TXR 2201 — Residential Leasing and Property Management Agreement

Identifies the property owner (with entity type if not an individual -- estate, corporation, LLC, trust, partnership, LLP, or other), the signing authority, and owner contact information. Names the broker with address, phone, and email. Establishes the exclusive appointment.

Describes the managed property by address (including unit numbers), legal description, county, and any non-real-property items included. References the Multiple Property Addendum for managing multiple properties under one agreement.

Establishes the agreement duration: a defined primary term with start and end dates, automatic month-to-month extension unless 30 days written notice is given, the broker's right to modify terms upon 30 days notice after the primary term, the broker's right to terminate if they cannot effectively provide services, and a reference to termination fees in Paragraph 13.

A detailed fee schedule divided into three parts: (I) Reserves -- the per-unit reserve amount; (II) Broker's Fees -- management fees (minimum or percentage of gross rents), leasing fees for new tenants, renewal/extension fees, maintenance coordination fees, interest on trust accounts, administrative fees, insurance/casualty/legal proceeding fees, sale coordination fees, benefit program compensation, and other fees; (III) Termination -- fees due if the agreement ends including all amounts due, remaining management fees or flat amount if property is leased, and flat amount if not leased.

Requires the owner to deposit a reserve fund into the broker's trust account upon execution. The broker may use reserves for any property expense including their fees. If reserves fall below the stated amount, the broker may deduct from rent or request additional funds. Reserves may be temporarily increased for make-ready costs during vacancies.

The operative section defining when each fee type is earned and payable. Management fees are earned daily regardless of vacancy. Leasing fees are earned at lease execution. Renewal fees are earned when the renewal/extension takes effect (excludes month-to-month renewals). Maintenance fees are earned when services are rendered. The broker retains administrative fees collected from tenants. Insurance, casualty, and legal proceeding fees are earned when services are rendered. Sale fees are earned upon service delivery. The broker may receive additional compensation from benefit programs and vendor services.

Grants the broker extensive authority across 26 enumerated powers (advertising, signage, MLS listing, access, key management, lease negotiation/execution/termination, rent collection, eviction, credit reporting, contractor hiring with spending limits, emergency repairs, utilities, and general management). Also covers record keeping (4-year retention, IRS reporting, monthly statements), security deposit trust account requirements, the broker's right to offset fees from trust funds, insurance and attorney limitations, trust account/MLS/keybox/listing content rules, performance standards, emergency contact authorization, and foreclosure protections.

Paragraph 8 requires compliance with all applicable laws including the Texas Property Code, fair housing laws, and HOA rules. Paragraph 9 requires the owner to advance all funds needed for leasing and management; the broker has no obligation to advance money or perform repairs unless health/safety is at risk.

Owner makes representations about ownership, absence of conflicting agreements, absence of delinquencies, accuracy of information, and copyright compliance for listing content. Property condition disclosures require noting any material health/safety issues. Lead-based paint addendum is mandatory for properties built before 1978.

Paragraph 11 lists 15 owner cooperation obligations, from facilitating showings to providing keys, passwords, warranties, HOA information, security deposits, and notifying the broker of financial delinquencies. Paragraph 12 requires the owner to maintain liability insurance naming the broker as co-insured and property insurance with vacancy endorsements. Insurance certificates must be provided within 15 days. If the owner fails to maintain insurance, the broker may purchase it at the owner's expense.

Upon termination, the owner owes fees per Paragraph 4(III). The broker has no obligation to continue services. Off-boarding services (processing invoices, utility bills, security deposits, etc.) extend for a specified number of days after termination. Funds received after termination are split between broker (percentage for services) and owner. All termination provisions survive the agreement's end.

Covers expense reimbursement (copy, mail, travel, photos, mileage at IRS rate), cooperation with other brokers (broker may offer compensation to tenant's agent), liability and indemnification (broker not liable for third-party acts or tenant damages; owner indemnifies broker), default (10-day written cure period, then termination and fee recovery), mediation (mandatory good-faith negotiation then mediation with shared costs), and attorney's fees (prevailing party recovers costs).

Final sections covering: special provisions (blank space for additional terms), a comprehensive addenda checklist (16 possible attachments including mandatory ones), agreement of parties provisions (entire agreement, no assignment, binding effect, joint and several liability, Texas law, severability, notice requirements, and REALTOR copyright requirement), and important informational disclosures (fee negotiability, fair housing compliance, security device requirements under Property Code, wire fraud warning, and foreign person tax withholding requirements).

Provides signature blocks for the broker (with license number), option for broker or broker's associate to sign, and up to two owners with dates.