Owner Agent Agreement for the United States

Owner Agent Agreement Template for United States

An Owner Agent Agreement is a legally binding contract used in the United States that establishes the relationship between a property owner and their appointed agent. It outlines the scope of authority granted to the agent, their responsibilities, compensation structure, and the terms under which they will represent the owner's interests. The agreement must comply with federal laws such as the Fair Housing Act and state-specific real estate regulations.

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What is a Owner Agent Agreement?

The Owner Agent Agreement serves as the foundational document defining the professional relationship between property owners and their authorized representatives. This agreement is essential when property owners need professional representation for managing, leasing, or selling their real estate assets. The document must conform to U.S. federal and state-specific real estate laws and typically includes detailed provisions about the agent's authority, duties, compensation, and liability. It's particularly important in situations where the owner wants to delegate property-related responsibilities while maintaining legal ownership and control over major decisions.

What sections should be included in a Owner Agent Agreement?

1. Parties: Identifies and defines the property owner and the appointed agent

2. Background: Context of the agreement and brief description of the property

3. Definitions: Key terms used throughout the agreement

4. Appointment and Authority: Scope of agent's authority and specific powers granted

5. Term and Termination: Duration of agreement and conditions for termination

6. Duties and Responsibilities: Detailed obligations of both agent and owner

7. Compensation: Fee structure and payment terms

8. Liability and Indemnification: Risk allocation between parties

What sections are optional to include in a Owner Agent Agreement?

1. Insurance Requirements: Specific insurance obligations for high-value properties or specific risk factors

2. Marketing Provisions: Specific marketing obligations and restrictions when agent is responsible for property marketing

3. Dispute Resolution: Mediation and arbitration procedures for parties preferring alternative dispute resolution

4. Compliance with Laws: Specific regulatory requirements for heavily regulated jurisdictions

What schedules should be included in a Owner Agent Agreement?

1. Property Schedule: Detailed description of the property(ies) covered under the agreement

2. Fee Schedule: Detailed breakdown of fees and commission structure

3. Service Level Agreement: Specific performance metrics and service standards

4. Power of Attorney Schedule: Legal document granting specific authorities to the agent

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Cost

Free to use

Relevant legal definitions

Clauses

Relevant Industries

Real Estate
Property Development
Hospitality
Commercial Property

Relevant Teams

Real Estate Department
Legal Department
Asset Management Team
Operations Team
Compliance Team

Relevant Roles

Property Manager
Real Estate Agent
Asset Manager
Property Owner
Real Estate Broker

Industries

Fair Housing Act: Federal law prohibiting discrimination in housing transactions based on race, color, national origin, religion, sex, familial status, and disability

Americans with Disabilities Act (ADA): Federal law requiring reasonable accommodations for persons with disabilities, affecting property management and access requirements

Federal Consumer Protection Laws: Various federal regulations protecting consumer rights in real estate transactions and property management

Fair Credit Reporting Act: Federal law governing the collection, dissemination, and use of consumer credit information, relevant for tenant screening processes

E-SIGN Act: Federal law ensuring the legal validity of electronic signatures and records in commercial transactions

State Real Estate Agency Laws: State-specific regulations governing the relationship between real estate agents and property owners, including licensing and conduct requirements

State Property Management Laws: State-level regulations governing property management practices, maintenance requirements, and tenant relationships

State Licensing Requirements: Specific state mandates for licensing and maintaining real estate agent credentials

State Consumer Protection Laws: State-specific regulations protecting consumers in real estate transactions and property management services

State Contract Laws: State-specific requirements for contract formation, enforcement, and interpretation

NAR Code of Ethics: Professional standards and ethical requirements set by the National Association of REALTORSยฎ

State Real Estate Commission Rules: Regulatory requirements and guidelines established by state real estate commissions

Fiduciary Duties: Legal obligations of loyalty, confidentiality, and care owed by agents to property owners

Disclosure Requirements: Legal obligations to disclose material facts, conflicts of interest, and other relevant information

Liability and Insurance Requirements: Legal standards for professional liability and insurance coverage requirements for real estate agents

Dispute Resolution Procedures: Legal framework for handling disputes between agents and property owners, including mediation and arbitration requirements

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Buyer Realtor Agreement

A U.S. legal agreement establishing the terms and conditions of representation between a property buyer and their chosen real estate agent/brokerage.

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What is a Owner Agent Agreement?

What sections should be included in a Owner Agent Agreement?

What sections are optional to include in a Owner Agent Agreement?

What schedules should be included in a Owner Agent Agreement?

Authors

Alex Denne

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