EXCLUSIVE RIGHT TO LEASE AND MANAGE AGREEMENT (“Agreement”) is entered into this ________ day of ____________, 20____ between PRUDENTIAL TROPICAL REALTY (“Broker”) and____________________________________________________(“Owner”) Collectively referred to as (“Parties”) who agree as follows: Broker shall have the EXCLUSIVE RIGHT TO LEASE AND MANAGE the real property described below, including any personal property left on site (collectively, “Property”) located at: ______________________________________________________________________________________________
City: _________________________________ County: ___________________ State: FL, Zip:_______________
Owner certifies that he has the legal authority and capacity to lease the Property and the Property to be leased is a legal rental unit and rental of this property will not violate any laws, ordinances or rules and that any mortgage or association fees on property are not in arrears in payments.
1. EFFECTIVE DATE: This Agreement shall become effective on the date last signed or initialed.
2. TERM OF AGREEMENT This Agreement shall be for an initial period of one year. Thereafter, this Agreement will automatically renew for successive one-year terms. Owner or Broker may cancel agreement with thirty (30) days written notice prior to end of current annual period. Excepting, however the parties agree that this contract and all fees for management, leasing or renewal, and sales commission, if applicable, will be due to Broker for the term of possession of the Property by a tenant or person residing with tenant or relative of tenant. If Owner cancels agreement before the first tenant is found for the property, Owner will owe Broker a termination fee of $250.00. Broker has the right to terminate management agreement with thirty (30) days written notice to Owner at anytime or immediately with written or verbal notice if in the opinion of Broker’s legal counsel, Owner’s actions or inactions violate the terms of this management agreement or are illegal, improper, jeopardize the safety or welfare of any tenants or other persons, and/or interfere with this management agreement and/ or foreclosure action is filed against Owner.
3. BROKER BASIC CHARGES:
$325.00 is due with contract to establish Owner Operating Account. ($125 Set-up fee and $200 owner acct. reserve)
Leasing & Renewals One month’s rent for 11–12 month lease or 8.4% of gross income for all other durations and half month’s rent for 11-12 month extension or 4.2% of gross income for all extension durations. #4
Monthly Management 10% of gross rents collected when occupied (minimum $75), $75.00 mo. for vacant months. #5
Administrative Cost $125 non-refundable set-up fee and $50 annual fee charged on yearly anniversary month. #5
Sales Commission 6% of sales price if purchased by a prospective or resident tenant #6
4. LEASE & RENEWAL FEES & AUTHORITY: Owner will owe Broker a Leasing fee of One month’s rent for 11–12 month lease or 8.4% of gross income for other durations for any new tenant and a Renewal fee of half month’s rent for 11-12 month extension or 4.2% of gross income for all extension durations beyond initial lease term. Broker shall earn the fee stated herein upon procuring a ready, willing, and able tenant and Owner shall pay Broker in full upon the earlier of (i) the date on which all funds due prior to move-in under the applicable lease have been collected and the tenant’s lease term has begun, (ii) Owner’s termination of this Agreement, or (iii) Owner’s default under the lease or this Agreement. A breach or failure to perform by tenant shall not entitle Owner to a refund of all or part of the fee stated herein. Broker does not guarantee any tenant’s performance under their lease. Attorney lease preparation fee for new tenants and renewing tenants will be charged to owner when invoiced by attorney but not to exceed $50.00.
5. MANAGEMENT FEES AND AUTHORITY TO MANAGE AND INDEBT OWNER FOR REPAIRS AND SIGN LEASES: Owner agrees to pay Broker a monthly management fee of 10% of gross income to Owner when occupied for each month or partial month thereof of this Agreement. Owner shall pay Broker a non-refundable set up fee of $125.00 at time of this agreement and Owner shall pay an annual Account Maintenance fee of $50 on the anniversary date of this contract each year of management. Mmanagement fees are due and payable on the first day of the first tenant occupancy. Administrative Fees, Application fees and Late Fees charged to tenant as additional rent are kept 100 % by Broker. Broker has the sole right to waive late fees. Owner gives Broker the authority to access the property to make repairs and to protect the property and the tenant's rights. Owner gives full authority to Broker to indebt Owner to have repairs made, to purchase necessary supplies, to hire and discharge on your behalf any and all vendors necessary to the maintenance and operation of the property and to pay all bills from Owner’s revenue accordingly. Any vendors hired to make repairs or improvements shall be screened for license, insurance and workers comp requirements but shall not be deemed employees of Prudential Tropical Realty and Prudential Tropical Realty shall not be responsible for their acts or omissions. Agent(s) are given the exclusive right to screen and approve or disapprove prospective tenant(s), to grant possession of the property to tenants upon tenant’s signing of lease and paying all agreed upon pre-move in funds. Owner agrees to promptly refer to Broker all inquiries concerning the Property during the term of this Agreement. Owner expressly grants to Broker the authority to negotiate leases & renewals and agrees to accept a lease that satisfies the Owner’s criteria for price and terms. In the event that a prospective tenant places a deposit with Broker or Owner and Tenant fails to execute a lease or to take possession, said deposit or any portion thereof, if retained, shall be disbursed 50% to Owner & 50% to Broker, not to exceed the amount that Broker would have received as its rental commission.
6. SALES COMPENSATION: If Owner agrees to sell or otherwise transfer the Property during the term of this Agreement or the term of any lease entered into during the term of this Agreement, including any renewals or extensions of either (or within 180 days after termination or expiration of either) to a (i) tenant, relative of tenant, or (ii) person who occupied or resided at the Property with tenant, or (iii) a customer who was introduced to the Property through Broker, Owner shall pay Broker a sales commission of 6%. Such commission shall be paid to Broker at closing or in the event of a default by the buyer, Broker shall be entitled to receive one half of all deposits retained by Owner as liquidated damages in the transaction, not to exceed the amount which Broker would have received as its sales commission had there been no default.
7. LEASE TERMS: Broker may offer the Property for lease at a rate between $______________ and $_____________ determined by a rental market analysis and agrees to accept a maximum lease term of 12 months and minimum term of 7 months beginning on _______, 20____(unless otherwise agreed by owner at time of a lease negotiation). Owner agrees that Broker, as escrow agent, may deposit the escrow funds in a financial institution chosen by Broker. Broker’s financial institution, Broker or any of its related companies may obtain a direct or indirect benefit in connection with such deposit to include interest earned if applicable.
8. INDEMNIFICATION: Owner agrees to and does hereby hold harmless and indemnify Broker, its parent company, affiliates, employees, associates, representatives, successors and assigns, from all claims suits, damages, costs, losses, court costs, attorney fees, penalties, taxes, charges, fines and damages of any kind whatsoever and any expenses arising from or relating to (i) Owner’s failure or refusal for any reason to deliver possession of the Property; (ii) any claim or loss relating to tenant’s failure to perform under any agreement or failure to pay any funds due Owner, (iii) NSF checks from any source, (iv) any other sums due Owner under the lease, (v) any injury to person or property occurring on or about the Property or (vi) any violation of any federal, state, municipal or homeowner’s association law, regulation or ordinance by Broker, including any claims or losses arising from Broker’s negligence except as may be caused by Broker’s willful gross negligence or illegal acts.
9. LIEN RIGHTS, ATTORNEY’S FEES and LIMITATION OF LIABILITY and VENUE, JURSIDICTION AND GOVERNING LAW: : Pursuant to section 475.42 (1)(j), Florida Statutes, Owner hereby authorizes Broker to record a lien against the Property to secure payment of any amounts due under this Agreement or any addenda hereto. In the event of any litigation arising out of or relating to this Agreement, the prevailing party shall be entitled to recover its attorney’s fee (including in house attorneys) and costs, including fees and costs incurred on appeal. In no event shall Broker or its associates be liable to Owner for damages of any kind in excess of the commission paid to Broker under this agreement. Venue for any litigation arising out of or relating to this Agreement shall be exclusively in the county where the Property is located and each consents to personal jurisdiction in the State of Florida and in such county. This Agreement shall be governed in accordance with the laws of the State of Florida
10. ENTIRE AND BINDING AGREEMENT: This Agreement, which includes the 1.Customary Procedures attachment that are the Standards of Practice currently in use by Broker. 2. Owner Disclosure of Information. 3. IRS Withholding document. 4. ACH authorization. 5. Insurance information and MLS form. All of which are hereby incorporated herein, contains the entire agreement between the parties hereto relating to the transaction and services contemplated between the parties. Notwithstanding any law to the contrary, any modifications will be invalid unless in writing signed by all parties hereto. Owner acknowledges that Broker has not made any representations to, or agreements with Owner not contained in the Agreement. If any provision of the Agreement is or becomes invalid or unenforceable, all remaining provisions shall continue to be fully effective. From time to time it may become necessary for Broker to modify the fees of this agreement. Such modification will be made not more than once a year with 30 days written notice in the annual letter to Owner. Unless Owner refuses in writing to accept such modification within 30 days of date of notice, the changes will become part of the working agreement between Broker and Owner for the duration of the agreement.
11. SUCCESSORS and ASSIGNS: This Agreement and the fees due under its terms shall be binding upon the successors and assigns of Broker and Owner and their respective heirs, administrators, executors, successors and assigns.
12. NOTICES: Whenever notice shall or may be given to Broker by Owner, each such written notice shall be sent to the Broker’s address Broker’s Address for Notice: Office where property manager is located or to the Corporate Office of Prudential Tropical Realty, 9108 US Highway 19, 2nd Floor, Port Richey, FL 34668 Phone 727-847-6556 & FAX 727- 841-7509 Email: bmorgan@prutropical.net. Whenever notice shall or may be given to Owner by Broker, Broker may serve notice to Owner by mail, fax, or by e-mail at the permanent address given on attached Property Set-Up Form.
FINAL ACCEPTANCE: When duly signed by Property Manager as Authorized representative of Broker agreement becomes binding on all parties.
Capstone Home Warranty is to be ordered on Owner’s behalf Yes No
Roof Rx Warranty is to be ordered on Owner’s behalf Yes No
Insurance review by Houser Insurance Company to be ordered on Owner’s behalf Yes No
Owner agrees to accept rent from tenants by credit card and agrees to pay Broker the 2.4% card fee Yes No
If none checked than Broker will assume no action is to be taken on any of these items
Signature Page and Specific Power of Attorney
Landlord/Owner(s), _________________________________________hereinafter Owner(s), hereby grants Broker Prudential Tropical Realty or Broker's agent(s) who hold a current, valid real estate Sales persons or Brokers license, hereinafter Agent(s), the specific power of attorney to sign lease(s) and/or lease renewals (unless specifically not authorized by Owner(s) in writing at least 60 days prior to any renewal period) on managed rental properties on behalf of Owner(s) and thus bind Owner(s) to the terms of the lease agreement(s). Owner(s) agree that they alone own the managed properties and that there are no other undisclosed owners of the properties.
Owner(s) grant Broker the authority to arrange for the turn off and on of all utilities at the managed address and to take utility deposits from Owner operating funds on deposit with Broker. Broker is under no obligation to turn on utilities if funds are not available in Owner operating account to do so.
Owner(s) grant Broker the authority to communicate on Owner’s behalf with the home owner association governing the Property if applicable.
_____________________________ _______________________________
Owner Owner
______________________________ _______________________________
Witness Witness
______________________________ _______________________________
Witness Witness
________/_______/_______
DATE
SWORN TO AND SUBSCRIBED BEFORE ME THIS ___ DAY OF ___ 20__ THE ABOVE SIGNATORIES WHO DID NOT TAKE AN OATH AND ARE ___ PERSONALLY KNOWN TO ME OR ____ PRODUCED THE FOLLOWING FORM OF ID___________________________
__________________________
NOTARY PUBLIC SIGNATURE (SEAL HERE)
__________________________
PRINTED NAME
COMMISSION #____________ COMMISSION EXPIRATION DATE ___/___/____
*****************************************************************************************************************
Agreement Acceptance Signature on Behalf of Broker
, Asset Portfolio Manager / / Date
Print Manager’s Name __________________________________________
CUSTOMARY PROCEDURES FOR PROPERTY MANAGEMENT AND LEASING
- CONDO OR HOMEOWNER’S ASSOCIATION: When property is governed by an association, Owner needs to provide Broker with a copy of community regulations and rules as well as any rental application form which may be required at time of leasing as a an attachment to this contract so Broker can avoid breaches of the Association regulations. If rental unit is a condominium or is governed by a Homeowner’s Association, any lease negotiated shall be subject to the Association Rules and Regulations.
- TAX COLLECTION: Broker will collect tax on any short-term leases less than 188 days and pay tax directly to the state and local tax authorities.
- PROOF OF OWNERHIP: Owner will provide proof of ownership (i.e., Deed, copy of public records or HUD or closing statement) and personal Identification (driver’s license, passport or other government issued picture ID) with this agreement.
- FORCLOSURE PROCEEDINGS, ASSIGNMENT OF RENTS DISCLOSURE : In the event the property becomes subject to a lien or foreclosure proceedings and/or a bank, Condominium or homeowner’s association or mortgagee exercises any right to an assignment of rent they may have, OWNER agrees that broker shall comply with any court order and/or at BROKER’S discretion disburse rent monies to the requesting party based on advise of BROKER’S legal counsel. If any of the aforementioned occurs, OWNER gives BROKER the full right and authority to disburse the security deposit and/or advance rent, if any, held by BROKER to ANY party including the TENENT even if the TENANT is still residing on the premises and owes rent.
- LEAD PAINT DISCLOSURE is required when property was built prior to 1978.
- TAX IDENTIFICATION requirement to be exempt from IRS withholding regulations: US citizens must provide a Tax ID number on a W-9 and a citizenship statement to be exempt from 31% IRS withholding tax. Non US citizens may provide a signed form W-8ECI with their ITIN number to be exempt from 31% withholding tax, but are advised to seek the advice of an accountant before signing IRS form W-8ECI which states that the signer is exempt from US back-up withholding because their rental property is a business.
- ADVERTISING: Broker will make diligent and continued efforts to lease the Property through advertising the Property as Broker deems advisable in newspapers, publications, computer networks, and other media. Broker may place appropriate transaction signs on the Property and remove all other such rental or sales signs including Owner’s sign(s) during the term of this Agreement. Broker will place the Property in a multiple listing service (“MLS”/ Association of Realtorsâ) (if available)and offer compensation to Cooperating brokers. Such advertising may be general in nature and may not specifically describe the Property. Advertising in specific websites such as Rentals.com, Rentalhomepros.com and Realrentals.com is charged to Owner at $25 per month. Such sites may change without notice to Owner as Broker renegotiates their contracts with such sites.
- ATTORNEY APPROVED LEASE: An attorney of Broker’s choosing will be used to prepare or approve all leases on managed properties. The cost of the first lease is covered by the nonrefundable set up fee. New tenant leases will be charged at $50.00 per lease and renewal leases requiring attorney preparation will be $40.00 and will be charged to owner operating account. Broker will work with owner to complete any required Condominium or Homeowner Association required leases, renewals and extensions that are to be used in lieu of or in conjunction with the attorney prepared lease. Broker will not give tenant possession of the property until the lease is fully executed. If Owner has elected in writing to sign all leases, Owner agrees to execute & return any such lease to Broker by fax or overnight mail within 24 hours of Owner’s receipt. A security deposit is required in the amount of one month’s rent unless otherwise agreed upon in the lease document. Tenants are required to pay a Last Month Rent only if negative issues are discovered during the screening process. All funds due under the lease prior to occupancy will be collected and cleared prior to tenant access to the Property.
- REPAIR AUTHORIZATION STANDARDS: Owner will be asked to maintain $300.00 in Owner’s operating account held by Broker for all repairs and recurring expenses, but Broker is not limited to such an amount when ordering emergency repairs to the property only limit is for repairs are of a non-essential or decorative nature. Owner agrees to pay any balance due to Broker within 15 days of receipt of a statement of account. If a repair is an emergency (water leaking, flood, septic back up, no running water, no hot water, electrical hazard, refrigerator failure, air conditioner or heat failure or some other condition which threatens the safety or health of your tenant), Broker will order repair immediately to protect property and the tenant’s rights. Broker will order appliance repairs, AC/ Heat repairs, emergency water restoration service at time of leak or flood and other routine maintenance services in the name of Owner and indebt owner for painting, carpet and other needed repairs as Owner’s agent. Broker will notify owner to make an insurance claims for emergency water restoration work. Owner will maintain all heating, cooling, plumbing, electrical systems, and all appliances in good working condition and Owner shall be responsible for the maintenance or replacement of same. Owner must maintain or replace the roof so that it is watertight and water does not enter living areas either from rain or subterranean sources. Owner is presumed to have turned over to Broker a Property that is in good habitable condition and in compliance with all applicable laws, ordinances and regulations of all governmental authorities.
- INVENTORY, DAMAGES or MISSING ITEMS: Owner shall provide Broker with written inventory of personal items in the property. Broker is not responsible for damage to the premises or missing, lost or damaged items or furnishings under any circumstances, including but not limited to, theft, switching out of items, vandalism or negligence of tenant(s), their guests or third parties.
- MANAGEMENT SERVICE INCLUDED: The collection of rent, maintaining an owner operating account for expenses relating to the management of the property, publishing monthly statements for owners on our website and an end of the year record with the IRS Form 1099mailed to Owner. Services also include taking tenant requests for service needs, property inspections for move-in and move-out and disbursement of security deposits pursuant to Chapter 83, FL statutes. Pictures necessary due to damages by tenant may be billed to owner’s operating account and recovered from the tenant’s security deposit.
- KEYS AND LOCK BOX AUTHORIZATION: Broker will employ a key check out system or provide key box number codes to prospective tenants and or their real estate representatives. Owner approves the use of a number coded lock box for showing access to the Property. Upon execution of this Agreement, Owner will provide a minimum of 4 sets of keys for each door lock, plus any security keys, pool keys, mailbox keys, garage door openers, gate cards and security passes. Owner authorizes Broker to deliver the key to the Property to any cooperating real estate broker or salesperson for the purpose of showing the Property. If a lock box is approved on the Property, Owner is advised to secure or remove valuables. Owner agrees that the lock box is for the Owner’s benefit and hereby releases Broker, persons working through Broker, and Broker’s local Realtor Board/ Association from all liability and responsibility in connection with any loss that occurs. Owner agrees to hold Broker harmless from any liability which may arise from damage, theft, negligence or loss which may occur in connection with the delivery of the key to the Property or utilization of a lock box system as stated herein. If Property is tenant occupied, Tenant must also give written approval before a lock box is used. Broker will re-key after each Tenancy at Owner’s expense to avoid liability issues. Locks will be re-keyed after each tenancy prior to new tenant moving into property at Owner’s expense and may be passed on to the vacating tenant through the security claim process.
- OWNER FUNDS DISTRIBUION will be via ACH transfer or check by mail once tenant’s check has cleared broker’s bank account. Distribution is typically initiated within 4 business days after receipt of rent. Broker’s admin fees cover condition record, document storage, administrative, postage, bank transfer charges, online account access and other costs incurred by Broker to maintain Owner’s account.
- LANDLORD CONTACT WITH TENANT(S): Landlord agrees and understands that if Landlord has any contact with the Tenant(s) in person, by mail, by email, by phone or otherwise, in the event of a legal dispute which results in litigation, the chances become extremely high that the Landlord will have to testify in person in court. Broker strongly urges that all contact with Tenant(s) be made by and through the Broker. Landlord agrees that contact directly with the Tenant(s) may be grounds for Broker terminating this agreement
- TENANT HISTORY: Broker will obtain a standard credit and background report as available on tenant applicants from a credit bureau of Broker’s choosing. The Tenant Report may not be all-inclusive, may not provide information from all local jurisdictions within the United States, and will not provide information from jurisdictions outside the United States. Neither the company providing the Tenant Report nor Broker warrant the completeness or accuracy of the information contained therein. Owner understands that other than the Tenant Report, Broker will not undertake any additional investigation of any tenant’s suitability or creditworthiness. Broker will charge for Broker’s sole benefit application fees from prospective tenant to include pet application fees.
- HOMEOWNERS LIABILITY POLICY: Owner will name Broker as a certificate holder or additional insured on Owner’s liability insurance. Owner agrees and understands that Broker is not responsible for the placement of boards or shutters of any kind in case of severe weather. It is the Owner’s responsibility to contract directly with a handyman or other source of service provider for temporary window protection installation or provide permanent, pre-fitted and easy to install shutters for Tenant to attach.
17. DOCUMENTS NEEDED FROM OWNER:
Proof of Ownership: Public tax record or HUD Statement or Other _______________________
Personal Identification: Legible Copy Drivers License(S) or Legible Copy of Passport(S)
IRS form W-9 for U. S. citizens and Resident Aliens or W-8 ECI for Non Resident Aliens whichever applies
Electronic Bank deposit authorization for ACH transfers
Proof of insurance including coverage as a rental property
Mortgage and HOA Disclosures as applicable
Owner Initials (________________) (________________) DATE: _____________
Owner Disclosure of Information and Questionnaire for Prudential Tropical Realty
1. Address for Rental Unit: ________________________________________________________________________
City, _____________________________________ ST: ________ Zip ____ _____________
Parking space # _____________ Mail Box # ____________ Unit Phone ( if any):_______________________________
Referring Agent (if applicable): _____________________________, Company Name_________________________________,
Keys and openers and security instructions from Owner to be given to property manager
Security System Code and instructions for entry: __________________________________Gate Code:_______________ ___________ Number of keys. For what doors? __________________________________________
___________ Number of Garage Door openers ___________ Number of Security gate control devises ___________
___________ Number of Pool Access _________keys or _______ passes or Security code number _________________________
___________ Number of Other access devises // For what purpose? ____________________________
2. Complete one area only as Primary Owner, Legal Partnership or Corporation whose name is to be listed as Primary and under whose name and US Tax ID the income is to be reported to the IRS. Husband and wife select which one is to receive the reported income under their social security US Tax ID. Provide IRS Form W-9 for US Citizens and Resident Aliens or IRS Form W-8EIC for Non-Resident Aliens
- INDIVDIUAL: ___________________________________________, Tax ID ________________________________
- LEGAL PARTNERSHIP: Each partner receives separate share and individual Form 1099Misc Income at year end.
% Share ______ ______________________________________Tax ID ___________________________
% Share ______ ______________________________________ Tax ID ___________________________
- CORPORATION: ______________________________ Tax ID ___________________________
3. Names of those Persons with authority to approve repairs to the property:
____________________________________________ Phone: ________________________________
____________________________________________ Phone: _________________________________
4. Mailing Address for Notices and Funds distribution: ________________________________________________________
City _____________________________ST: ____Zip _____________
5. Email Address: __________________________________________________________________Required for ACH transfers
6. Phone and E-Mail Information: Home Phone: ___________________________ Cell: ______________________________
Business Phone: __________________________ FAX: __________________________________
7. ACH Authorization attached to Listing OR Distribute proceeds by mail only
8. Lead Paint Disclosure required (if built prior to 1978). Year Built ______________.
9. Market Status: This Property is currently Listed For Sale with Prudential Tropical Realty Yes or No
This Property is Listed For Sale with another Broker Yes or No ________________________________, Listing Broker
It is understood between the parties that the other sales listing Broker will waive their rights under the listing agreement to any fee for leasing of the property and will provide to Owner a statement of such waiver of their fee rights.
Will Owner be listing property for sale during lease term? Yes or No
If yes, is Lease to include 60 day Notice to Vacate Clause? Yes or No
10. Home Owners or Condo Association Disclosure and Mortgage Disclosure Attached as Part of Listing agreement.
11. Insurance company notification of Rental Status Prudential Tropical Realty named as an additional insured
Insurance Company: ___________________________________ Policy Number __________________________________
Expiration Date: ____________________________ Agent name and Phone _____________________________________
12: Provide all that apply to the rental property
Pool Service: ______________________________________ Phone: ________________________
Lawn Service: ______________________________________ Phone: ________________________
Home Warranty /Service Contract: ______________________________________ Phone: ________________________
Builder Warranty Contact: ______________________________________ Phone: ________________________
Security Monitor Company: ______________________________________ Phone: ________________________
Pest Control Service ______________________________________ Phone: ________________________
Other Service: ______________________________________ Phone: ________________________
13. RECURRING PAYMENTS: additional fee YES or NO (check one). $25.00 per month for recurring payments of mortgage, association, insurance and property taxes. Use an additional copy of this section if more than 2 recurring payments.
- Vendor Name: ________________________________ Type: _______________
- Vendor Address: _____________________ City__________________ ST: ____ Zip ______________
Vendor tax ID # : ____________ Account #: ________________ Beginning Pay Date: ___________________________
Monthly Quarterly Semi-annual yearly Provide coupon book to property manager if applicable
14. Utility Companies, and Other Important Names and Phone Contacts
Electric Company:________________________________ Water/ Sewer: ______________________________
Trash Service: ________________________________ Phone Company: ______________________________
Gas: ________________________________ Other Utility: ______________________________
Home Owners’ Assoc. _________________________________ Phone: _______________________
Owner’s Preferred Vendor for _________________________________ Phone: _______________________
Owner’s Preferred Vendor for _________________________________ Phone: _______________________
15. Unit Features: Owner needs to sing the MLS Listing Form and complete with Listing associate.
SF House Twnhse Villa Condo Duplex Triplex Quad Apartment Manufactured Home Mobil Home
# of Bedrooms__________ # of Baths _____________ Garage: 1 23 4 Carport: 1 2 3 No covered Parking
17. RESPONSIBILITIES FOR PAYMENT OF UTILITIES AND SERVICES:
Tenant Owner Tenant Owner Tenant Owner
Electric Softener Salt Golf Membership
Water Pest Control Tennis Membership
Trash Basic Cable Social Membership
Sewer Lawn Service HOA App. Fee
Septic Pumping Shrub Care Security System
Gas Pool Service Cleaning Chgs.
Oil Other ______________________________________________
18. PETS: Negotiable
Absolutely “ No” pets will be Considered by Owner preference
Absolutely “ No” pets will be Considered by Condo or Home Owners Association Policy
Number of pets considered: ______________________
Type of pets considered (dog, cat, bird, fish tank over 25 gallons, etc.) ___________________________________________
Pet weight limit _________ (Often determined by A Condo or Home Owners Association Policy)
Pet Fee (the common amount is $200 non-refundable) per pet or The Owner prefers a non refundable Pet Fee of $___________.
Owner Requests an Additional Pet Deposit (refundable) per pet of $_____________.
Residential Rental Division
9108 US Highway 19, 2nd Floor, Port Richey, FL 34668
Owner’s Condo / Homeowner Association (HOA) Disclosure for Rentals
Homeowner and Condo Associations have numerous power s of regulation over the communities they manage and they are not to be ignored. When they have a restrictive rental policy for the community, they may cause serious problems for owner, tenant and property manager if the rules are not followed.
An Owner putting property on the rental market with Prudential Tropical (PTR) understands and agrees that:
1. Owner will make themselves aware of the HOA rules of the association managing their community (Specifically as it affects rentals) before PTR rents the property and Owner agrees to copy PTR on any subsequent rule changes that may have a direct effect on the residency of a tenant in that community.
2. Owner understands that failure to pay their HOA dues and any assessments may cause serious challenges for the tenant, owner and PTR. Florida Statute 720.3085 (8) relating to Homeowner Associations and Florida Statute 718.166 9 (11) relating to Condo Associations both allow the association to make demand on the tenant to pay rents directly to the association if owner is delinquent in payments. If such demand is made and tenant pays rent directly to the association, PTR will look to the owner for the payment of the monthly management fee due as agreed in the management contract.
3. Owner understands that an HOA management company may not allow third parties like property managers to do business with them, so the owner must stay in the communication loop regarding HOA violations or citations.
4. Owner understands that when there is an HOA problem to solve, PTR may not be able to get the tenant to respond in the time frame given by the HOA for response to the issue. If the issue is ignored, the HOA may assess fines against the owner and may force an eviction. Evictions for breach of HOA rules require a huge burden of proof by the owner and are very costly if the tenant contests.
5. Owner understands that in the tenant’s lease agreement if lawn care is passed along to the tenant in addition to an agreement of compliance with HOA rules and regulations, PTR representatives may not always be able to get the tenant to provide lawn care that fully satisfies the HOA. Yes No
6. Is the rental property in a community controlled by a Condo or Home Owner association?
7. I am current on the dues and assessments owed to the association
If no, please explain _____________________________________________________
8 I have you reviewed the community association rules regarding rentals?
- If yes, is there a screening process required by the HOA?
(owner to provide copy of application)
- If yes, is there a fee to file an application?)
- If yes, how much is that fee? $_______
9. Does the HOA have a required Lease or special lease language that must be used?
10. Have you provided the property manager with a copy of association rental resident rules?
11. Is special signage required to market the property? (Any sign cost will be paid my owner)
12. As of signing the PTR management agreement, are you current on your association dues?
By initialing this form, Owner who initials it acknowledges that he/she has read and understood all of the above and has provided accurate information.
Owner Initials (________________) (________________) DATE: _____________
Residential Rental Division
9108 US Highway 19, 2nd Floor, Port Richey, FL 34668
Owner’s Mortgage Disclosure and Solvency Statement
Professional Property Mangers have a responsibility to inquire about the possibility of foreclosure on any rental property they market. Your answers to the questions below will assist us with establishing a trusting relationship between you and any tenants we provide for you.
Please Mark all declarations that apply to your ownership of the rental property
As the Owner of the rental property at _____________________________________
1. I declare that there is no Mortgage on the subject property
2. I declare that my loan(s) on the subject property are not in default at this time
3. I declare that I am in arrears in payments by ______ months.
4. I declare that I have been served Foreclosure proceedings notice
5. I declare that I am working with bank to catch up the payments.
6. I declare that I will be allowing property to go back to the lending institution
8. I declare that I am planning to put the property on the market as a Short Sale
- Broker may refuse to enter into this contract if property is in Foreclosure and may cancel if Foreclosure is filed in future.
- If Broker decides to market the property for rent and loans are not current, Broker will disclose such information to prospective tenants on a form provided by Broker’s attorney.
SOLVENCY STATEMENT:
Owner hereby states and affirms that all bills and money due on the premises are paid, current or not in any state of delinquency. These bills or amounts include but are not limited to liability insurance, taxes, mortgage payments, utilities, assessments, liens, condominium and/or homeowner’s association fees, assessments, charges and/or any other charges relating to the premises including but not limited to any amount which may be due or owing to providers of goods or services for the home.
Owner agrees that in the event any dispute arises between a tenant and the Owner or agent as a result of Owner’s failure to make any payments relative to the premises, Owner agrees to completely indemnify and hold harmless broker, agent, property managers, their employees, and assigns hereinafter “Broker” for any and all damages or litigation which may arise out of Owner’s actions or inactions. Owner understands that a tenant has a right to peaceful quiet enjoyment of the premises and if Owner fails to keep all payments current, a tenant may have a right to withhold rent, break the lease agreement or hold Owner or agent liable for any damages they suffer as a result or Owner’s failure to keep all payments current.
Owner gives Broker full authority to cease the management of the premises and hold Owner liable for any damages or amounts due under the management agreement if Owner misrepresents any information or fails to abide by this agreement and keep all payments current.
By initialing this form, Owner who initials it acknowledges that he/she has read and understood all of the above and provided accurate information.
Owner Initials (________________) (________________) DATE: _____________
IRS WITHHOLDING INFORMATION FOR LANDLORDS
Prudential Tropical Realty Property Management Division wishes to inform you that IRS Withholding Tax Regulations require that property management companies withhold 30% of all income coming to the owner from his investment if they do not have certain documentation on file. Please read the following documentation requirements that will allow you to be exempted from this withholding requirement.
U.S. Citizens may provide their social security number for whichever owner is to receive the reported miscellaneous income each year on a signed IRS form W-9.
Non-U.S. Citizens may provide their ITIN number on a form W-8ECI to be exempt from 30% withholding tax. U.S. law requires that you have on file with our property management company a fully completed and signed Form W-8ECI every 3 years to avoid the 30% withholding tax on your rental income. If we do not receive this signed form, complete with your U.S. tax identifying number in the box at the top right of the form, we are required to deduct 30% of your rental proceeds each month and send it to the IRS until we receive a fully completed Form W-8 ECI. Your foreign tax I.D. number (such as Canadian Social Insurance number) is not valid for U.S. purposes. If Prudential Tropical Realty must withhold the 30% and send it to the IRS, you may get a refund only by filing your end of year tax return with the IRS.
If you do not have a U.S. tax identification number and wish to apply for one you need to complete an IRS Form W-7 and send it with certified copies of the required documents to the Internal Revenue Service. There are two types of U.S. tax identification numbers: A U.S. social security number and an Individual Taxpayer Identification Number (TIN). A U.S. social security number is a nine digit number issued by the Social Security Administration beginning with any number EXCEPT “9”. The Internal Revenue Service began issuing ITIN’s in late 1996 to replace the old numbering system of tax identification numbers which also began with “9”. You must also submit two documents along with the W-7: one proving citizenship such as birth certificate or passport, and one proving identity such as driver’s license, national insurance card or voter identification card. One of these forms must be a photo type of identification. These may not be copies unless they are certified copies from the issuing agency. Notarized copies are not accepted. It may take over 2 months to get a number assignment since the events of 9/11/01 have significantly slowed the ITIN issuance process.
The IRS address is Internal Revenue Service, Philadelphia Service Center, TIN Unit, P.O. Box 447, Bensalem, PA 19020 if you choose to apply through the mail. You may also wish to check with your local U.S. consulate to see if you can arrange to apply in person and just show your original documents instead of having to get certified copies from the issuing agency.
If you feel that the certification requirements are too complicated for you to manage on your own, you may contact the firm of Thomas Roberge who is a Certifying “Acceptance Agent”. His office, for a fee, will do this filing for you. His address and phone numbers are: Thomas C. Roberge, CPA, One Beach Drive SE, Suite 220, St. Petersburg, FL 33701, (727) 822-9393, FAX (727) 823-6781.
Whichever method you choose, please send us a copy of the completed W-7 along with your signed W-8 ECI so we know you are working towards complying with this law. During the period of waiting for the ITIN, we must hold all of your rental income and may not use it to pay for anything. If you do want us to be able to use your income to pay bills on your behalf you may elect to have us send the 30% withholding to the IRS and then we may use the remaining funds to satisfy any payables. We apologize for any inconvenience you may encounter in this process. If you are a U.S. citizen you will never have to give us another W-9. If you are a Non-U.S. Citizen you will be required to sign the Form W-8 ECI every three years to keep your tax exempt status. Your prompt attention to this matter will alleviate any delays in the payment of your rental proceeds.
9108 US Highway 19, 2nd Floor
Port Richey, FL 34668
A u t h o r i z a t i o n f o r A u t o m a t i c t r a n s f e r
I (We) hereby authorize Prudential Tropical Realty, hereinafter called COMPANY, to initiate credit entries for Rent Proceeds from our investment property(s) to my (our) account indicated below and the financial institution named below, hereinafter call FINANCIAL INSTITUTION, to credit the same to such account. I (we) acknowledge that the origination of ACH transactions to my (our) account must comply with the provisions of U. S. law.
Name(s) on FINANCIAL INSTITUTION Account: _____________________________________
BRANCH NAME: _____________________________________________________________
FINANCIAL INSTITUTION Address:
____________________________ City _______________________ST _____ ZIP _________
Routing Number: ________________________________________
Account Number: ________________________________________
Type of Account: _______Checking or _________Savings
This authority is to remain in full force until COMPANY has received written notification from me (or either of us) of its termination in such time and manner as to afford COMPANY and FINANCIAL INSTITUTION a reasonable opportunity to act on it.
_____________________________________ __________________________________
(Print Individual Name) (Signature)
________________________________________ (Needed for ACH online notification)
Owner’s Email Address ____________________________________________________________________________
Rental Property ID (Number & Street Name) (Date)
1. If the ACH deposit is to go to a Checking account, Please attach a VOIDED CHECK.
2. If the account is a Savings Account, Please attach a DEPOSIT SLIP or the FIRST PAGE OF AN ACCOUNT STATEMENT showing the names on the account and account number.
- All written credit authorizations must provide that the Receiver may revoke the authorization only by notifying the Originator on the manner specified in the authorization
- Single entry reversals do not require authorization by the Receiver. Therefore, previously recommended language regarding the initiation of possible debit entries is no longer stated in the authorization.
- The underlined language in the authorization above represents the disclosure requirement associated with the clarification of OFAC economic sanction policies upon ACH Network Participants.
9108 U.S. Highway 19, 2nd Floor
Port Richey, FL 34668
Phone: 727-849-9400 / Fax: 727-841-7509
INSURANCE:
OWNER’S HOME OWNER’S INSURANCE ADDITIONAL INSURED or CERTIFICATE HOLDER REQUEST
Date: __________________________
Insurance Company: _______________________________________
Local Agent: _______________________________________
Address: _______________________________________
_______________________________________
Agent’s Phone #: _______________________________________
Policy #: _______________________________________
Rental Property Address: ___________________________________________
___________________________________________
Dear ____________________________,
Prudential Tropical Realty is managing the rental property described above on which you hold the home owner’s policy. Please add Prudential Tropical Realty as an additional insured on my insurance policy or if that is not possible without additional expense make them a certificate holder on my policy so they will receive the same mailed notifications that I would receive. Also mail a certificate of insurance to the following address:
Prudential Tropical Realty, Rental Division
9108 US Highway 19, 2nd Floor
Port Richey, FL 34668
Sincerely,
__________________________________________________
Owner
Cc: Betsy Morgan, Director of Property Management and Leasing
Prudential Tropical Realty Affiliated Company Business & Vendor Services Disclosure
Prudential Tropical Realty is required by federal guidelines to disclose to prospective Buyers and Sellers of real estate any affiliations that may exist with other companies that will be providing a real estate related service required during a transaction, if compensation will be received for those services and that the Buyer and Seller are not required to use an affiliated company for those services.
Therefore Buyers and Sellers are hereby notified that the owners of Prudential Tropical Realty also own Capstone Home Warranty, LLC, Capstone Building and Maintenance, Houser Insurance, LLC, Capstone Title, LLC and Capstone Home Mortgage, LLC which has an affiliate relationship with Wells Fargo Home Mortgage, Houser Insurance and said owners receive compensation for the services provided by these companies. The compensation with respect to the mortgage services provided is estimated to be one percent of the loan amount.
In order to offer Buyers and Sellers the knowledge and opportunity to compare benefits between mortgage and title companies, Prudential Tropical Realty shares information regarding the sales transaction with Capstone Home Mortgage, LLC and Capstone Title, LLC whose representatives may be in touch with you in order to help you analyze the products and services they offer. If you object to this practice, please notify us in writing and we will not disclose any transactional information to Capstone Home Mortgage or Capstone Title.
Buyer and Sellers also acknowledge that Prudential Tropical Realty may make other recommendations for services such as, but not limited to, home inspection services, property insurance providers, termite or pest control services, repair or construction contractors, plumbers, electricians or roofers for the convenience or use by the parties, but that any such recommendations shall not require their use by the parties nor will their use result in any compensation to Prudential Tropical Realty unless it has been disclosed. Furthermore should any providers recommended be utilized by the Buyer or Seller, Prudential Tropical Realty and its associates shall not be responsible or held liable for any matters relating to said services, including the payment for any services provided.
Buyers and Sellers are hereby notified that they are not required to utilize any of the individuals or companies who are recommended or who are owned in whole or in part by Prudential Tropical Realty. It is not a requirement to do so as a condition of for the financing or sale of the property. Any such recommendations are made for the convenience of the Buyer and Seller who may utilize any such properly licensed service providers that they may choose.
________________________________ _____________________________
Buyer/Tenant Date Seller/Landlord Date
________________________________ _____________________________
Buyer/Tenant Date Seller/Landlord Date
15702 NORTH DALE MABRY HIGHWAY
TAMPA FL 33618
(813) 908-8788
