AMOSO Realty LLC - Property Management Agreement
Property Management Agreement
This is a legally binding contract. If you do not understand it, consult your attorney.
This Property Management Agreement (“Contract”) is made and entered into between (“Owner”), and AMOSO Realty LLC (“REALTOR®”).
(Check if applicable) [ ] This Contract supersedes and replaces in full an existing Property Management Agreement between the parties dated the day of , 20 .
For and in consideration of the mutual covenants herein contained, the parties agree as follows:
1 . DESIGNATION OF REALTOR® AND DESCRIPTION OF PROPERTY. REALTOR® is hereby designated as the sole and exclusive agent and representative of Owner for the purpose of managing the following property (the “Property”)
2. CURRENT EXCLUSIVE REPRESENTATION AGREEMENT.
Owner a party to any other exclusive representation agreement with respect to the management or leasing of the Property. If Owner is a party to such an exclusive representation agreement, such agreement ends (date) or upon accepted Termination of representation agreement, provided to “REALTOR®”
3. TERM OF AGREEMENT.
This Contract shall begin on Effective Date, as defined herein and end at midnight on the last day of the 12th month after the Effective date. (“Initial Term”); provided, however, that either party may terminate this Contract at any time after the end of Thirty (30) Days after the Effective Date (“Early Termination Date”) by giving to the other party not less than Thirty (30) days prior Notice of election to terminate, and the elected termination date. At the expiration of such term, this Contract, if not renewed in writing for an additional fixed period and if not terminated in writing by either party, shall be deemed a month-to-month Contract cancel-able by either party on not less than Thirty (30) days prior Notice, which may be given at any time during the month; provided that any cancellation shall be effective as of the end of the calendar month during which such Notice period expires.
Authority. Unless and until Owner shall provide Notice to REALTOR® instructing otherwise, in addition to any and all other rights and duties of REALTOR® hereunder in managing the Property, REALTOR® and its representatives shall have the authority and exclusive right to:
Owner authorizes REALTOR® to cooperate with and offer compensation to other REALTOR®s acting pursuant to any brokerage relationship permitted by REALTOR®’s company policy set forth below, and to allow same to show the Property
Broker Cooperation and Compensation Policy. REALTOR®’s company policy authorizes REALTOR® or its representatives to cooperate with other brokers acting pursuant to the following brokerage relationships, as defined by Section 339.710 R.S.Mo. If REALTOR®’s company policy authorizes any such cooperation, then the amount of compensation that will be offered by REALTOR® shall be as follows
(Note: Even if compensated by REALTOR® or Owner, it is understood that cooperating agents or brokers may represent the interests of tenants only).
Equal Opportunity. The Property shall be offered for lease without regard to race, color, religion, sex, handicap, familial status, national origin, sexual orientation, or gender identity, and in accordance with all local, state, and federal fair housing laws.
Collection of Revenue. REALTOR® shall take reasonable steps (at no out-of-pocket cost or expense to REALTOR®) to collect rents and any other payments due Owner from tenants for the Property in accordance with the terms of their tenancy, and to facilitate negotiations to expedite, compromise and settle any such actions and/or suits. Owner shall be solely responsible for any legal action required to collect rents from Tenants or otherwise enforce the terms of any lease. The costs for collection and Legal actions that will borne by the Owner should the need arise are outlined in the "Additional Fee" section of this contract.
Owner authorizes REALTOR® to collect rents and other payments due by credit card and automatic electronic withdrawal programs from checking, savings and other financial accounts. The cost and expense to establish, operate and maintain any such collection program(s), including but not limited to credit card fees, shall be borne by Owner.
Expenses Loans and Improvements. From the gross revenues collected, REALTOR® is authorized to:
Pay to any lenders designated by Owner all sums that may be due on loans affecting the Property. Paying a Lender on Owner's behalf must first be requested in writing by Owner, and approved in writing by REALTOR®.
Employees and Independent Contractors. REALTOR® is authorized to hire, supervise and terminate, on behalf of Owner; independent contractors, Property employees, reasonably required in the operation of the Property. Any Property employees shall be employees of Owner and not of REALTOR®. REALTOR® shall charge a 10% Coordination Fee on all invoices submitted by independent contractors.
Tenant Requests and Lease Conflicts. Subject to the specific terms hereof, and absent contrary written instruction from Owner, REALTOR® shall handle all general tenant requests and negotiations that may arise from time to time, regarding all or any part of the Property leased by such tenant(s). To the extent any specific terms of this Contract regarding the respective rights and obligations of REALTOR® and Owner with respect to the management and operation of the Property conflict or are inconsistent with the specific terms of any lease that may hereafter be entered into with respect to all or any portion of the Property and approved of by Owner, then it is the intention of the parties hereto that the terms of any such future lease shall control and apply with respect to the premises therein demised.
Periodic Statements of Property Income and Expenses and Payment to Owner. REALTOR® shall maintain accurate records of all monies received and disbursed in connection with its management of the Property. Such records shall be open for inspection by Owner (at Owner’s cost and expense) at all reasonable times. REALTOR® shall also render to Owner monthly written statements of Property income and expenses. At such time, REALTOR® shall pay to Owner the net amount of any funds due Owner, after REALTOR® has deducted all authorized expenses relating to the management and operation of the Property, including any compensation due REALTOR® as set forth herein, from the funds collected on behalf of Owner. Owner agrees that REALTOR® may retain a reserve of not less than $500 per property in REALTOR®’s property management account for payment of expenses and liabilities as set forth herein.
Tax Statements. REALTOR® shall provide Owner a 1099-Misc statement annually prior to January 31st of the year. This statement shall show the full amounts of Rent Income collected on the Owner's behalf. Owner agrees to accept this statement electronically via email or on their Online information Portal provided by REALTOR®.
Rents, Prepaid Rents Security Deposits.
Rents and prepaid rents shall be received and held by REALTOR®. Security deposits will be received by REALTOR® and applied to the owners balance as an Owner Held Security Deposit. The Security Deposits are considered held by Owner, and will be paid to owner as part of the monthly payment on the next owner payment date after the Security Deposit is collected. REALTOR® rents, prepaid rent and Security deposits can be held in an interest bearing account and interest earned shall be paid to REALTOR®. All current rent and any money received from Owner or on Owner’s behalf for payment of expenses related to management of the Property shall be deposited and maintained in REALTOR®’s property management escrow account.
_X_ Pets are allowed at the the Property. If non-refundable pet fees are collected, REALTOR® will keep 100% of such fees. In return REALTOR® will guarantee One Thousand Dollars ($1,000.00) of damages, created by known pets at the Property, over the collected Security Deposit Held by the Owner. Pet Damages will be held out of Security Deposit first, prior to any other tenant liabilities. REALTOR® will not be liable for damages if no non-refundable pet fee has been collected and/or damages were done by animals that were not properly disclosed by the Tenant/s. This Guarantee is non-transferable and will not be honored if this contract is terminated by either party.
___ Pets are not allowed at the Property
If owner has selected Eviction Protection coverage from REALTOR®, Owner will pay REALTOR® $120.00 per tenanted property. A property must have the tenant placed by AMOSO Realty LLC to qualify for this coverage. REALTOR® will not charge this fee or be held liable for evictions at non-qualified properties of owner. If an eviction should happen at a qualified property, REALTOR® will pay the legal fees associated with the eviction and will waive the Leasing fee to find the subsequent tenant. This eviction coverage is non-transferable and will terminate upon Management Relationship termination between Owner and REALTOR®. Annual fees will not be refunded or pro-rated upon Management relationship termination.
REALTOR®’s Right to Cancel Agreement: Owner agrees, that for any reason REALTOR® has the right to terminate this Agreement within the first 10 Business days of the term of this agreement with 2 days notice to the Owner. Should REALTOR® choose to cancel this Agreement within first 10 days, all compensation paid to REALTOR® by Owner will be returned to Owner in whole within 10 business days of termination.
After first 10 Business days, REALTOR® shall have the right to terminate this agreement at anytime for any reason with 30 days notice to Owner.
5. CONSENT TO BROKERAGE RELATIONSHIPS.
Landlord's Agency as Starting Point; Effect of In-House Sales. Pursuant to this Contract, REALTOR® will initially be acting in the capacity of Owner's agent, with the duties and obligations of a landlord's agent under Missouri law as set forth following the parties’ signatures below. However, Owner acknowledges that from time to time, a prospective tenant may engage REALTOR® to act in one of several possible capacities with respect to that tenant, depending on what brokerage relationships are permitted by REALTOR®’s office policy. The following subsections describe circumstances where Missouri law may permit or require a conversion of REALTOR®’s brokerage relationship with Owner to a different brokerage relationship. Disclosure of any conversion to a different brokerage relationship shall be made upon its occurrence as may be required by rule or regulation.
Conversion to Dual Agency Where REALTOR® Is Engaged by Tenant to Act as Tenant's Agent. If a prospective tenant has engaged REALTOR® to act in the capacity of tenant's agent, Missouri law permits REALTOR® to show the Property to and otherwise represent the buyer, as a dual agent representing both Owner and the tenant, with the written consent of all parties. In such case, REALTOR® may act as a dual agent with the duties and obligations of a dual agent under Missouri law as set forth following the parties’ signatures below. Owner DOES consent to REALTOR® representing both Owner and a tenant as a dual agent.
Designated Agents for Landlord and Tenant; Possible Conversion to Dual Agency or Transaction Brokerage. Missouri law permits REALTOR® to appoint one or more licensees affiliated with REALTOR® as designated agents to the exclusion of all other affiliated licensees. Owner DOES consent to REALTOR®’s appointment of designated agent(s). An individual broker, designated broker or office manager/supervising broker affiliated with REALTOR® shall not be considered to be a dual agent or transaction broker solely because such broker has appointed one or more affiliated licensee(s) to represent Owner to the exclusion of all other affiliated licensees of REALTOR®; however, any licensee who personally represents both Owner and the tenant in the same transaction shall be a dual agent or a transaction broker. Further, if such broker supervises the licensees for both sides of a transaction, that broker will be a dual agent or a transaction broker upon learning confidential information about either party to a transaction or upon being consulted by any licensee involved in the transaction. Also, when the broker supervises the licensee representing or assisting one (1) side of the transaction and personally represents or assists the other side, that broker will be a dual agent or a transaction broker. Any such broker or licensee shall be required to comply with the provisions regarding dual agent or transaction brokers under Missouri law as set forth following the parties’ signatures below.
Conversion to Transaction Brokerage Where REALTOR® Is Engaged by Tenant to Act as Tenant's Agent or Transaction Broker. If a prospective tenant has engaged REALTOR® to act in the capacity of tenant's agent or transaction broker, Missouri law permits REALTOR® to show the Property and otherwise assist the tenant as a transaction broker assisting both Owner and the tenant without an agency relationship to either of them, with the written consent of all parties. In such case REALTOR® may act as a transaction broker with the duties and obligations of a transaction broker under Missouri law as set forth following the parties’ signatures below. Note: If REALTOR® wishes to convert to transaction brokerage but Owner does not consent to such conversion, then REALTOR® may without liability withdraw from representing Owner. Such withdrawal shall not prejudice the ability of REALTOR® to continue to represent the other client in the transaction or limit REALTOR® from representing Owner in another transaction not involving transaction brokerage. Owner DOES consent to REALTOR® assisting both Owner and a tenant as a transaction broker.
6. RESPONSIBILITIES OF OWNER. Duties and responsibilities of Owner under this Contract include:
Furnish Documents. Furnish REALTOR® all documents and records required to properly manage the Property, including but not limited to Owner tax identification number(s), non-foreign ownership certification and related forms (e.g., W-9, 1099), copies of all leases, status of rental payments, loan payment information and existing service contracts. Owner acknowledges having read and approved the information contained in the Property Data Form (if any) regarding the Property, and that REALTOR® is authorized to rely upon said information in advertising and promoting the Property. Owner DOES NOT agree to complete and deliver to REALTOR® a Disclosure Statement form. Owner authorizes REALTOR® to provide to prospects any such Disclosure Statement and information contained in any such Property Data Form. Owner represents that all information in the Disclosure Statement and Property Data Form (if any) is (or when delivered will be) true and accurate to the best knowledge of Owner, and that Owner will fully and promptly disclose in writing to REALTOR® any new information pertaining to the Property that is discovered by or made known to Owner at any time during the term of this Contract and constitutes an adverse material fact or would make any existing information in the Disclosure Statement or Data Form false or materially misleading, and to sign such revised form(s) as may be necessary. Owner further agrees to promptly furnish REALTOR® with all inspection reports (if any) regarding the Property, and authorizes REALTOR® to disclose and provide such reports to prospects.
Insurance Policies. Furnish REALTOR® with the name, address and telephone number of the agent and underwriter for each insurance policy, policy number and, upon request, with copies of all insurance policies from time to time carried by Owner during the term of this Contract and any endorsement(s) called for herein or by the terms of any lease agreement entered into, together with written authorization (if needed) for REALTOR® to communicate with the insurer. Owner agrees to carry fire and extended coverage insurance, and bodily injury, property damage and personal injury public liability insurance in limits as required pursuant to any lease agreement entered into, but in any event not less than $1,000,000.00, and to name REALTOR® as an additional insured party.
Reimbursement of Advancements. Reimburse REALTOR®, on demand, all monies advanced by REALTOR® for account of Owner in carrying out the purposes of this Contract; it being understood that REALTOR® is not obligated to advance any money hereunder. If REALTOR® does advance monies for the operation of the Property, Owner will be billed at an interest rate of 2% monthly for all monies advanced until balance is paid in Full. Further should funds provided to REALTOR® from owner cause be withdrawn from REALTOR®'s Bank Account due to insufficient funds of Owner's account, a $50.00 Fee payable to REALTOR® by Owner will be incurred.
Fines - (if fine is tenant caused, it will be billed to tenant, however, owner is ultimately responsible for the cost)
*Cost of all Billable Items are subject to change with written notice from REALTOR® to Owner, and all Billable items to Owner are subject to 10% Coordination fee by REALTOR®.
7. TAXES AND INSURANCE. Owner shall pay any real property taxes and other taxes levied and assessed against the Property.
Owner shall pay the premiums for fire and extended coverage and liability insurance.
8. INSPECTIONS. It is understood that inspections to obtain appropriate occupancy code requirements or approval from a HUD Funded subsidized tenant will be required from time to time. Owner shall be responsible for the cost to the municipality and/or HUD authority for obtaining the permit and/or approval plus a 10% coordination fee to REALTOR®. REALTOR® shall coordinate and meet appropriate Authorities for such inspections. Should an authority require more then two (2) inspections at a property, REALTOR® will charge an additional $75.00 On-Demand Property Inspection fee to owner plus 10% coordination fee, per occurrence.
__Owner approves REALTOR® to perform two (2) on-demand property inspections annually for the purposes of property care evaluation and renewal decision determinations. REALTOR® will provide inspection reports to the owner upon completion of these bi-annual inspections. The cost of each of these inspections will be $75.00 plus a 10% coordination fee. Owner understands that there may be other required inspections from time to time by municipalities and HUD authorities, which if required, owner will be charged $75.00 plus 10% coordination fee.
__Owner does not approve REALTOR to perform any inspections except as may be required from time to time by municipalities and HUD authorities which if required, owner will be charged $75.00 plus 10% coordination fee.
9. CONFORMITY WITH THE LAW. Owner hereby represents to REALTOR® that the Property is in full compliance with the requirements of all applicable laws. REALTOR® is hereby authorized to take such actions as deems appropriate to comply with such laws.
10. INDEMNIFICATION OF REALTOR®. Except for the willful and reckless misconduct and gross negligence of REALTOR®, Owner agrees to indemnify and defend REALTOR® against all costs, expenses, bad checks, losses because of a tenant’s bankruptcy, attorney’s fees, suits, liabilities and any other damages, arising from or connected in any way with the operation or management of the Property by REALTOR® or the performance or exercise of any of the duties, obligations or powers herein granted to REALTOR®, including the costs of defense.
11. MISCELLANEOUS AGREEMENTS.
Monthly Rental Rate: To Be Determined
Security Deposit: To Be Determined
If Rental Unit is a Single Family Home The parties specifically acknowledge and agree that Tenant shall be responsible to maintain (or cause to be maintained) any lawn at the Premises. Tenant shall be responsible for snow and ice removal from the Property.
When REALTOR® deems advisable for the showing of prospective tenants, for service or repairmen or protecting unoccupied or vacant units, REALTOR® may have utilities turned on (to be paid by Owner).
REALTOR® shall not be held responsible for handling or making any governmental agency reports for Owner, nor held responsible to meet any government requirements.
12. NOTICES. For purposes for this Contract, any notice, consent, approval or demand required to be made under the terms hereof (“Notice”) shall be in writing and, until changed by at least thirty (30) days prior Notice to the other party, shall be addressed to REALTOR® or Owner (as the case may be) at the address set forth on the signature page of this Contract. Notice to either party may also be sent via other means (including personal delivery, courier or messenger service or otherwise as permitted or required under applicable law). Any such Notice shall be deemed to have been duly given when actually received by the intended recipient (or as otherwise provided under applicable law). Refusal to accept service of a Notice shall constitute delivery of the Notice.
13. BINDING EFFECT. This Contract shall be binding upon the parties hereto, upon the successors and assigns of REALTOR®, and the heirs, personal representatives, successors and assigns of Owner. The undersigned warrant(s) that they are the sole owner(s), or the sole authorized representative(s) of the owner(s), of the Property, with legal authority to contract for its management; it being understood and agreed, however, that if there is more than one Owner of the Property, that the first person or entity identified as Owner on the signature page of this Contract is hereby authorized to act on behalf of all other persons and entitles holding an ownership interest in the Property, and makees each person/enity jointly and severally liable under this Agreement, and to give and receive all Notices required or permitted hereunder on behalf of all such Owner(s) (at the address set forth on the signature page of this Contract).
14. LEAD-BASED PAINT DISCLOSURE. (Check A or B)
___ A. Owner represents and warrants that the sale or lease of the Property is exempt from the disclosure obligations under 42 U.S.C. 4852d because (1) the Property is not residential real property, (2) the Property was constructed in 1978 or later, or (3) other (Describe) ______________________________
___B. The sale or lease of this Property is not exempt from the disclosure obligations under 42 U.S.C. 4852d. (Attach Lead-Based Paint Disclosure Form)
15. MINIMUM BROKERAGE SERVICES (§339.780.7 R.S. Mo.). Owner acknowledges having read the applicable “Duties and Obligations” on the following pages of this form, and that pursuant to Missouri law, REALTOR®, through its designated broker and/or through one or more affiliated licensees, shall provide, at a minimum, the following services:
16. FRANCHISE DISCLOSURE. Although REALTOR® may be a member of a franchise, the franchisor is not responsible for the acts of REALTOR®.
17. TRANSACTION INFORMATION. Permission is hereby granted by Owner for REALTOR® to provide information of any transaction consummated pursuant hereto, including but not limited to rental rates, lease term and Property address, to any multi-listing service, local Association or Board of REALTORS®, its members, member’s prospects, appraisers and other professional users of real estate data.
18. ANTI-TERRORISM. Each Owner represents and warrants that such party is not, and is not acting, directly or indirectly, for or on behalf of any person or entity, named as a Specially Designated National and Blocked Person (as defined in Presidential Executive Order 13224) or with whom REALTOR® is prohibited to do business with under anti-terrorism laws.
19. SIGNATURES. This Contract may be executed in multiple counterparts, each of which shall be deemed an original, but all of which shall constitute one and the same instrument. For purposes of executing this Contract, a document signed and/or transmitted by any electronic form deemed valid in accordance with the Missouri Uniform Electronic Transactions Act, including but not limited to by facsimile machine, digital signature, or a scanned image, such as a pdf via e-mail is to be treated as an original signature and document. At the request of any party, the others will confirm facsimile or scanned image signatures by signing an original instrument. Owner and REALTOR® expressly acknowledge and agree that changes to this Contract may be made via the email addresses set forth below (mark the e-mail address lines “N/A” or “Not Authorized” if not so authorized).
20. REALTOR® Right to Terminate
REALTOR® may have the right to terminate this contract with 30 days written notice to the owner.
Any violation(s) by Owner of any term, condition, covenants of this Agreement is considered a default and breach and may be grounds for Realtor to terminate this Agreement upon immediate written notice to Owner.
21. Prevailing Party. If any legal action or other proceeding is brought for the enforcement of this Agreement or any other Transaction Documents, or because of an alleged dispute, breach, default or misrepresentation in connection with any provisions of this Agreement or any other Transaction Documents, the successful or prevailing party or parties shall be entitled to recover from the non-prevailing party, reasonable attorneys' fees, court costs and all expenses, even if not taxable as court costs (including, without limitation, all such fees, costs and expenses incident to appeals), incurred in that action or proceeding, in addition to any other relief to which such party or parties may be entitled.
The provisions of this Agreement are severable and in the event any provision, clause, sentence, section or part thereof is held to be invalid, illegal, unconstitutional, inapplicable or unenforceable to any person or circumstances, such invalidity, illegality, unconstitutionality, inapplicability or unenforceability shall not affect or impair any of the remaining provisions, sentences, clauses, sections, parts of the Agreement or their application to the parties or other persons or circumstances. It is understood and agreed that the terms, conditions and covenants of this Agreement would have been made by both parties if such invalid, illegal, unconstitutional, inapplicable or unenforceable provision, sentence, clause, section or part had not been included therein to the extent that portion of this agreement may be invalid by striking of certain words or phrases, such words or phrases shall be deemed to be stricken and the remainder of the provisions and the remainder of the other portions of this Agreement shall remain in full force and effect.
23. Governing Law
This Agreement shall be governed by the laws of the state of Missouri.
24. Effective Date. The “Effective Date” shall be the later date of:
PROPERTY MANAGEMENT AGREEMENT ACCEPTED
By signing digitally below, Owner indicates that Owner has ACCEPTED this Contract and acknowledges receipt of one (1) copy digitally hereof. Owner also confirms receipt of the Missouri Real Estate Commission Broker Disclosure Form on or before signing this Contract, or upon REALTOR®'s obtaining any personal or financial information, whichever occurred first.
Listing REALTOR®’s Firm Name: AMOSO Realty LLC
Listing Brokerage License Number: 2013013594
Name: Joseph Ord
License Number: 2007033850
Email address: firstname.lastname@example.org
Address: 226 North Main Street, Suite 1 , Saint Charles, MO 63301
Property Owner Name:
Approved by legal counsel for AMOSO Realty LLC,. No warranty is made or implied as to the legal validity or adequacy of this Contract, or that it complies in every respect with the law or that its use is appropriate for all situations. Local law, customs and practice, and differing circumstances in each transaction, may each dictate that amendments to this Contract be made.
SELLER’S (OR LANDLORD’S) AGENT’S DUTIES AND OBLIGATIONS (§ 339.730, R.S.Mo.)
DUAL AGENT’S DUTIES AND OBLIGATIONS (§ 339.750, R.S.Mo.)
A dual agent shall be a limited agent for both the seller and buyer or the landlord and tenant and shall have the following duties and obligations:
TRANSACTION BROKER’S DUTIES AND OBLIGATIONS (§ 339.755, R.S.Mo.)
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Your legal name
Your email address
Signed by Joseph Ord
Signed On: February 5, 2020
If you have questions about the contents of this document, you can email the document owner.
Document Name: AMOSO Realty LLC - Property Management Agreement
Agree & Sign