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email article print article03 Property Management Contract


 This contract will be for the period of 1 year, automatically to be renewed, except in case it has been renounced by one of the parties, at least 3 months in advance. The contract starts on the 1st. of January 2011.
 This contract gives the second party the power to act on behalf of the owner in his absence and signing any document necessary related to the administration of the property. (An official Portuguese Power of Attorney will preferably do this, unless this has been given already to another person based in the Algarve).
 The second party has the duty to check the property whenever necessary, but at least 1 (one) visit a week will take place.
 This contract gives the second party the power to carry out payments of all daily, monthly and yearly expenses related to the property;
        For example: electricity, water, gas, telephone, rates, insurances, maid, gardener, pool man etc.
 It also gives the second party the power to pay invoices as a result of small or bigger repair- and maintenance jobs; necessary to keep the property in good condition or done at the request of the owner.
        For example:  plumber, painter, electrician etc.
 All invoices and bills related to the property will be kept for a period of 5 years and shown to the first party at his request or will be available to view in our office.
 A statement of account showing expenses paid, income received and the balance of his account will be sent to the first party, at least every two months or whenever requested.
 The second party will try to contact the owner for his approval prior to carrying out repair jobs in excess of 250,00; unless an urgent decision had to be made and it was not possible to contact the owner.
 Upon request the property will always be available to be ready to let within 24 hours (between Monday and Saturday) after being notified.
 The second party will be responsible to keep the property in a good state of maintenance.
 For the above-mentioned services, Ricola Algarvia will receive a monthly fee as described in the price list, which is an integral part of this contract. The account of the client will be debited at the end of each month.
 On amounts paid by the second party in order to keep the property in a good condition and on purchases made at the request of the first party, the second party is allowed to receive a handling fee according to the price list attached. The account of the first party will be debited with the amount due at the end of each quarter.
 Any other service rendered by the administration will be paid as an extra according to the attached price list or if not mentioned in accordance with the workload involved on an hourly basis plus expenses.
 This applies for example to the obtaining of a certificate from authorities to legally let the property; the obtaining of a gas certificate in order to proof that the property is safe; laundry expenses and declarations to the inland revenue (IRS or IRC) regarding income received from letting. It also applies to assistance given or visits made to clients occupying the object of the first party, who are not considered clients of the second party.
 The cost incurred in writing extra letters, making telephone calls or sending faxes and e-mails related to issues considered to be outside the normal management activities according to the attached price list.
 The first party will always see that the balance in his account with the second party is positive and he will be held responsible for the payments of all bills as a result of jobs carried out to maintain his property.
 The second party will rece


Date Inserted: 02 April 2004
Last Updated: 24 August 2011
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