Property Management Agreement

Appoints the property manager as the owner's authorized agent for specified management functions, including leasing, rent collection, vendor coordination, and tenant communications.

Defines recurring and one-time management fees, when fees are earned, how they are deducted from collected rents, and when owner distributions are made.

Sets spending authority for routine repairs, requires owner approval above a stated threshold, and permits reasonable emergency expenditures to protect the property or occupants.

Requires the owner to provide accurate property information, adequate operating funds, insurance, access, and timely approvals needed for effective management.

Protects nonpublic financial, tenant, business, and property information and requires orderly recordkeeping and delivery of records upon termination.

Allocates liability between the parties, requires appropriate property and liability insurance, and addresses claims arising from owner instructions, property conditions, vendors, or manager misconduct.

States the initial term, renewal process, required termination notice, transition duties, final accounting, and survival of payment and confidentiality obligations.

Establishes the governing law, escalation procedure, venue, and optional mediation or arbitration process for resolving disputes under the agreement.