1. real estate

PRUDENTIAL ESTATES (RMD) LTD.
SALES & PROPERTY MANAGEMENT
7320 WESTMINSTER HIGHWAY
RICHMOND, B.C.
V6X 1A1
TELEPHONE: (604) 273-1745
FAX:
(604) 273-9021
RENTAL PROPERTY MANAGEMENT AGENCY AGREEMENT
THIS AGREEMENT made this
day of
,
, by and
between CENTURY 21 PRUDENTIAL ESTATES (RMD) LTD., PROPERTY
MANAGEMENT DIVISION (referred to as the AGENT) and
OWNER NAME & ADDRESS:
(referred to as the OWNERS) to secure the services of the AGENT in
the management of the real property located at:
RENTAL ADDRESS
(hereinafter referred to as the PREMISES), subject to the following terms and conditions:
-
The above Owner is the Registered Owner/Power of Attorney of the
Registered Owner of the above described property/properties and desires to
appoint the Agent as his/her Property Manager to rent/manage the property
on the terms and conditions herein after set forth.
-
The Agent has agreed to become the Owners Agent in respect to the
management of the property, for the purpose of rental management on the
terms and conditions contained herein and to use due diligence in the
management of the Premises for the period and upon the terms set out in this
agreement, and to furnish its services for the renting, leasing, operating and
managing of the Premises.
Therefore, in consideration of the Mutual Covenants and Agreements herein contained, and
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties agree as follows:
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PROPERTY MANAGEMENT AGREEMENT
1.
EMPLOYMENT AND AUTHORITY OF AGENT
a)
b)
c)
d)
e)
2.
PAGE2
The owners hereby appoint CENTURY 21 PRUDENTIAL ESTATES (RMD)
LTD., as their sole and exclusive agent to rent, lease, manage and operate
the premises for a monthly/annual rent as approved by the owner from time to
time.
For this purpose, the AGENT is authorized to secure the services of other real
estate brokers, place newspaper advertising as required, to be reimbursed by
the owner from rental funds.
The AGENT is empowered to collect rents and sums due, and to dispossess
tenants and other persons from the premises on behalf of the owner. To
advertise the availability for rental of the Premises and to sign, renew, modify
or cancel leases for the Premises; to terminate tenancies and to sign and
serve in the name of the Owner such notices as are appropriate; to institute
and prosecute actions, to evict tenants and to recover possession of the
Premises; to sue in the name of the Owner to recover rents and other sums
due and, when expedient, to settle, compromise and release such actions or
suits or to reinstate such tenants;
It is understood and agreed that CENTURY 21 PRUDENTIAL ESTATES
(RMD) LTD., is the sole and procuring cause of any lease/tenancy, written or
oral that may be negotiated either directly or indirectly by the Owners
themselves.
It is understood and agreed that the AGENT will act as listing agent in the
event the Owner elects to list the property with a Real Estate Broker during
the term of the contract.
SPECIFIC AUTHORITY
a)
The Owners authorize the AGENT to purchase necessary supplies; to
contract for utility services as needed, including vermin extermination and
other services which the AGENT shall deem advisable; and to make ordinary
repairs to the premises, provided that the expenditure for any one item shall
not exceed the sum of $
, without the express written consent of the
Owners, unless the AGENT shall consider the circumstances surrounding the
request for repairs or services to be an emergency and prior Owner consent is
not readily obtainable. The AGENT will use diligence in contracting for repairs
and other services, and will have the right to hire, discharge, supervise and
pay any employees, servants or contractors for work performed. The AGENT
will not be liable to the Owner or others for any act or omission on the part of
such employees or other workmen, if the AGENT has taken reasonable care
in their employment.
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PROPERTY MANAGEMENT AGREEMENT
3.
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b)
The Owner will be responsible for the payment of the good and services tax
and any other applicable taxes, charges, rates and levies payable by the
Owner in connection with the property covered in this agreement, including,
without limitation, to, that payable in connection with the management, of the
property.
c)
The Agent may withhold from the Owner net rental revenue and remit to
Revenue Canada or any other relevant authority any amount required to be
withheld or remitted in respect of the good and services tax, withholding tax or
any other applicable tax, charge, rate or levy which the Agent is required to
withhold or remit by law.
RESPONSIBILITIES OF THE AGENT
In addition to the foregoing authorizations, the AGENT will perform the following
functions on the Owner's behalf:
3.1
a)
b)
c)
d)
e)
f)
g)
Collect all the rents and income due from tenants when such amounts
become due, and deposit same into an agency trust account
maintained on behalf of the Owners. Withdraw from such account all
funds needed for proper disbursements for expenses payable by the
Owner including, without limitation, the AGENT'S compensation.
Collect security deposits under any lease or tenancy and place same
into interest bearing trust accounts.
Maintain accurate and complete accounting records of all receipts and
disbursements, and to submit a monthly written statement to the
Owners indicating all collections and expenses, along with copies of
paid bills.
The AGENT is NOT responsible for obtaining a new tenant after
receiving legal notice of termination of this contract by the Owner.
The agent will request all tenants to purchase a tenant's package
insurance policy and to advise the Agent of the name of the insurer,
the insurer's agent, and the policy number. On receipt of this
information the Agent will provide a copy to the Owner.
The Agent will provide the Owner with signed copies of all tenancy
agreements within thirty business days of them being signed.
Any fixed term tenancy for a term greater than twelve months must first
be approved by the owner prior to acceptance by the Agent.
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PROPERTY MANAGEMENT AGREEMENT
h)
i)
3.2
4.
PAGE4
The agent will remit to the Owner on a monthly basis all rents collected
net of the Agent's compensation and receipted expenses authorized by
this Agreement or otherwise agreed to by the Owner.
The Agent may provide services over and above the base service
provided herein as per Schedule A.
Limitation on Agent’s Liability
The Agent shall not be liable to the Owner for any arrears in the collection of
rents or other payments due from tenants or as a result of any damage or
other loss affecting the Premises, or for any act or omission or error in
judgement unless any resulting damage, loss, injury or liability has been
caused by the gross negligence or wilful misconduct of the Agent.
COMPENSATION OF THE AGENT
In consideration of the services to be rendered by the AGENT, the Owners agree to
pay the AGENT any or all of the following forms of compensation as may be
applicable:
a)
FOR MANAGEMENT - a fee equal to TEN (10%) PERCENT of all rent from
the premises or a flat fee of $125.00 per unit per month whichever is greater.
The minimum administration fee shall be $25.00 per month per unit whenever
vacant. It is agreed and understood that the Owners shall be responsible for
the payment of water and sewer charges, property taxes, insurance fees,
mortgage payments and other expenses relating to the premises unless
otherwise agreed upon in writing between the parties.
b)
LEASE CHARGES – late charges, uncollectible cheque charges, etc. under
any lease/rental/tenancy are the property of the AGENT to offset the
AGENT’S expenses in enforcing the respective lease/tenancy provisions.
c)
SPECIAL SERVICES - any special services that are conducted for the Owner
will be subject to an additional fee as per Schedule “A” for the benefit of the
AGENT. Such special services may call for the disposal or sale, on behalf of
the Owners, of items of furniture, vehicles, firewood or to dispossess problem
tenants placed in a tenancy prior to the inception of this contract, located on
the property and other events on a ONE-TIME BASIS.
d)
INSURANCE – The Owner agrees to take out or authorize the Agent to
arrange for property and liability insurance for the Premises at the Owner’s
expense and further agrees that the Agent shall be an
Initial
PROPERTY MANAGEMENT AGREEMENT
PAGE5
additional insured along with the Owner in any such policy, which shall
provide protection against any claims for personal injury, bodily injury, death
or property damage or loss in the event that either the Owner or the Agent
shall be held liable as a result of their respective obligations as Owner and
Agent of the Premises.
5.
6.
INDEMNIFICATION
a)
The owner understands & agrees that the Agent does not assume any
liabilities nor shall it be liable or responsible to any owner, tenant, occupier,
licensee or invitee of any such owner & the owner agrees to indemnify and
save harmless the Agent from losses, costs, damages or expenses including
legal fees incurred by the Agent in performing its responsibilities under this
management agreement.
b)
The owner shall, during and after the termination of this agreement, indemnify
and save the Agent harmless from any damages or injuries to persons or
property, or claims, costs, expenses and fees arising from any cause
whatsoever (except if due to the gross negligence or wilful misconduct of the
Agent), provided the Agent while acting as a Property Manager, is carrying out
the provisions of this agreement or is acting on the directions or subsequent
directions of the owner. Under no circumstances shall the Agent be liable to
the Owner for any amount of any loss or damage to the Premises or its
contents against which the Owner is or should have been insured. Without
limiting the generality of the foregoing, the Owner will save the Agent
harmless for all claims, damages costs & liability whatsoever and to protect
the Agent in the same manner and to the same extent as the Owner. To
facilitate this indemnification the Owner shall carry at the Owners expense
sufficient insurance with the Agent designated as a named or additional
insured, and provide to the Agent a copy & renewals of the said insurance
policy or insurance binder.
DUE AGENT AMOUNTS
In the event that the AGENT advances personal funds to make payment for
expenses incurred on the Owner's behalf, and said funds are not reimbursed by the
Owners, either by deduction from rents collected and/or payment by the Owner, then
the AGENT will be entitled to a fee of 2% per month of the monies expended and not
reimbursed within 15 days after written submission by the AGENT to the Owner of
the amount due.
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PROPERTY MANAGEMENT AGREEMENT
7.
8.
PAGE6
TERM OF AGREEMENT
a)
Agreement will remain in effect for a period ending
20 . Either
party may terminate this Agreement at the end of said term by giving to the
other party written notice of termination at least ninety (90) days prior to the
expiration of the then current term. In the absence of said notice, this
Agreement will renew itself automatically for an additional term of ONE YEAR
and so on from YEAR to YEAR until terminated by either party by written
notice at least ninety (90) days prior to the expiration of the then current term.
In the event of any cancellation of the Agreement, the AGENT is to receive
the balance of any commissions due under this Agreement during the term of
the existing lease/tenancy.
b)
On termination of this agreement:
i)
The Manager shall within 30 days render a final accounting to the
Owner and pay over any balance in the Agent’s trust account
remaining to the credit of the Owner (less any amounts necessary to
satisfy commitments made by the Agent to others prior to the date of
termination);
ii)
The Owner shall assume the obligations of any contracts for services
that the Agent has arranged pursuant to this agreement.
VOLUNTARY CANCELLATION BY AGENT
Notwithstanding any other provisions of this Agreement, the AGENT may elect to
cancel this Agreement upon the occurrence of any of the following circumstances:
a)
In the event of a bona fide sale or demolition of the premises.
b)
If a Petition for Bankruptcy is filed by either the Owners or the AGENT, or if
either shall make an assignment for the benefit of creditors or take advantage
of any insolvency act.
c)
If the Owners shall fail to comply with any rule, order, determination,
ordinance or law of any federal, provincial or local authority, relating to the
operation of the premises. Notice of voluntary cancellation by the AGENT
must be sent to the Owner in writing at least thirty (30) days prior to
cancellation.
9.
VOLUNTARY CANCELLATION BY THE OWNER
Notwithstanding any other provisions of the Agreement, the Owner may elect to
cancel this Agreement upon the occurrence of any of the following circumstances:
Initial
PROPERTY MANAGEMENT AGREEMENT
a)
b)
c)
d)
PAGE7
If a Petition for Bankruptcy is filed by the Agent, or if the Agent shall make an
assignment for the benefit of creditors or take advantage of any insolvency
act.
If the Agent shall fail to comply with any rule, order, determination, ordinance,
or law of any federal, provincial, or local authority, relating to the operation of
the premises after receiving approval to act from the owner.
If the Agent fails to provide monthly an accounting record of all receipts and
disbursements along with copies of paid bills, applicable for months in which
rent is collected, within 30 days thereafter.
If the Agent fails to remit net rent proceeds collected to the Owner on a
monthly basis & within 30 days of collection by the Agent.
Voluntary cancellation by the Owner will be effective immediately upon
the occurrence of any of the circumstances contemplated under a)
only: otherwise notice of voluntary cancellation by the Owner must be
sent to the Agent in writing at least thirty days prior to cancellation,
showing bonafide cause for termination. Should the Agent be able to
rectify to the owners satisfaction the cause within 10 days of receipt of
notice the said notice shall become null and void.
10.
The Owner hereby certifies that he/she is/is not (circle & initial correct statement) a
Resident of Canada for the purposes of the Income Tax Act of Canada and agrees
to inform the Agent immediately of any change of Residency Status of the Owner.
11.
BINDING AUTHORITY
a)
b)
c)
d)
12.
This Agreement shall be binding upon the successors and assigns of the
AGENT, and the heirs, administrators, executors, successors and assigns of
the Owners.
This agreement will be construed according to the laws from time to time in
force in the Province of British Columbia.
All amounts payable by either party to the other under this agreement will be
payable in Canadian Funds.
The agreement constitutes the entire agreement between the parties and will
not be modified or amended except by an instrument in writing dated and
signed by all the parties to this agreement.
NO WAIVER
That no waiver, expressed or implied, by a party to or of any breach or default by the
other party in performance by such other party of any of the obligations, covenants,
terms, conditions herein contained will be, deemed or construed to be a consent or
waiver to or of any breach or default in the performance by such other party of it’s
obligations hereunder.
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PROPERTY MANAGEMENT AGREEMENT
PAGE8
13.
SEVERANCE
That in the event that any provision of this Agreement, or any part thereof, shall be
found to be invalid the remainder of this Agreement shall be binding on the parties
hereto and shall be construed that the invalid provision or part thereof had been
deleted from this Agreement.
14.
NO PARTNERSHIP
The relationship of the Agent to the Owner/Landlord shall be that of Agent and
principal and this Agreement shall not under any circumstances constitute or be
deemed to constitute the Agent or any of its employees, officers or authorized
representatives, the legal representative, tenant, partner or employee of the
Owner/Landlord.
15.
The undersigned hereby acknowledges receipt of the Agency Disclosure forms,
required by the Real Estate Services Act of British Columbia’s Rules, Section 5, prior
to signing this Property Management Agreement.
IN WITNESS WHEREOF, the parties have set their hands and seals on the day and year
first above written.
REGISTERED OWNER
REGISTERED OWNER
CENTURY 21 PRUDENTIAL ESTATES (RMD) LTD.
AGENT
PER
DATE
MANAGING BROKER/APPROVAL

Owners insurance policy attached.
Owner’s Insurance Company
Name:
Owner’s Insurance Agent: Name
Address:
Address:
Phone:
Property Taxes to be paid by Century 21 Prudential on behalf of the owner:
□
Yes
f:\wpdata\c21\rentals\owners.ag1
No
□
Initial
PROPERTY MANAGEMENT AGREEMENT
PAGE9
Page 1 of 2
SCHEDULE A
RENTAL PROPERTY MANAGEMENT AGENCY AGREEMENT
Special Terms & Conditions
Page 2 Sec. 1a)
The commencement date of this Agency agreement is on the Day, Month &
Year first written on Page 1 of the Agency agreement.
Page 3.1 c)
The Agent will submit to the owner a monthly statement of income and
expenses within 30 days of the month following rent being received by the
Agent.
h)
The Agent shall maintain a copy of:
-
Page 6 Sec 7b)i)
The Rental Agency agreement
The tenancy agreement
Statement of income, expenses & disbursement with respect to the premises
as per the Agency agreement.
Credit reports & rental application from tenants.
Copies of inspection reports, insurance policies placed by or received by the
Agent on behalf of the owner or any other document required in the
administration of the rented dwelling.
The Agent shall be entitled to retain for sixty days (60) after the termination
of this agreement one half (1/2) of the rent hereunder (during the last
calendar month) plus the security deposit to pay there out any such bills,
accounts & expenses, incurred by the Agent on behalf of the owner while
this Agency agreement was in effect.
GENERAL
a) The Agent declares that the Agent carries a mandatory $1,000,000.00 Errors and
Omissions insurance under the Real Estate Errors Insurance Corporation of B.C. and a
further $2,000,000.00 with a $4,000,000.00 aggregate of Excess & Errors & Omissions
Insurance over the mandatory $1,000,000.00 required under the Real Estate Services Act
of B.C.
b) The Agent declares that the Agent no longer carries a fidelity bond on Real Estate Trust
accounts; however, as of January 1, 2005, the Real Estate Services Act of B.C.
implements the Real Estate Compensation Fund Corporation, which covers licensees
under the Act for $100,000.00 per claim with a maximum of $500,000.00 per brokerage
firm as of March 5, 2009.
Initial
Agent Owner
PROPERTY MANAGEMENT AGREEMENT
PAGE10
Page 2 of 2
Fees and charges other than included in the Agency agreement.
Page 2 Sec. 2a)
The Agent will chargeback to the owner such things (but not limited to) as:
Rental advertising
at cost without markup
Credit checks
at cost without markup
Printing if required
at cost without markup
Long distance telephone charges
at cost without markup
Courier charges
at cost without markup
Title Search if required
at cost without markup
Mail & Postage
at metered cost without
Markup
*
Duplicating/Photocoping
$.25/per copy each side
* Also applicable to scanning, emailing & electronic document forwarding
Page 2 Sec. 1c)
Mediation, arbitration & court appearance by the Agent – The owner
shall pay the Agent an additional fee of $300.00 plus GST and
disbursements for the preparation & production of necessary
documentation to process or defend claims through mediation, arbitration or
court. Plus a fee of $95.00/hour plus GST for each hour which the Agent is
required to spend in attendance in court, arbitration or mediation pursuing
or defending the rights of the owner.
Page 4 Sec 4 c)
Special services – Additional services, major repairs, improvement &
renovations (including remediation projects & repairs) the agent shall charge
a fee equal to $75.00 per hour plus GST for unusual and extraordinary major
repairs, renovations or improvements authorized by the owner or ordered by
a public authority, city, health, fire or law enforcement agency and which
must be coordinated or supervised by the Agent (over and above the cost of
professional consultants, engineers or architects that may be required)
Sec 4 d)
Insurance claims – the owner shall pay the Agent an additional fee of
$75.00 per hour for time spent by the Agent administering any claims,
including (but not limited to) casualty, personal injury, property damage,
fire, flood or liability or any other claim related to the managed property
where the agents presence is required to mitigate or administer the loss.
(The owner & Agent agree that they will attempt to recover this fee as part
of the claim from the insurer)
Initial
Agent Owner
PROPERTY MANAGEMENT AGREEMENT
PAGE11
ADDENDUM TO RENTAL MANAGEMENT AGENCY AGREEMENT
1.
RESIDENCY STATUS
□
□
For our records, we require confirmation that you are a resident of Canada as of this
date.
For our records, we confirm that you are a non resident of Canada as of this date. For
our purposes we will be withholding 25% of Gross rents and remitting same to Revenue
Canada.
In the event that your residency changes, please notify us in writing.
2.
SECURITY DEPOSIT RELEASES
By initialing this clause I/We authorize Century 21 Prudential Estates (RMD) Ltd., and more
specifically my assigned Property Manager, to deal with all tenant security deposit releases
and charges, as deemed reasonable and lawful within its scope of authority as an agent, as
managing agent and “stakeholder” for the undersigned owner, in accordance with the Real
Estate Act, Residential Tenancy Act of B.C.
Initial
3.
GROW OPS
The undersigned is the registered owner/Power of Attorney of the registered owner, of the
rental property that you manage on our behalf.
I/We hereby give you as our Agent specific instructions not to / to (circle one) contract
with your chosen private investigation firm on our behalf to do quality marijuana grow
operation or clandestine drug lab inspections.
Initial
I/We will be responsible to either do the inspections, make arrangements to have the
inspections done or have our own private investigation/security company do the
inspections that we deem necessary.
I/We further confirm that you, our Agent, Century 21 Prudential Estates (RMD) Ltd. have
provided us with the opportunity to have the inspections done through you via a private
investigation/security firm that you deal with.
4.
PERSONAL INFORMATION PROTECTION ACT
I/We hereby consent to Century 21 Prudential Estates (RMD) Ltd., collecting, using and
disclosing my personal information for purposes of identifying me, communicating with me,
assessing my credit worthiness, processing payments, responding to emergencies, ensuring
the orderly management of the tenancy and complying with legal requirements. And in that
regard I/We further consent to Century 21 Prudential Estates (RMD) Ltd. obtaining further
personal information from my employer, and one or more consumer agencies and authorize
those persons to provide such information to Century 21 Prudential Estates (RMD) Ltd.
Date
Owners Signature(s)
PROPERTY MANAGEMENT AGREEMENT
PAGE12
Prudential Estates (RMD) Ltd.
SALES & PROPERTY MANAGEMENT
7320 Westminster Highway
Richmond, B.C. V6X 1A1
Telephone:
(604) 273-1745
Fax:
(604) 273-9021
DATE: _____________________
RE:____________________________________________
THIS LETTER SHALL SERVICE NOTICE TO _____________________________ THAT THE
OWNER OF THE PROPERTY LOCATED AT ____________________________ WISHES TO
HAVE CENTURY 21 PRUDENTIAL ESTATES (RMD) LTD. AND ANY OF THE
REPRESENTATIVES FROM CENTURY 21 PRUDENTIAL ESTATES (RMD) LTD. APPOINTED
TO ACT ON OUR BEHALF WITH REGARDS
TO OUR ACCOUNT AT THE NAMED ADDRESS.
IT IS OUR WISH THAT THE INVOICES FOR THIS ACCOUNT WHICH IS IN OUR NAME BE
FORWARDED IN CARE OF CENTURY 21 PRUDENTIAL ESTATES (RMD) LTD.’S ADDRESS.
DATE
SIGN
PRINT NAME
____________
DATE
SIGN
PRINT NAME
C21/LETTERS/!UTILITIES SIGNOFF
Prudential Estates (RMD) Ltd.
SALES & PROPERTY MANAGEMENT
7320 Westminster Highway
Richmond, B.C. V6X 1A1
Telephone: (604) 273-1745
Fax:
(604) 273-9021
Date:
Property Number:
Property Address:
RE:
TENANT’S LIABILITY INSURANCE
This is to provide direction to Century 21 Prudential Estates (RMD) Ltd. that in the event that a tenant in
my property does not furnish you with a copy of the liability insurance which is a requirement of the
tenancy agreement that we/I the owner of the property :
Do □
Do not □
instruct you to move to end the tenancy and seek a new tenant for the property noted above.
Owner
Owner
Property Manager
C090505.owner.insuranceauthorization
PROPERTY MANAGEMENT AGREEMENT
Prudential Estates (RMD) Ltd.
SALES & PROPERTY MANAGEMENT
7320 Westminster Highway
Richmond, B.C. V6X 1A1
Telephone:
(604) 273-1745
Fax:
(604) 273-9021
PAGE2
January 2006
NOTICE TO RENTAL OWNERS
Do you know for sure that your tenant is not using your rental for a marijuana grow-operation or a clandestine
meth drug lab? Possibly not? Couldn’t happen to me! Maybe. Your Property Manager is not contracted to do
criminal investigations, as a matter of fact Workers Compensation would not cover them if they did and got
injured as it is not part of their job description or contract. At least monthly we hear of such usages in the
buildings and rentals we manage, so take heed!
You need to have periodic inspections done of your rental property to ensure this is not happening to you. We have retained
Paladin Security Group Ltd. (see attached letter) to do inspections for you/us. Virtually all cities & municipalities have now
passed, or will soon pass, bylaws making you, the owner, responsible for such activities. You can be fined, and in some
instances for as much as $10,000.00, plus the cost of repairs (averaging between $20,000 and $50,000 for a small grow op)
plus clean up by City staff and Police.
You now are required to disclose, if there ever was a grow-op or meth lab in your property, to any future potential buyer or
tenant. Some cities and municipalities will register a discloser of details on your property in the Land Title office in order to alert
potential buyers or your mortgage holder, if you had a grow op or meth lab.
To make things worse, most insurance companies are now requiring you to prove quarterly inspections have been done, and
adding exclusions to their policies, or increasing deductibles on grow ops etc. up to, $50,000.00 in their policies for rented
dwellings and Strata Corporations if your rental is in a strata. As a result of grow op and meth labs, they are excluding things
like damage to adjacent properties, water damage, toxic chemical removal, moulds, spores and explosions just to name a
few.
If we manage your rental, your rental agreement with us states I quote “The owners authorize the AGENT to purchase
necessary supplies; to contract for utility services as needed, including vermin extermination and other services which the
AGENT shall deem advisable;”.
We will as your agent automatically contract with a licensed Private Investigation firm on your behalf to do periodic inspections
and the invoice will show up on your statement, (which of course you will show on your income tax as an expense) as we do
deem it now, a necessary service.
If you wish to exclude your property, from these inspections and do the inspections yourself please provide us instructions in
writing (sample letter enclosed), that you will do the inspection and state we are not authorized to do them on your behalf.
Please take this seriously with some urgency as the repercussions to you could be huge.
Yours truly,
CENTURY 21 PRUDENTIAL ESTATES (RMD) LTD.
PROPERTY MANAGEMENT DIVISION
W.D. (Bill) Blackall, General Manager
P.S.
C060109
Paladin Security Group is working on a plan to inspect suites in condominium complexes and we will advise you when
this will begin.
PROPERTY MANAGEMENT AGREEMENT
PAGE3
RENTAL AGENCY DISCLOSURE
REAL ESTATE SERVICES ACT
(Rules, section 5-9 thru 5-12)
The rules under the Real Estate Services Act of British Columbia requires a licensee or an associate
to a licensee that may receive a benefit, interest or a thing of value as a result of a licensee providing
Strata Management or rental services to or on the behalf of a client or Strata Corporation must
disclose any interest, benefit or a thing of value or remuneration that the licensee will, may or expect
to receive as a result of providing or referring services to a client, or Strata Corporation.
Century 21 Prudential Estates (RMD) Ltd. is licensed under the Real Estate Services Act of British
Columbia as a Real Estate Brokerage and employs Managing Brokers, Associate Brokers and
Representatives to provide Real Estate Services, trading services, rental management services and
Strata Management service, and as such hereby discloses that the Brokerage, Managing Broker,
Associate Broker, representative or an associate of any of the proceeding, may, could, will or would
expect to receive a benefit or thing of value in some circumstances when providing Real Estate
Services such as:
1) When contracting for or negotiating bulk/special pricing on any product or service used by our
clients or Strata Corporations, such as (but not limited to): security services, landscaping,
plumbing, heating, building, electrical or professional services, included (but not limited to)
things like services, products, recycling, garbage collection, banking, phone and cable
services, restoration and janitorial service, legal services and insurance services. The
Brokerage and its associates, Managing Broker, employees, Associate Brokers and
Representatives and their Associates (see definition of Associate) will receive or will expect to
receive the same pricing on products and services as negotiated for or given to, the client or
Strata Corporation.
2) Should the Brokerage, Managing Broker, Associate Broker Representative or an Associate of
the forgoing use a Corporate or personal credit card to pay for an expense on behalf of a client
or Strata Corporation the Licensee will expect reimbursement from the client or Strata
Corporation and upon payment of the credit card may/will receive loyalty points, Air Miles,
dividends or such rewards offered by the credit card company.
3) Should the Brokerage provide Real Estate trading services, rental management services,
relocation referral services, mortgage brokerage or mortgage referral services the Brokerage,
Managing Broker, Associate Broker or representative or an associate there of will receive or
expect to receive a commission or referral fees from parties other than the client, Owner of the
strata lot or Strata Corporation that the Brokerage/Agent refers the client to. In the case of
trading services a separate “Disclosure of Interest in Trades” will be provided, prior to the
trading service being provided in compliance with Rule 5-9 where applicable. Where individual
strata lot Owners have opted to have the Agent manage their individual strata lot when not in
contravention of the Strata Corporation bylaws, the Strata Corporation and the strata lot Owner
understands that a dual agency with the Agent will be created and the Agent shall charge the
strata lot Owner a fee of 10% of the gross rent and other requested services based on an
hourly rate of $75.00 per hour which will be retained by the Agent as compensation for
services rendered.
PROPERTY MANAGEMENT AGREEMENT
PAGE4
4) In the normal course of providing services to clients or a Strata Corporation and negotiating
contracts or for services or supervising trades and employees on behalf of a client or Strata
Corporation the licensee may/will receive from, or provide to, the Service provider/contractor
such things as a business lunch or dinner, a golf game, attendance at a hockey or football
game or other similar event.
5) “Rebates or Discounts”. Should the Brokerage receive a rebate or discount distinguishable to
the client or Strata Corporation the rebate or discount applicable to the client or Strata
Corporation shall be credited to the client or Strata Corporations trust account upon receipt.
6) In the case of strata properties, the Agent shall charge a third party (i.e. lawyers, realtors,
strata lot Owners, lending institutions) fees for documents ordered and required to transfer the
title of a strata lot (i.e. Form B’s, Form K’s, photocopies, financial statements, NSF charges,
registered mail, meeting minutes, reports, bylaws) and retain such charge as a fee for service
rendered.
Disclosure
This disclosure is made to you in compliance with Sec 5-9 thru 5-12 of the Council Rules under the
Real Estate Services Act at
______________ on ___________________
(Place)
(Date)
Disclosed by Century 21 Prudential Estates (RMD) Ltd. And its Managing Brokers, Associate Brokers
& Representatives
Signature
Acknowledgement and Receipt
The undersigned on behalf of the Strata Corporation/Client acknowledges receipt of this disclosure
prior to the licensee providing Real Estate Services to the Strata Corporation/Client at
on
(Place)
(Date)
Signature of the Representative (council members) of the Strata Corporation or the owner to whom
this disclosure is made:
PROPERTY MANAGEMENT AGREEMENT
PAGE5
Rules
Real Estate Services Act
5-11 Disclosure of remuneration
(1)
This section applies if a licensee receives or anticipates receiving, directly or
indirectly,
(a)
(b)
(c)
(2)
remuneration as a result of providing real estate services to or on behalf
of a client, other than remuneration paid directly by the client,
remuneration as a result of recommending
(i) a home inspector, mortgage broker, notary public, lawyer or
savings institution, or
(ii) any other person providing real estate related products or services
to a client, or
remuneration as a result of recommending a client to a person referred to
in paragraph (b) (i) or (ii).
The licensee must promptly disclose to the client, and to the licensee's related
brokerage,
(a)
(b)
(c)
the source of the remuneration,
the amount of the remuneration or, if the amount of the remuneration is unknown,
the likely amount of the remuneration or the method of calculation of the remuneration, and
all other relevant facts relating to the remuneration.
5-12 Benefits in relation to rental property management services or strata
management services
To the extent that this is not already dealt with by section 5-11 [disclosure of
remuneration] of these rules, if a licensee
(a) anticipates receiving, directly or indirectly, a benefit from expenditures
made by or on behalf of a principal to or on behalf of whom rental
property management services or strata management services are or
may be provided, or
(b) anticipates that an associate of the licensee will receive, directly or
indirectly, such a benefit,
the licensee must disclose to the principal, and to the licensee's related
brokerage, the nature and extent of the benefit before the benefit is accepted.
[(a) amended 04126105 effective 01/01/06]
Definitions
For the purposes of this Division:
*associate in relation to a licensee means a person who is any of the following:
a)
in the case of an individual licensee,
i)
a spouse or family partner of the licensee,
ii) a trust or estate in which the licensee, or a spouse or family partner of the licensee, has a substantial beneficial interest or for
which the licensee, spouse or family partner serves as trustee or in a similar capacity, or
iii) a corporation, partnership, association, syndicate or unincorporated organization in respect of which the licensee, or a spouse or
family partner of the licensee, holds not les~ than 5% of its capital or is entitled to receive not less than 5% of its profits;
b) in the case of a brokerage that is a corporation or partnership,
i)
a director, officer or partner of the brokerage,
ii)
a shareholder of the brokerage who holds more than 10% of the voting shares of the brokerage
ill) a trust or estate
(A) in which the brokerage, or a director, officer or partner of the brokerage, has a substantial beneficial interest, or
(B) for which the brokerage, or a director, officer or partner of the brokerage, serves as trustee or in a similar capacity, or
iv)
a corporation, partnership, association, syndicate or unincorporated organization in respect of which the brokerage, or a director, officer or
partner of the brokerage, holds not less than 5% of its capital or is entitled to receive not less than 5% of its profits;
principal includes, in relation to the prospective provision of real estate services, a potential principal.
wpdata/c21/ Real Estate Services Act
PROPERTY MANAGEMENT AGREEMENT
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PROPERTY MANAGEMENT AGREEMENT
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PROPERTY MANAGEMENT AGREEMENT
PAGE8
NEW RENTAL PROPERTY
PROPERTY #
CHECK ONE:
RENTAL COMMENCEMENT DATE:
RESIDENT
OR
NON-RESIDENT
IF NON-RESIDENT:
OPEN NON-RESIDENT REMITTANCE #
OWNER'S NON-RESIDENT ADDRESS
PROPERTY ADDRESS:
OWNER(S) NAME:
MAIL STATEMENTS TO:
BALANCE OF RENTS TO:
PAYMENT OF PROPERTY TAXES: YES / NO (PLEASE CIRCLE OPTION)
PAYMENT OF MAINTENANCE FEES YES / NO
======================================================================
TENANT(S):
AMOUNT OF SECURITY DEPOSIT: $
AMOUNT OF MONTHLY RENT:
$
MANAGEMENT FEE:
ADMINISTRATION FEE:
$
$ 25.00 MIN. PER MO. STARTING DATE
DATE OF MANAGEMENT CONTRACT
RENEWAL