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Updated about 5 years ago,
Property Mgmt Agreement - Legal Agent question
I'm considering a new property management company and their management agreement contains the following language. My question: Does this in any way limit my ability to have another agent represent me for properties unrelated to this one? Or does having the designation of Owner limit my position to only the aspects of this property? It seems a little ambiguous to me. This is only the second time I've used a property mgmt company for my one rental and I don't want to mess it up. I'm planning to have more of them soon! (Names changed).
In consideration of the covenants herein contained ________________ (Herein after called "Owner"), and XYZ Management (hereinafter called "Agent"), agree as follows:
- A. The owner hereby employs the Agent exclusively to rent, lease, operate, and manage the property known municipally and legally as ______________ upon the terms hereinafter set forth for the period beginning ______ and ending on the LAST day of _______.
- B. Broker designates and Owner accepts Jane Doe ("Owner's Designated Agent") as the only legal agent of Owner. Broker reserves the right to name Additional Designated Agents when, in Broker's discretion, it is necessary. If additional Designated Agents are named, Owner shall be informed in writing within a reasonable time. Owner acknowledges that Owner's Designated Agents may from time to time have another sales associate who is not an agent of the Owner provide support in the marketing of Owner's property. Owner understands and agrees that this agreement is a contract for Broker to market Owner's property and that Owner's Designated Agents are the only legal agent of Owner and that neither Broker nor any other sales associates affiliated with Broker will be acting as legal agent of the Owner. Owner's Designated Agents will be primarily responsible for the direct marketing and leasing of the Owner's property.