Property Management Agreement Template – Texas

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 engages Manager to manage [Full Address], including buildings, improvements, and grounds (the "Property"). Manager will maintain an inventory of keys and access devices.

2. Term

Commences [Start Date] and continues through [End Date], then converts to month‑to‑month unless 30 days' notice is given by either Party. Renewal terms may be adjusted by mutual written agreement.

3. Scope of Services

Manager will advertise vacancies, screen applicants, prepare leases, collect rent, assess late fees as allowed, and enforce lease provisions. Manager coordinates repairs, prioritizing health/safety issues, and secures bids for work above $[Threshold]. Reports include monthly ledgers, rent rolls, and maintenance requests.

4. Manager Compensation

Fee: ☐ [X]% of collected rent of collected rent ☐ Flat $[X]% of collected rent.

Leasing fee: $[Leasing Fee];

renewal fee: $[Renewal Fee].

Emergency responses and capital improvements above $[Capital Threshold] require Owner approval unless urgent to prevent loss.

5. Owner Responsibilities

Owner funds an operating reserve of $[Reserve] and remains responsible for mortgage, taxes, insurance, and capital improvements. Owner will provide prior records and warranties, if any.

6. Financial Handling

Manager deposits rents into a separate operating account, pays authorized expenses, and remits surplus to Owner monthly. Owner receives statements with copies of invoices upon request.

7. Liability and Indemnification

Manager is not liable for tenant or vendor acts absent gross negligence or willful misconduct. Owner agrees to indemnify Manager to the extent permitted by law.

8. Insurance

Owner shall maintain adequate property and liability insurance naming Manager as additional insured and provide certificates upon request.

9. Termination

Either Party may terminate with 30 days' written notice or immediately upon material breach. Manager will transfer funds, files, and keys within [X] business days of termination.

10. Compliance and Notices

Parties will follow all applicable housing and consumer‑protection laws. Notices will be delivered by certified mail or courier to the addresses provided; email copies permitted as courtesy.

11. Governing Law; Entire Agreement

Governed by the laws of Texas. Entire agreement; amendments in signed writing; severability applies.