The Residential Leasing And Property Management Agreement is a comprehensive legal document used in the Philippines when property owners wish to delegate the management of their residential properties to professional property management companies. This agreement is essential for properties ranging from single residential units to multiple apartments or houses, and is structured to comply with Philippine real estate laws, including the Real Estate Service Act of 2009 (RA 9646) and the Rent Control Act. The document details the scope of property management services, including tenant screening, rent collection, property maintenance, financial reporting, and emergency handling. It establishes clear lines of authority, financial arrangements, and responsibilities while protecting both the property owner's interests and ensuring professional management standards. This agreement is particularly relevant in urban areas where professional property management is increasingly common and where property owners may be overseas Filipino workers or foreign investors.
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1. Parties: Identification of the Property Owner and the Property Management Company, including complete legal names, addresses, and contact details
2. Background: Context of the agreement, including brief description of the property and the owner's intention to engage property management services
3. Definitions: Detailed definitions of key terms used throughout the agreement, including 'Property', 'Services', 'Rental Income', 'Management Fees', etc.
4. Appointment and Term: Formal appointment of the property manager, duration of the agreement, and renewal terms
5. Property Manager's Services and Responsibilities: Comprehensive list of services to be provided, including tenant screening, rent collection, maintenance, and reporting
6. Property Owner's Obligations: Owner's responsibilities, including providing necessary documents, maintaining insurance, and funding requirements
7. Financial Arrangements: Details of management fees, commission structures, handling of rental income, and expense management
8. Maintenance and Repairs: Procedures for routine maintenance, emergency repairs, and spending authorities
9. Leasing Terms and Conditions: Guidelines for setting rent, lease terms, and tenant selection criteria
10. Reporting and Documentation: Requirements for financial reports, property inspection reports, and other regular communications
11. Insurance and Liability: Insurance requirements and allocation of risks between parties
12. Termination: Conditions and procedures for termination by either party
13. Governing Law and Dispute Resolution: Applicable laws and procedures for resolving disputes
1. Multiple Property Management: Additional terms for managing multiple properties, used when the owner has more than one property under management
2. Special Property Features: Specific terms for managing unique property features like swimming pools, gardens, or security systems
3. Foreign Owner Provisions: Additional terms for foreign property owners, including tax considerations and overseas payment arrangements
4. Natural Disaster Protocol: Specific procedures for handling natural disasters, particularly relevant in typhoon-prone areas
5. Vacancy Management: Special terms for extended vacancy periods and marketing strategies
6. Property Development: Terms covering potential property improvements or renovations during the management period
7. Short-term Rental Provisions: Special terms for properties that may be used for short-term rentals
1. Schedule A - Property Details: Detailed description of the property, including address, features, and current condition
2. Schedule B - Fee Structure: Comprehensive breakdown of management fees, commissions, and other charges
3. Schedule C - Service Level Agreement: Detailed specifications of services and response times
4. Schedule D - Maintenance Contractor List: Approved contractors and service providers for property maintenance
5. Schedule E - Property Photos and Inventory: Current photographs and inventory of furnishings if applicable
6. Schedule F - Emergency Procedures: Detailed emergency protocols and contact information
7. Appendix 1 - Required Forms: Standard forms for property inspections, tenant applications, and reporting
8. Appendix 2 - Power of Attorney: Limited power of attorney for property management activities
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