Sample management agreement (00327446).DOC
PROPERTY MANAGEMENT AGREEMENT This PROPERTY MANAGEMENT AGREEMENT (this “Agreement”) is made effective as of the _____ day of _______________, 2020 (the “Effective Date”), by and between Two Doors Realty, LLC, an Oklahoma limited liability company (“Manager”), and ____________ (“Owner”).WHEREAS, Owner owns certain real property held for rental purposes (the “Property) as identified on Exhibit A hereto; andWHEREAS, Manager is a real estate broker licensed by the Oklahoma Real Estate Commission and legally qualified to provide property managements services;NOW THEREFORE, Owner and Manager agree as follows: Management Services.Tenants. Manager will use diligent efforts to identify and place qualified tenants in the Property throughout the term of this Agreement. Authorization to Lease. Owner hereby authorizes Manager to sign lease agreements in connection with the Property. Rent will be at fair market value as reasonably determined by Manager or set as Owner designates in writing.Collection of Rents. Manager will collect all rents. Manager will pay rents to Owner each month by ACH transfer as soon as practicable, less a deduction for Manager’s fees (as described in Section 2), and any outstanding repair costs incurred by Manager in connection with the Property.Minor Repairs. Owner authorizes Manager to make any repair costing less than $300 that Manager deems reasonably necessary. Manager will promptly notify Owner of all such repairs. Major Repairs. Manager will make non-urgent repairs exceeding $300 only with the written authorization of Owner. If Manager determines that an urgent repair is required to (i) prevent further damage to the property or (ii) resolve any issue that could reasonably be perceived as a threat to tenant safety, then Manager will make such repair and promptly notify Owner, and Owner will promptly reimburse Manager for all such expenditures. All repairs will be performed by independent contractors chosen by Manager (unless Owner designates a particular repair person). Warranties. Manager will work with builder warranties for covered repairs. Manager will not work with third-party home warranties. In our experience, these companies intentionally delay repairs and provide a terrible level of service to tenants. Late Notices; Evictions. Manager will execute standard leases requiring tenants to pay on the 1st of each month, with a late fee required if rent has not been paid by the 5th. If a tenant fails to timely pay rent, Manager will, within 48 hours, send a 5-day “pay rent or quit” notice to such tenant. If tenant does not pay during the 5-day period, Manager will consult with Owner to determine whether to retain an attorney to file a Forcible Entry and Detainer (eviction) petition or to attempt to negotiate a move out date with the tenant. If Owner wishes to file for eviction, such eviction will be handled by a third-party attorney at Owner’s expense. Deposits. Manager will collect and hold all security deposits in compliance with Oklahoma law. Any pet deposits will be non-refundable and will be charged as additional rent payable to Owner.Reports. Manager will provide log-in information that will allow Owner to generate financial statements and reports at any time. Manager will also provide such reports promptly upon request, and at the end of each calendar year. Tax Statement. Manager will issue a Form 1099 to Owner and the IRS for each calendar year showing all rents collected.Fees.Management Fee. Owner agrees to pay to Manager a fee equal to eight percent (8%) of all rent collected, including pet fees and late fees, which are treated as rent. Placement Fee. Upon the placement of each new tenant, Owner will pay Manager a fee of $300. However, Owner will not be required to pay more than one placement fee per unit, per calendar year.Setup Fee (Refundable). Owner agrees to pay Manager a $200 refundable setup fee, due within 5 business days of the effective date of this agreement. Such fee may be used for any purpose at Manager’s sole discretion and will not be held in a trust account. Upon the termination of this agreement by either party, the $200 refundable setup fee will be payable by Manager to Owner within 5 business days after such termination.Utility Service Charge. Manager will activate utilities only at Owner’s request. If Manager activates utilities, Manager will add a $5 service charge to each utility payment. Lease Provisions. Tenant leases will contain the following provisions, unless Owner directs otherwise (in writing):1 year term (minimum);Electronic rent deposits are considered received when paid;Tenant responsible for lawn care;Owner to treat for pests (insects/rodents) within 30 days after move-in upon tenant request, tenant is responsible after 30 days;Owners can specify a preferred pet policy on Exhibit A. Manager’s default policy says dogs, cats and small pets are permitted with $250 pet deposit, except that large dogs and dangerous breeds are not permitted, other animals subject to approval.Owner Responsibilities.Property Condition. Owner will make the Property ready for occupancy. Manager will recommend service providers upon request, but Owner will be responsible for all costs to bring the Property to move-in ready condition, including mowing the grass, replacing light bulbs as necessary, and providing functional smoke detectors.No Reserve. Owner is not required to leave a reserve with Manager. Owner agrees to timely pay repair invoices and may be asked to pay third-party contractors directly for any major repairs. Indemnification. Owner hereby agrees to indemnify and hold harmless Manager from and against all claims, losses, liabilities, charges arising out of or relating to the Property and/or the services provided pursuant to this Agreement.Miscellaneous.Termination. Either party may terminate this Agreement by giving thirty (30) days written notice. All fees due to either party under a terminated Agreement are due promptly after receipt of the termination notice.Notice. All notices and other communications under this Agreement may be given by text message, email, or U.S. mail.Counterparts. This Agreement may be executed in multiple counterparts. All such counterparts (including electronic document formats, such as pdf) will be considered an original document. Liability. Manager assumes no responsibility for damages to the Property caused by any tenant, or damages to Owner based on Tenant’s failure to pay rent.Amendment. This agreement may not be modified or amended except by a writing signed by Owner and Manager.Assignment and Successors. This agreement will binding on the successors and assigns of Manager and the heirs, administrators, executors, successors and assigns of Owner.Other Information. Information regarding broker duties and other useful information regarding can be found at the following link: (11-2013).pdfBroker Duties, Services, and Relationships. Manager’s relationship with Owner and duties under that relationship shall be as provided under the Broker Relationship Act of 59 O.S. § 858-351 et seq. Specifically, 59 O.S. § 858-353 sets forth the following duties and responsibilities: Broker Relationship Act. Broker duties and responsibilities. A. A broker shall have the following duties to all parties in a transaction, which are mandatory and may not be abrogated or waived by a broker: 1. Treat all parties with honesty and exercise reasonable skill and care; 2. Unless specifically waived in writing by a party to the transaction: a) receive all written offers and counteroffers; b) reduce offers or counteroffers to a written form upon request of any party to a transaction, and c) present timely such written offers and counteroffers; 3. Timely account for all money and property received by the broker; 4. Keep confidential information received from a party or prospective party confidential. The confidential information shall not be disclosed by a firm without the consent of the party disclosing the information unless consent to the disclosure is granted in writing by the party or prospective party disclosing the information, the disclosure is required by law, or the information is made public or becomes public as the result of actions from a source other than the firm. The following information shall be considered confidential and shall be the only information considered confidential in a transaction: a) that a party or prospective party is willing to pay more or accept less than what is being offered; b) that a party or prospective party is willing to agree to financing terms that are different from those offered; c) the motivation factors of the party or prospective party purchasing, selling, leasing, optioning, or exchanging the property; and d) information specifically designated as confidential by a party unless such information is public. 5. Disclose information pertaining to the property as required by the Residential Property Condition Disclosure Act; and 6. Comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules. B. A broker shall have the following duties and responsibilities only to a party for whom the broker is providing brokerage services in a transaction which are mandatory and may not be abrogated or waived by a broker: 1. Inform the party in writing when an offer is made that the party will be expected to pay certain costs, broker service costs and approximate amount of costs; and 2. Keep the party informed regarding the transaction. C. When working with both parties to a transaction, the duties and responsibilities set forth in this section shall remain in place for both parties.Executed as of the Effective Date:Manager:______________________Jon Pitcher, Managing Broker - Two Doors Realty, LLCOwner: ____________________________Printed Name: Exhibit A to Management AgreementOwner’s Contact InfoName:________________________ Email address: ____________________________Mailing Address:___________________________________________________________Phone #: ____________ Tax ID Number (SSN or EIN):_____________________To Receive ACH Rent PaymentsRouting Number:___________________ Checking Account #:_________________________Rental Property Information Address: Beds: Baths: SQFT: Year Built: Rental Rate: Date available: Utilities – Pick One:_____ Owner will activate utilities when house is vacant_____ Two Doors will activate utilities (we charge a $5 surcharge on each utility payment)Appliances that will stay with the Property:a. Washer/Dryer ______ b. Refrigerator _______c. Microwave ______Allow Pets? _________________________Is the Property subject to a Homeowner’s Association? Yes / No If yes, provide a copy of, or a link to, the covenants and restrictions. Property owners are required to pay all HOA fees. Two Doors Realty does not pay HOA fees.Is the Property in a flood zone? Yes / No Are you aware of any history of flooding at the Property? Yes / NoAre you aware of any environmental hazards, defects, or violation of state or federal law related to the property that could affect a tenant’s health or safety? Yes / NoAre you aware of any lead-based paint at the Property, or have you had any reports of lead-based paint at the Property? Yes / NoTell us any features you love about this home: ................
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