Flying Stone Canada Home Care Contract Template
This agreement dated __________day of _______, 20xx
Is made by and between:
Flying Stone Canada Ltd.
90-130 Broadway Blvd, Sherwood Park, AB, T8H 2A3
(“Owner” as per Registered Title of Property)
The owner hereby employs the Agent to act exclusively as Property Management Agent and/or Administrator for the property located and described as follows:
Duties of the Agent
a. The agent shall use its best efforts in the management of the property under the terms agreed to & to make all possible efforts to find tenants at the best possible terms when the property is vacant.
b. To advertise the availability for rent at the Owner’s expense and to display “FOR RENT” signs.
c. To negotiate with tenants with respect to rental rate and conditions of payment, duration and terms of all leases and renewals of the same.
d. To sign, execute and deliver the Lease on behalf of the Owner.
e. To make contracts for utilities, telephone and other services on behalf of the Owner if necessary. These contracts will be binding on the Owner not the Agent.
f. The Agent shall contract for or undertake the making of any necessary repairs, maintenance and purchase of supplies for the benefit of the property. However no expenditure exceeding $_500.00_ will be made without written consent from the Owner, except where required in an emergency.
g. Expenses: The Agent shall pay all expenses requested by the owner from the reserve fund and any shortfalls will be paid by the owner within 14 days. These expenses will include but not limited to: all repairs, management fees provided herein, supplies, couriers and other expenses for the proper management, upkeep and operation of the property.
h. Collection of Rents. The Agent shall collect the rents in the form of post-dated cheques and give them to the owner within 14 days. The owner will deposit these cheques monthly.
All monies collected from Tenants in the form of Security Deposits will be held in a separate “Trust Account” by the owner. Security Deposits are the tenants funds and held on their behalf should damage occur and need repair once they move out. These funds are not the owners. However, if upon move-out, damages are identified to the unit, then the amount equivalent to repair the unit can legally be transferred at that time. The Owner has the right of recovery if Trust Funds are paid in error.
i. The Agent shall issue Quarterly Income and Expenses Statements along with any receipts for expenses.
j. The Agent will not provide anyone but the Owner and their legal agent with financial or other information on the property without the Owner’s prior written consent.
k. The Agent will allow the Owner to have full access to all records associated with the management and administration of the property as long as it is within the guidelines of the “Privacy Act” during the Agent’s regular office hours with an appointment.
Compensation of the Agent
a. The Owner shall pay the Agent as full compensation for services the amount of 10% of gross month’s rent plus applicable taxes. This fee may be adjusted by agreement by both parties in writing.
b. When there is a vacancy and the Agent’s efforts result in renting the unit the Owner agrees to pay a fee of $750.00 or half of the monthly rent (whichever is greater), plus GST and all the expenses per unit. This fee will not be charged again if the tenant leaves within the first full three months of the tenancy agreement.
c. This fee payable under (b) shall be payable to the Agent either by a check upfront from the owner or deducted from the first month’s rent.
d. The Agent has the right to charge Tenants for additional fees for any defaults including non-negotiable cheque charges.
e. If the contract is terminated by the owner before the unit is filled, the owner will pay a fee of $500.00 to cover the Agent’s time and expense.
f. If this contract is terminated without written notice 60 days in advance the Owner shall pay the equivalent of 60 days management fees for their unit(s) and all outstanding balances on the account.
Duties of the Owner
a. The Owner shall provide all necessary documents and records and fully cooperate with the Agent in all matters with respect to this contract.
b. The Owner shall indemnify and hold the Agent completely harmless with respect to liability and damages, costs and expenses in connection with any damage or injury whatsoever to persons or property arising out of any duties performed pursuant to the agreement by Flying Stone Canada Ltd. Management, and its Officers and Directors.
c. The Owner gives the Agent the authority and powers required to perform the services agreed upon and the owner agrees to assume all expenses for these services.
d. If there are insufficient funds to cover all costs the Owner shall be responsible for paying additional funds to the Agent on demand. Nothing shall obligate the Agent to issue its own funds on the Owner’s behalf.
e. The Owner will insure the property and provide a copy of the insurance to the Agent.
f. The Owner must notify the Agent in writing of any change in ownership of the property.
g. The Owner will provide a copy of the Certificate of Title for the property to the Agent.
h. Upon signing, the owner authorizes and directs the Agent to set up and maintain a reserve account in the sum of $500.00 per property to a maximum of $3000.00 per owner. The purpose of the reserve fund is to pay for all expenses including: property repairs (to a maximum of $500.00), management fees provided herein, supplies, couriers, advertising, and other expenses for the proper management, expense to fill the vacancies, upkeep, and operation of the property. These funds are due upon signing of this document.
i. Should the owner choose not to provide a reserve fund for the property, the owner is aware that any and all maintenance and repair costs to the property when vacant, will require a deposit towards work completion, prior to work orders being initiated by Flying Stone Canada Ltd.
j. If a tenant must be evicted and a Writ of Possession is required the total cost of this will be paid by the owners directly to the Bailiff in order to enforce the writ.
Term of Contract
a. The contract shall continue for a period of one year from the date hereof, and shall continue from year to year unless terminated in writing with 60 days notice to either party.
b. Either party may terminate the contract with 60 days written notice or in the event of a breach or non-performance either party may terminate the contract immediately upon written notice.
This contract is binding upon the executors, heir’s administrators, successors and assigns of the Agent and Owner