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.