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Windsor Hills Reserve Palace

Agreement #        EXAMPLE

 

 PROPERTY MANAGEMENT AGREEMENT - REGULAR PROGRAM

 

 

THIS PROPERTY AGREEMENT shall be effective

 

 

From:                                                              October 15, 20--                            To:              October 14, 20--


 

By and between SIGNATURE VILLAS ORLANDO, LLC of registered address: 15350 Grandhaven Drive, Clermont, FL 34714, USA hereinafter will be referred to as the

“Manager” and                                                      

 

Hereinafter will be referred to as the "Owner"

 

WHEREAS, the” Manage desires to provide property management services for absentee property “Owner's” and

 

WHEREAS, the “Owne desires to enter into agreement with the “Manager” under the terms, covenants and conditions hereinafter set forth at the property of the “Owne hereinafter called the “Property” located at:

 

 

Address:

 

 

This agreement is for the initial term of 12 months and is subject to automatic renewal at the end of each 12 month term unless written notice is served at least 30 days prior to expiration of the current term.

 

NOW THEREFORE, in consideration of the mutual covenants and promises of the parties involved, it is hereby agreed as follows:

 

THE “MANAGER OBLIGATIONS

The “Manage shall have the right to rent and manage the “Property” on behalf of the “Owne and pursuant to such right; the “Manage shall provide and perform the following services outlined below

 

a) Carry out the walk through inspection of “Property”, prior to closing (if new) This will entail:

i.          Inspection of “Property” for compliance with all building and hotels & motels safety regulations in effect for short-term rentals.

ii.         Carry out initial inspection of “Property” to include; pool, lawns, plants and physical

Appearance of the “Property” furnishing  condition, house wares and general marketability of the “Property” as a short-term rental unit.

b)   Administer and maintain services on behalf of the “Owner”. c)   Make routine inspections of the “Property”.

d)   Manage and promote rentals and reservations of the “Property”. e)   Provide a detailed monthly statement of income and expenses.

f)   Check all registrations and licenses are in place and check all dates for validity. Provide estimates to the owner for obtaining

new or renewals if required.

g)   Replace/change all locks to the “Property” to ensure that only the “Manager” and “Owner” have access to the “Propert even if the “Property” is new.

h)   Arrange/setup the activation of utilities (if the “Property” is new) and set up direct  debits  as bill Payments. J)   Set up transfer mailing addresses for utilities if required.


 

It is the “Managers” obligation to ensure that the “Property” meets the standards required by law and the standards of the “Manager”. Failure to comply with the findings of this inspection will result in the termination of this agreement. The work required must be carried out within a reasonable time period to be agreed upon between the “Manager” and the “Owner”. The estimated costs for the initial setting up of a new “Property” for short-term  rentals are as stated in “Appendix D”.

 

k)  Inspect fire extinguishers and smoke alarms annually and arrange maintenance /service when

required. All costs for this work will be passed on to the “Owner” for authorization prior to commencement of work. l)  Carry out inventory  checks after guests have departed the “Property”. Guests will be responsible

for the replacement of any discrepancies with the inventory. This will be deducted from guests

Security deposit left at registration.

m)  Accept no responsibility for lost, missing or damaged items, other than to report such findings to the “Owner”. Similarly, the “Managecannot accept any responsibility for mistakes on “Ownebookings, or when an “Owner” fails to give the “Manage details of any bookings that they have made for own use of the “Property”.

n)   Upon “Owner” request provide a welcome grocery pack for guests on their arrival.

p)   Upon “Owne request provide a meet and greet service at the airport to take clients to the

“Property”.

 

MANAGEMENT & MAINTENANCE FEES

 

The “Manage shall charge the “Owne a monthly/quarterly  recurring fee. The fee's are as follows: Check box(s) that apply.

 

            Management Services - $130.00

            Lawn Maintenance - $80.00

            Pool Maintenance - $85.00 OR Pool with Spa - $90.00

            Monthly Internal Pest Control - $35.00

            A/C Filter Change - $15.00 Single Unit OR $25.00 for      Double Units

            Consumables - $20.00

            Quarterly Lawn Pest Control and Fertilizer - $120.00

 

               

“Property” Cleaning and Laundry Fees

 

The “Property”  is cleaned and inspected before and after each rental period. Cleans are charged to the “Owner” on an `as needed  basis'. * Cleaning charges are based on the size of the “Property”  and are as follows:

 

            3 Bedrooms - $80.00

            4 Bedrooms - $100.00

            5 Bedrooms - $110.00

            6 Bedrooms - $120.00

            7 Bedrooms - $140.00

         

 

 

* Clean fee will be waived for “Managers” bookings that are less than 6 nights.



Agreement #        EXAMPLE

 

PLEASE NOTE: All companies contracted to perform such services are licensed and insured as required  by Florida law. The “Manager”  accepts no responsibility for any personal injury or “Property”  damage or any such claims which may result from the actions, negligence or lack of performance of any company contracted directly by the “Owner” to perform any of the following  services. The “Manager” will, however, monitor the performance of any such contractors as part of the general management duties.

 

Monthly Payments to “Owner”

The “Manage will make every effort to rent the “Property” at the highest rate possible and endeavor to achieve the highest levels of occupancy. The “Manage agrees to pay the “Owner” on a monthly basis no later than the 25th of the following month any balance on the “Owners” account that exceeds the agreed reserve (target) capital of $1,000.00. This balance will be deposited into the “Owners” US bank account.

 

Rentals

A commission fee of 15% will be taken from any booking which has arisen from the “Managers” sources or advertising paid for by the “Manager”. A Commission fee of 20% will be taken per booking,  which has arisen from the "Managers" sources or advertising paid for or by the "Manager", when earnings exceed                                                                           gross, per contracted  year. The “Manager”  will do due diligence in placing  as many bookings  in the house of

 

the “Owner”  as possible. All bookings provided by the “Owner” will be the “Owners” full responsibility, including payments of security deposits. Any costs arising from an “Owne booking will be notified and deducted from escrow account.

 

THE “OWNER OBLIGATIONS

The “Owne is responsible for all expenses associated with the” Property” including mortgage  repayments, homeowner's  association fees, insurance premiums, real estate taxes and general running cost. When “Owners” balance falls below the required reserved (target) capital of $1,000.00 then the “Owne must pay the difference required within 15 days of receipt by the “Owner” of an invoice and statement stating the expenditures or is subject to a $50.00 late fee “Owneacknowledges and agrees that the “Manage is under no obligation to pay bills or provide services where such payment or provision of services would result in a deficit in “Owners” escrow account. Should such a situation arise the “Manager” has the right to cancel the CONTRACT forthwith.

 

a)   Agrees to pay all charges/fee's concerned with utilities installations (power, water/sewage,

telephone, cable and gas - if applicable) and any other relevant services and agrees to lodge any required deposits. b)   Agrees to pay all costs involved in obtaining relevant short-term rentals license and registrations.

c)   Agrees to a monthly management fee for general management  services for the duration of this agreement. Payments will be due by return. d)   The “Owne holds the right to occupy the “Property” or place own bookings  as much and

whenever the “Owner” desires, subject to availability and when arrangements are made 60 days prior to booking.

 

Reserve (target)

The “Owne agrees to maintain a reserve (target) of $1,000.00 held in escrow account and is to be used for the sole purpose of costs relating to general running and rental of the home.

 

Insurance

The “Owne must maintain public liability insurance on the “Property”. The sum insured must be at least $1,000,000.00 and property damage insurance, including fire theft and flood to an amount not less than the

Value of the “Property”. The “Owne shall provide the “Manager” with certificates of insurance. If the “Owner” fails to maintain such insurance, the

“Manage is hereby authorized to secure or purchase such insurance and charge the amount thereof to the “Owner”.

 

Limited power of Attorney

“Owne agrees to provide to the “Manager” a limited power of attorney to enable the “Manageto act on behalf of the “Owner” in relation to the supply of service and utilities.

 

IRS Forms

Overseas “Owner” agrees to submit form W-7 directly to the U.S IRS to provide the “Managewith their personal taxpayer ID number.  Overseas “Owners” Agree to complete  and sign W-8ECI form. The “Owner’s  ar e completely  Responsible for payment of personal income tax on the said

 

“Property”. All U.S citizens are required to provide their Social Security Number (SSN).


 

“Property” Repairs

The “Manage will arrange all general repairs that are essential for maintaining the home to a level satisfactory to both parties. The “Manager”  has the right to carry out repairs up to $300.00 without prior notification to the “Owne. Any repair costing more than $300.00 will be submitted to the “Owner” for authorization  unless repair is an emergency and required in order to comply with obligations to the renter.

In such circumstances the “Manage agrees to notify the “Owner” promptly and the “Owne agrees to meet the cost of repairs.

 

Sales/tourist Tax

The “Manage will submit to whichever government authority all sales and other taxes collected on rentals provided by the “Manager”. The “Owne is responsible to report and pay all taxes on home “Owner” bookings.

It is a crime under Florida State law not to remit sales and tourist tax as and when  due.

 

Hold Harmless

It is agreed that the “Owner” will indemnify the “Manageand hold harmless, responsibility  for changes in legislation affecting rental properties or any other circumstance that affects the marketability of the “Property” and will also indemnify any costs or damages so associated. The “Owner”  will also indemnify the “Manageand hold harmless for any acts of god. In addition the “Owne agrees to indemnify and Hold harmless the “Manage together with its agents, employees and representatives from all claims, damages, law suits, associated costs, losses and expenses. This will include attorney fees and legal costs that may arise from injury to any person within or about the “Property” arising from the services provided by the “Manage under this agreement, provided that the “Manage is not in any way grossly negligent in the duties that have been performed.

 

Provision

All signage, materials and copyrights remain the property of the “Manage on termination of contract signage will be removed and any damage caused will be made good by the “Manage

 

Waiver Modification

No waiver or modifications of this agreement or of any covenant, condition or limitation herein contained Shall be valid unless in writing, duly executed by both the “Owne and the “Manager”.

 

Agreement Termination

The agreement will remain in effect unless either party gives notice of termination.

 

a)  The “Owne and/or “Manage upon giving 30 days written notice.

b)  The “Owner may terminate in the event of failure on the part of the “Manage to adhere to the duties and responsibilities (and vice versa) as stated in this agreement and accepted by the “Owner”.

 

Governing Law

All parties to this agreement agree that any and all litigation arising out of this agreement shall be initiated and maintained exclusively in the circuit courts of Osceola County, Florida. The laws of the State of Florida shall govern this agreement.

 

 

                                               Agreement #        EXAMPLE