Property Management Agreement Template – New York

Owner:: [Property Owner's Full Name / Company Name]

Address:: [Owner's Address]

and

Manager:: [Property Manager's Full Name / Company Name]

Address:: [Manager's Address]

Together referred to as the "Parties."

1. Property Description

Owner appoints Manager for [Full Address], including residential units, ancillary spaces, and common elements (the "Property"). Where applicable, Manager will coordinate with building staff and superintendents.

2. Term

Term begins [Start Date] and ends [End Date], renewing automatically for successive one‑year periods unless either Party gives 60 days' notice. Either Party may propose revised compensation or scope prior to renewal.

3. Scope of Services

Manager shall market vacancies, conduct applicant screenings, prepare leases, collect rent and deposits, and enforce house rules. Manager will oversee repairs, obtain multiple quotes for significant work above $[Threshold], and maintain orderly records. Monthly reports shall include arrears lists, rent rolls, and maintenance logs.

4. Manager Compensation

Management fee: ☐ [X]% of collected rents of collected rents ☐ Flat $[X]% of collected rents.

Leasing services: $[Leasing Fee] per new tenancy;

renewal processing: $[Renewal Fee].

Capital project coordination above $[Capital Threshold] billed at [Y]% of project cost with Owner approval.

5. Owner Responsibilities

Owner will provide governing documents, prior financials, and authorize reserve funding of $[Reserve]. Owner remains responsible for mortgage, taxes, utilities not billed to tenants, and insurance premiums.

6. Financial Handling

Manager maintains a dedicated operating account for the Property, remits net proceeds to Owner on or before the [Day] of each month, and preserves receipts/invoices. Year‑end statements and 1099 vendor summaries will be prepared upon request.

7. Liability and Indemnification

Manager is not responsible for losses due to tenant acts or vendor negligence, except where caused by Manager's gross negligence or willful misconduct. Owner shall indemnify Manager accordingly to the extent permitted by law.

8. Insurance

Owner maintains property and general liability insurance with Manager named as additional insured. Certificates of insurance must be provided and kept current.

9. Termination

Agreement may be terminated by either Party with 45 days' written notice or immediately upon material breach. Manager shall deliver all funds, records, access credentials, and notices in process within [X] business days.

10. Compliance and Notices

Parties shall comply with applicable housing, accessibility, and fair housing laws. Formal notices via certified mail or courier; email copies are permitted as courtesy.

11. Governing Law; Entire Agreement

Governed by the laws of New York. Entire agreement, amendments only by signed writing, severability applies.