How do I create an owner agreement?
The Owner Agreement is an important document that determines and regulates the relationship between the Owner/Co-owners on one end and the Property Manager on the other. This contract usually includes all necessary terms & conditions like reserves, management and service fees, property manager authority, etc.
TenantCloud allows Property Managers to create an unlimited number of Owner Agreements for one or a group of Owners directly from their Dashboard.
The Owner Agreement option is available only in Property Manager Mode. An Owner has to be assigned to at least one property.
This link might be useful for you:
Can I connect owners to properties if I am a property manager?
To create an Owner Agreement, please go to the "Contacts" > "Owners" page from the menu on the left side of your dashboard. Add a new owner contact or select the existing one and click the "View profile" button below the owner's name.
Select the "Agreement" section and click on "+add agreement" button to proceed with the action:
On the first "Terms & Ownerships" step, you need to fill out the agreement number, start and end date, and termination fees, if there are any. You also need to select an Owner or a Group of Owners to include in the Agreement and create automatic fees.
Select the "Sole Owner" option to create an agreement for a single property owner, or choose the "Ownerships" option to create a single agreement for multiple owners with split ownership of a property.
Fill in all required information and click the "Next" button at the bottom right corner of the page. On the "Properties & Fees" page, select one or several properties that should be included in the Agreement. The selected properties will become a part of the agreement addendum:
On the next "Agreement & Signature" step, you can add the terms and conditions of the Owner Agreement that comply with local laws and regulations and clearly communicate rights and obligations under the agreement.
There are several ways to add the terms and conditions verbiage to the Owner Agreement:
- You can paste the text from another agreement document into the appropriate field.
- You can select a previously created agreement template from the drop-down list. To use this option, first you must go to the "Account Settings" > "Document Templates" page and add the appropriate Owner Agreement template that complies with your local laws.
Along with the Property Management Agreement, you can add up to ten agreements and disclosures to be signed, as well as upload any required attachments.
The E-Signature feature located at the bottom of the page allows your Owner(s) to sign the agreement using their phone (or other device). This feature is available in the $9/month Standard Plan.
Once you have entered all the required information, click the "Create" button at the bottom right corner of the page to complete the process:
There are four statuses of the Owner Agreement:
The document is valid at the current moment of time (the "End Agreement" action is available within this status).
The document has expired and was not updated (no actions are available within this status).
The document is waiting to be signed by the Owner (the "Remove" action is available within this status).
Watch the video guide to learn more:
May. 11, 2021