Illinois Rental Property Management Agreement
IL property managers, draw up a contract for your services with this template Illinois Rental Property Management Agreement.
- The property manager is retained on an exclusive basis to rent, lease and manage the rental property.
- The manager will be paid a percentage of the monthly rental amount for managing the property. If the manager undertakes additional work outside the scope of its duties, additional fees will be payable.
- The owner authorizes the property manager to collect rents, sign leases, issue late payment notices, undertake eviction proceedings, purchase supplies, make repairs, and pay all recurring bills on the property.
- The owner indemnifies the property manager against claims arising from the management services, including claims resulting from the owner's failure to make full disclosure about the property.
- The property manager will submit a Form 1099 to the IRS each year for the income derived from the property.
- The owner is responsible for carrying public liability, property damage and worker's compensation insurance.
- This Illinois Rental Property Management Agreement is provided in MS Word format, and is easy to download, fill in and print.
Last Updated: 07-April-2021