Are you a property manager in Ontario, Canada looking for a property management contract template? Look no further! In this article, we will discuss the importance of having a property management contract in place, and provide you with a template that you can customize to fit your specific needs.
Why is a Property Management Contract Important?
A property management contract is a legal agreement between a property owner and a property manager that outlines the responsibilities and expectations of both parties. Without a properly drafted contract, there may be confusion and misunderstandings that could lead to disputes in the future.
In a property management contract, you can define the scope of services that you will provide as a property manager, including tasks such as rent collection, property maintenance, and handling tenant issues. The contract will also establish the fee structure for your services, which is important for both parties to understand before entering into the agreement.
A well-drafted property management contract helps protect both the property owner and the manager from legal liability. The contract should include clauses that cover issues such as insurance, indemnification, and termination of the agreement.
Ontario Property Management Contract Template
We have provided a basic template below for a property management contract in Ontario. Keep in mind that this template is just a starting point and may need to be customized to fit your specific situation.
[Name of Property Owner]
[Address of Property Owner]
[City, Province]
[Postal Code]
[Name of Property Manager]
[Address of Property Manager]
[City, Province]
[Postal Code]
1. Services to Be Provided:
The Property Manager agrees to provide the following services to the Property Owner:
– Rent Collection
– Property Maintenance
– Tenant Screening and Selection
– Handling of Tenant Issues
2. Fee Structure:
The Property Owner agrees to pay the Property Manager a fee of [insert fee] per month for the services listed above. The fee will be due on the [insert date] of each month.
3. Insurance:
The Property Manager agrees to carry liability insurance and will provide proof of insurance upon request by the Property Owner.
4. Indemnification:
The Property Manager agrees to indemnify and hold the Property Owner harmless from any claims or lawsuits arising from the Property Manager`s negligence or actions.
5. Termination:
Either party may terminate this agreement upon [insert number] days written notice to the other party.
6. Governing Law:
This agreement shall be governed by and construed in accordance with the laws of the Province of Ontario.
7. Entire Agreement:
This agreement constitutes the entire understanding of the parties and supersedes all prior negotiations and understandings between the parties.
By signing below, the parties agree to the terms of this property management contract.
___________________________
[Name of Property Owner], Property Owner
___________________________
[Name of Property Manager], Property Manager
Conclusion
A property management contract is an essential tool for any property owner or manager in Ontario. It outlines the responsibilities and expectations of both parties and helps prevent misunderstandings that could lead to legal disputes. We hope that our template provides you with a starting point for creating your own property management contract that meets your specific needs. Remember to seek legal advice if you have any questions or concerns about drafting your contract.