RENTAL MANAGEMENT CONTRACT
In consideration of the covenants herein contained, , SSN , and spouse, ____,
hereinafter called “OWNER” and RENTAL MANAGEMENT COMPANY; hereinafter called “AGENT”, agree as
1. The OWNER hereby employs the AGENT exclusively to advertise, rent and manage the property known
in County, North Carolina, upon the terms hereinafter set forth for the period
of three (3) years from
This contract shall automatically extend for periods of one year each unless either party has given to the other thirty (30) days written notice of that party’s intent
to terminate. Such notice shall be received by the other party at least thirty (30) days prior to the expiration of the existing term
2. The AGENT agrees to accept the management of the said premises upon the terms herein provided, and does agree to furnish the services of its
organization for the renting and managing of said premises to include:
A. To use its best efforts to procure suitable tenants for vacancies as they occur. To collect all rents as they become due from tenants and deposit same
into an agency account maintained on behalf of OWNER. Withdraw from such account all funds needed for proper disbursements for expenses
payable by OWNER including, without limitation, the AGENT’S commission and VENDOR’S invoices incurred under the terms contained herein.
B. To represent the OWNER in any small claims action against tenant or vendor and to so protect the OWNER’S interest as they may occur.
C. To aid, assist and cooperate in the matter of real property taxes and insurance loss adjustments and to perform such duties in connection therewith as
may be requested by the OWNER in writing. AGENT reserves the right to decline such additional services beyond the scope of this agreement for
which additional fees are not agreed upon.
D. To utilize the services of other real estate brokers, place newspaper advertising, post rental signs on the premises, and to list the property with military
E. To use diligence in contracting, on behalf of OWNER, for repairs and other services, and will have the recognized right to hire, discharge, supervise
and pay any employees, servants or contractors for work performed.
F. To maintain accurate and complete accounting records of all receipts and disbursements and to submit at least once a month a summery statement to
the OWNERS indicating collections and expenses, along with copies of paid bills.
3. The OWNER hereby gives the AGENT the following authority and powers:
A. To advertise the premises for rent, to display signs thereon, and to rent/lease the same; to sign, renew and/or cancel leases for the
premises, with express authority in the AGENT to sign leases for terms not in excess of 3
year(s) for a monthly rent from $ to
B. To collect rents due or to become due and give receipts therefore. To pay the AGENT 10%
percent of the gross amount of money
received from the renting of said property during the term of the lease negotiated under the terms of this agreement or within a three
(3) month period from the time this agreement is terminated as herein provided if the tenant is under a month-to-month tenancy.
C. To contract for, on behalf of OWNER, immediate emergency repairs if in the opinion of the AGENT such repairs are necessary to
protect the property from damage or to maintain services to the tenant as called for by his contract and in accordance with North
Carolina General Statute #42, Emergency repairs are defined as those by whose neglect of immediate remedy will damage the
serviceability of the property or cause the value of the property to be adversely affected.
D. To contract for, on behalf of OWNER, ordinary repairs, and normal preventative maintenance, to include necessary
maintenance supplies, vermin/termite extermination, trash removal and other services which the AGENT shall deem
advisable for the preservation of the property, and to make such repairs, alterations or decorations to the premises not
to exceed the sum of $ _
, without the express written consent of the OWNERS, unless the AGENT shall
consider the circumstances surrounding the request for repairs or services to be an emergency and prior OWNER
consent is not readily available.
To mail all monthly rental proceeds to:
PPMS Form 2 Page One of Two November 3
,2004 All Rights Reserved