Contract between property Owner and Broker for Broker’s employment as property manager. Details authorities and responsibilities of Broker and how monies are to be handled, including compliance with trust fund requirements. Includes Owner duty to maintain the property in habitable condition and to pay required interest on security deposits.
The word “Owner” has been replaced throughout by the phrase “Rental Property Owner” (paragraph 1). Allows termination by either party for cause at any time (paragraph 1B(2)). The owner disclosure paragraph has been replaced by the RPO’s agreement to complete a Rental Property Owner Disclosure (new C.A.R. form RPOD) (paragraph 4B). Certain ongoing
payments such as property taxes, mortgage payment, HOA dues, property insurance and utilities to be paid by RPO unless broker box checked (paragraph 3GExpanded indemnification clause but excluding property manager willful misconduct or gross negligence (paragraph 4C). If RPO fails to obtain liability insurance, Property manager may do so and charge RPO (paragraph 4F). Optional compensation clauses include pre-litigation fee, onboarding fee, cancellation fee, and file closing fee (paragraph 7).
Each party to pay their own attorney fees (paragraph 11). Optional right of property manager to modify PMA on 30-day’s notice, with RPO right to object and cancel without cancellation fee (paragraph 14).
Revised December 2022