Property Management

This agreement is made on (Date) *

between (Owner) *

and (Agent) *

Owner holds title to the real property located at (Street Address) *

(City, County, State, Zip) *

1. APPOINTMENT OF AGENT Owner does hereby appoint Agent, and Agent hereby agrees to serve as exclusive agent for the property. *

3. OBLIGATIONS OF OWNER During the existence of this agreement, Owner shall have the following obligations:
(a) To pay agent such sums as may be necessary to cover the cost of repairing the property and maintaining it in a safe, fit and habitable conditions as required by all applicable laws and regulations, including, without limitation, section 42042 of the general statues of North Carolina. *

5. NO LIABILITY FOR UNCOLLECTED RENT Agent shall have no liability to owner or any other party for uncollected rent. *

6. DAMAGE TO PROPERTY Agent shall not be resonsible or liable for any damage to the property caused by vandalism, by freezing pipes or other equipment, tenants or guests, or by any other cause not within agent’s control. *

7. PLACEMENT/MANAGEMENT FEE Owner shall pay agent fee equal to amount of 100% of 1st month’s rent not exceeding $1000.00 for placement fee. In the event, tenant vacates premises within 90 days of tenancy, Placement fee is not required to solicit, advertise for new tenancy, however, if tenant vacates prmises after 90 days and within the remaining of a one year rental contract a placement fee shall be prorated within that year. As of the second month of tenancy a 9 percent (%) monthly management fee will be accessed of all rent for one year or duration of lease term, common area changes, amount paid for electricity, water, heating and air conditioning, and all other amounts collected from tenants by or on behalf of owner with respect to residential property. Such management fee shall also be payable with regard to any monies paid to, or for the benefit of, Owner by any insurance company paying rent insurance or similar payments in lieu of rent payable under any lease and by tenant of the property in lieu of any payment due under, or in order to obtain the release from, or modification of, said tenant’s lease for property space. *

8. PAYMENTS AND EARNING OF RENTAL Not later than the tenth (10th)day of the month agent will agree to pay owner the rent collected from tenants of the property. *

9. COPIES OF LEASES Owner hereby gives express written authority to agent to retain copies of leases or rental agreements for the property on behalf of owner. The parties agree that leases or rental agreements for the property will be executed on a pre- printed form, the material terms of which will not be changed by agent without prior approval of owner except as may be required by law. *

10. SALE OF THE PROPERTY In the event owner sells, conveys, transfers, assigns or otherwise disposes of the property in any manner whatsoever, this agreement shall continue to be in full force and effect unless and until terminated in accordance with provisions of the agreement. This paragraph shall not, prevent owner and agent from agreeing in writing to some different dispositon of this contract in the event that owner lists the property for sale with agent and if agent receives a standard real estate brokerage commision for the sale of the property. *

11. RIGHTS AND OBLIGATIONS UPON TERMINATION Upon any termination of this agreement by owner or agent, each shall take such steps as are necessary to settle all accounts between them including, without limitation, the following:
(a) Agent shall deliver to owner all tenants leases and other insturments entered into by agent on behalf of owner.
(b) Agent shall deliver to owner all security deposits to be held with respect to the property.
(c) Owner shall promptly pay to agent all fees and other amounts due agent under this agreement and shall reimburse agent for all expenditures made and outstanding at the time of termination. *

12. DEFAULT BY TENANT In the event a tenant in the property shall default in the payment of rent or otherwise breach the provisions of a lease signed by such tenant, agent shall have authority at its discretion to terminate such lease and institute legal proceedings for the collection of overdue rents and other charges and for the eviction of tenants and other persons from the property. Agent shall not engage in legal counsel in connection with any such proceedings, at the expense of owner, without prior written consent of owner. *

13. OWNER The word “owner” as used in this agreement refers to all parties haveing title to or any interest in the property who have signed this agreement as owner and the rights and obligations of the owner under this agreement shall be joint and several if there is more than one owner of the property. *

The parties signing this agreement represent and warrant that they are owners of the property and are soley responsible for making ALL mortgage payments on behalf of the properties listed above. *

(Owner) *

(Owner)

(Phone) *

(Date) *

(Agent)

(Date)

Email us at : Leaseahouse4u@gmail.com