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RENT COLLECTION
Rent payable on or before the 1st day of month. Short grace period allowed
before personal, legal collection, or court action commenced. If collection
agency or court action necessary agent handles on owners behalf and expense.
SECURITY DEPOSITS AND ADMINISTRATION
Maximum usually collected, with no interest payable to tenant. Credited to
Owners account or special trust. Deposit, and Deduction Statement administered
by Agent at termination of tenancies.
ACCOUNTING, INCOME AND EXPENSE
Rental, security deposit receipts, property expenses, are credited and charged
to Agents Property Owner's Trust Account. Monthly statements are sent to owners
outlining all activity concerning property rent collections, repairs, monthly
maintenance of gardening, pools, etc.
By owner request, funds may be accumulated to pay property taxes and major
annual expenses. Minimum balance maintained in Owners Account to cover emergency
expenses.
Recommended that Owners pay Mortgage payment property taxes with Net Rental
Income check forwarded to owner or owner's bank account monthly (Mortgages
payments will be made by agent by special request).
Non-Resident Owners required to carry extra funds in bank account to carry
mortgage, rent delinquency, and adjusted Owner Net Payouts re: security deposit
return, insurance premiums, major repairs, annual leasing and renewal fees.
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