Property Management Agreement Template

Disclaimer

The content provided serves solely as a generic template intended for the drafting of property management agreements. It is not legal advice and should not replace consultation with a qualified attorney experienced in real estate and landlord-tenant law. Legal requirements and regulations differ across jurisdictions, and modifications may be necessary to meet specific local standards. Responsibility for using this template lies with the user, and we assume no liability for errors, omissions, or consequences resulting from its application without professional review.

This sample Property Management Agreement template is provided for illustrative purposes only and may vary depending on specific circumstances and applicable regulations. Adjust details as necessary for your particular case.

Property Management Agreement Sample

Parties Involved:

Property Owner: Michael Johnson
Address: 789 Oak Street, Springfield, IL 62704

Property Manager: Sarah Williams
Address: 456 Maple Avenue, Springfield, IL 62705

Description of the Property:

The property covered under this agreement is a multi-unit residential building located at 789 Oak Street, Springfield, IL 62704, including all common areas, fixtures, and appliances specified in this contract.

Management Terms and Compensation:

The property manager shall commence duties on __________________ and shall continue until terminated by either party with a written notice of at least __ days. The property manager shall receive a management fee of ____% of the gross monthly rent, payable monthly.

Responsibilities of the Property Manager:

The property manager agrees to collect rent, handle maintenance requests, oversee repairs, and perform regular inspections. The property owner authorizes the manager to make emergency decisions regarding repairs up to a specified limit, as outlined herein.

Legal Provisions and Miscellaneous:

This agreement shall be governed by the laws of the State of Illinois. Any disputes arising shall be resolved through arbitration or the courts of Springfield. Modifications to this agreement must be in writing and signed by both parties.

Additional Provisions:

• Property owner grants the manager authority to sign lease agreements and handle tenant communications.
• The manager shall maintain accurate records of all transactions and provide reports to the owner upon request.
• All property improvements and repairs exceeding $500 require prior approval from the owner.

Springfield, ______________________