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PROPERTY MANAGEMENT AGREEMENT

The date of this Property Management Agreement ("Agreement") is .

PARTIES AND NOTICES. The parties to this Agreement are the Owner of the Premises and the Manager. Both Parties agree that all notifications and amendment sunder this Agreement will be in writing and will be delivered using the contact information below, or as later designated in writing. The Owner and Manager are identified as follows:

MANAGER: Real Property Management Pros email: [email protected] address: 14095 Dave's Store Lane, Gainesville, VA 20155

OWNER(S):

If Owner is a corporation, limited liability company, partnership, or multiple individuals, the following named individual shall be Owner’s designated “Contact Person”:

Contact Person: email: address:

The Contact Person is hereby authorized by Owner to act on behalf of Owner with respect to this Agreement and to receive on behalf of Owner any notices required hereunder.

Owner represents to Manager that Owner(s) is the fee simple owner of the Property, that no other owner’s consent is required to enter into this Agreement, and that neither Owner(s) nor the Property is the subject of any pending or threatened bankruptcy or foreclosure or other legal action affecting the Property, and that all financings and taxes affecting the Property are paid current.
PREMISES: [property address]

The Property □ IS or □ IS NOT located in a homeowners’, condominium, property owners’ or similar association. If it is in such an association, all dues and/or assessments are paid in full as of the date hereof, and Owner shall be required to timely pay such associate dues and/or assessments during the term of this Agreement.
TERM OF THIS AGREEMENT. The Initial Term of this Agreement shall be for one (1) year, beginning on the date set forth above. This Agreement shall automatically renew for additional consecutive one (1) month terms unless otherwise terminated as provided under section 24 of this Agreement.
OWNER’S WARRANTIES REPRESENTATIONS. Owner makes the following representations and warranties to Manager. Each representation and warranty is true and accurate as of the date of this Agreement and shall remain so throughout the Term of this Agreement and any extension
1. The condition of the Premises is in compliance with all local, state and federal housing, zoning and building laws and
2. Smoke Detectors are installed in or about the Premises as required by law, are less than 10 years old and are fully
3. The Premises were constructed: □ prior to 1978 or □ after
4. Lead Based Paints: Inspection □ has been (attach copy of results) or □ has not been
5. Radon: Testing □ has been (attach copy of results) or □ has not been
6. There are no defective or dangerous conditions in, on, about or affecting the Premises or concerning any appliances, fixtures or systems located in or about the Premises or serving the Premises other than those disclosed to Manager pursuant to section 7E
7. Owner will ensure the property is in rent ready condition as defined by Manager via separate Rent Ready Addendum.
8. Owner will provide Manager with 4 sets of keys for each door lock plus any security/pool keys, mailbox keys, garage door openers, gate cards and security passes as well as all codes and combinations for locks, keypads, etc., if any.
9. Owner will provide a copy of all HOA/Condo Association rules, regulations, and restrictions to Manager before commencement of marketing the property for lease.
PROCURE 🞏 If this box is checked, Manager is to lease Premises and the parties will execute a separate Exclusive Right to Lease Listing Agreement, the terms of which, if applicable, are incorporated herein. Owner grants to Managing Agent the authority and power at Landlord’s expense and in Landlord’s name to negotiate, prepare and sign all leases, and to cancel or modify existing leases. Manager will sign all leases as Manager for Owner. Manager will not execute any lease in excess of 24 month(s) without prior written approval of Landlord.
RECEIVE RENTS. To collect all rents due and payable to Owner by any tenant occupying the Premises under any Lease (the "Tenant") and to deposit such rents in a federally insured general property management account that shall be maintained by Manager at a banking institution duly licensed to transact business in the Commonwealth of Virginia, or such other type of account as may be required by the laws of the Commonwealth of Virginia. The rents collected, deposited, accrued, and retained by the Manager on account of the Owner shall be referred to herein as the "Owner's Funds on Deposit”.
RECEIVE OTHER Manager has the authority and power at Owner’s expense and in Owner’s name to receive from Tenant any or all of the following without accounting for such charges and/or compensation to Landlord: late fees, additional rent administrative charges, return check charges, application fees, and/or any other sums accruing under any Lease not designated therein as "Rent".
SECURITY DEPOSIT. Manager has the authority and power at Owner’s expense and in Owner’s name to collect, receive and retain in escrow the Security Deposit required of any Tenant (the "Security Deposit") or to accept from Tenant a security deposit alternative, including but not limited to a billing authorization from Obligo, for the duration of Lease and any extensions and to refund Security Deposit in accordance with the terms of Lease.
RECORD STATEMENTS. To maintain accurate records and accountings of all sums collected, deposited, retained, and disbursed on behalf of or for the benefit of Owner under this To make available to Owner a statement itemizing all receipts, deposits, accruals, expenses, payments, and disbursements by Manager on behalf of Owner under this Agreement.
DISBURSEMENT OF OWNER’S FUNDS ON DEPOSIT. To disburse funds from the Owner's Funds on Deposit for: payment of bills and charges for utilities, maintenance, repairs, materials, supplies, etc., retention by Manager of the contingency reserve funds, payment of advertising costs in connection with the leasing of the Premises, payment of all costs and expenses associated with any legal proceeding or other collection including but not limited to collection fees, filing fees, fees for service of process and attorney's fees, payment of all management fees, owner preventative maintenance program, fees for the optional advanced rent program eviction protection plan and optional special services (listed under Other Services and Fees) and any other compensation due and payable to the Manager pursuant to this Agreement;
REMIT NET RENT. After the payment and disbursement from the Owner's Funds on Deposit of all sums authorized within this Agreement, the payment of compensation to the Manager, the payment or retention of the Contingency Reserve Funds and the payment and disbursement of any other sums authorized hereunder, the Manager shall remit to Owner the balance of the Owner's Funds on Deposit (the "Net Rent Distribution") in accordance with the following terms and
1. Manager will remit the Net Rent Distribution to Owner on or about the 15th day of each month during the term of the Agreement (the “Net Rent Distribution Date”).
2. If Owner elects the optional "Advanced Rent Program", then Manager shall remit Owner's Net Rent Distribution in accordance with the terms of the Advanced Rent