdictions

State Contract Law: Legal framework governing the formation and enforcement of contracts within the state

Agency Law: State laws defining the fiduciary relationship between property managers and property owners

Insurance Requirements: State-mandated insurance coverage requirements for property management operations

Local Zoning Regulations: Municipal codes governing property use, occupancy, and development

Building Codes: Local and state requirements for property maintenance, safety, and structural standards

Trust Account Requirements: State regulations governing the handling and maintenance of client funds in separate trust accounts

Tax Reporting Requirements: Federal and state obligations for reporting rental income, expenses, and other financial transactions

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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