1/ Agent Authorization. By signing this agreement the Owner or authorized agent verifies that they have the legal right to rent the above Property. The Owner does hereby authorize and give Island Realty Group/Joseph Zarroli (Rental Agent) permission to rent this Property at the rates and for the rental periods listed below or for any other price or length of stay to which the Owner may agree. The term of this Rental Listing Agreement is for the period beginning with the date of this form's submission and ending on the 31st day of December of the same year unless extended by a written extension. Any decrease in the rental rates set forth below must be approved by Owner in writing. NO VERBAL APPROVALS OF RATES WILL BE ACCEPTED.
2/ Real Time Rental Owner Platform. Upon receipt of this listing agreement executed by Owner, Rental Agent will provide the Owner access to the Real Time Rental Owner Platform (RTROP). The Owner will be responsible for maintaining the calendar which shall designate all unavailable time periods, Owner guest reservations, or other agency bookings. Any time period which is not designated as reserved or otherwise unavailable on the RTROP shall be considered available for the purpose of securing rentals. Rental Agent will contact the Owner via phone & email to report any reservations secured by Rental Agent. Owners must IN WRITING confirm all rentals secured by Rental Agent within 2 days of Owner’s receipt of notice from Rental Agent. Rental Agent will notify all agencies listed above as marketing the property for rental via facsimile immediately. It is the Owner’s responsibility to verify availability on their online calendar prior to entering into any Owner secured leases or outside agency reservations.
3/ Double Bookings. In the event the unit is double booked either through Owner error or outside agency error, the rental notification date shall take priority and be permitted occupancy. In the event a renter voluntarily terminates its rental agreement for a Property due to a double booking by the Owner or outside agency, the Owner shall pay Rental Agent the commission due on the rental amount of the original rental agreement and immediately refund to Island Realty Group any amounts paid on account of the canceled rental.
4/ Rental Payment Collection and Disbursement. Rental Agent shall collect on behalf of Owner all rental and security deposits. All funds shall be placed in the Rental Agent's Escrow Account (a non-interest bearing account) prior to disbursement. Owner disbursements shall be made as follows:
Owner’s portion of initial rental deposits required to reserve the property shall be disbursed to the Owner beginning March 15th of the year in which this agreement is in effect. Thereafter initial rental deposits will be disbursed on the 15th of each succeeding month until the 1st Monday of June when rental payments will be disbursed on a weekly basis.
Owner’s portion of remaining rental balances shall be paid on a weekly basis, based on the rental agreement check-in date. (For example: a Saturday or Sunday check-in will be disbursed on the Monday immediately following check-in)
5/ Disputes. In the event a dispute arises on a rental for issues unrelated toparagraphs 8 and 9 in this agreement, funds will be held by Rental Agent until the dispute can be resolved between the parties. In the event the Owner has been paid the rental proceeds, the Owner is responsible for said funds and shall be liable for any payment due back the renter and or Island Realty Group should the dispute be resolved in favor of the renter.
6/ Commission. Owner agrees to pay Rental Agent a commission of twelve (12%) percent of the gross rental amount for all rentals procured by Rental Agent. All payments are to be collected by Rental Agent, and commission shall be deducted from each installment of rent received by the Rental Agent. Owner understands and agrees that the commission fee is solely for the purpose of securing renters and does not include maintenance, cleaning or property management services. In addition, if a renter procured by the Rental Agent purchases, leases or rents the Property from the Owner within two (2) years of the date of the initial rental agreement, the Owner agrees to pay the Rental Agent a commission of twelve (12%) percent for the rental or six (6%) percent for the purchase. AS LESSOR AND/OR SELLER, YOU HAVE THE RIGHT TO INDIVIDUALLY REACH AN AGREEMENT ON ANY FEE, COMMISSION OR OTHER VALUABLE CONSIDERATION WITH ANY BROKER. NO FEE, COMMISSION OR OTHER CONSIDERATION HAS BEEN FIXED BY ANY GOVERNMENTAL AUTHORITY OR BY ANY TRADE ASSOCIATION OR MULTIPLE LISTING SERVICE.
7/ Sale. In the event the property is scheduled to be sold during the listing contract time period, the current Owner will provide Rental Agent with at least 30 days notice prior to closing. Owner agrees to provide Rental Agent with all Broker/Agent information concerning the sale as well as all contact information of the buyer. Upon receipt of the said notice, Rental Agent will discontinue its efforts to rent the property after the closing date, unless instructed otherwise by Owner. Owner is responsible for the reimbursement to Rental Agent of any rental funds paid to them previously that would be due to the Buyer at the time of closing for any rental agreements pending. Owner agrees to reimburse Rental Agent at least 2 weeks prior to closing for reallocation to the Buyer. The listing agreement for sale must include the status of pending rentals for the property as prescribed by law and any sale of the property shall be subject to all rentals booked by Rental Agent prior to the closing date. For properties actively marketed for sale showings during the rental season will only be permitted durung the changeover period once tenants have checked out.
8/ Cancellation. In the event of a cancellation by the renter, all funds shall be held by Rental Agent until the earlier of (i) the last date of the rental period; or (ii) in the event the property is re-booked, the date upon which payment is received in full from the new renter. In the event the unit has been rebooked the canceling renter shall receive a refund of all monies paid less (i) the processing fee collected by Rental Agent; and (ii) in the event the property is rented for an amount less than the original price, the difference between the original rental price and the new rental price. If the unit has not been rebooked any collected funds shall be disbursed to the Owner less the processing fee due to the Rental Agent and commission based on the amount collected. In the event of a cancellation by the owner, owner must notify the Rental Agent immediately in writing of their decision to cancel a rental and provide the reason for cancellation. In the event such cancellation is due to a late rental payment by the renter, the tenant must be afforded 10 days to cure said payment deficiency. Should the deficiency be cured the rental agreement shall remain in effect.
If the Owner has already received funds for the cancelled reservation and the renter is due a refund the Owner shall return the funds to Rental Agent; provided that , if the Owner has available monies in their Owner’s account, Rental Agent may deduct the refund amount from funds to be paid to the Owner on account of other rentals.
9/ Security Deposit. Rental Agent will automatically refund all security deposits ten (10) days after expiration of the rental period unless otherwise directed by the Owner in writing is received by Rental Agent within three (3) days of the renter’s departure. The Owner is solely responsible for monitoring the condition of the Property and advising the Rental Agent, in writing, as to the disposition of the security deposit. Owners understand that security deposits may NOT be held for normal wear and tear items. Security deposits can be held for such conditions as excessive cleaning, trash removal, damage/expense due to renter’s negligence or any other item that suggests the renter did not leave the property in the condition in which renter found it. In the event of any dispute, it is the Owner’s responsibility to notify Rental Agent in writing and supply photos and/or invoices indicating the damage and repair. Also in the event of a dispute, the Owner authorizes the release of the Owner’s contact information.
10/ Non-refundable Renter Processing Fee. Owner understands and agrees that the Rental Agent may charge a non-refundable processing fee to the renter.
11/ Agency Disclosure. Rental Agent is acting solely as a Transaction Agent in each rental secured by Island Realty Group. By signing below, Owner acknowledges receipt of the Consumer Information Statement on New Jersey Real Estate Relationships, which may be viewed or downloaded from one of our websites.
12/ Owner Indemnification. Rental Agent cannot be held responsible for the fulfillment of any terms or payments of a reservation/rental of the property. Rental Agent is not responsible and cannot be held liable for any damage to real or personal property or any stolen items. Nor can Rental Agent be held liable or responsible for any work or services performed by third parties, such as independent contractors, handymen, companies including but not limited to carpet cleaning, appliance repair; etc. Owner hereby agrees to hold Rental Agent harmless from any and all claims, losses and actions arising from Rental Agent’s performance under this agreement; including, but not limited to, claims for personal injury, property damage, security deposit disputes, breach of rental agreement terms, failure to pay any rental amounts when due and renter claims of non-habitability. Rental Agent is not responsible to enforce the terms of any rental agreement or to evict or remove renters in the event of their breach of the rental agreement.
13/ Form of Agreement. Rental Agent is utilizing a standard form rental agreement for Owner’s use. Rental Agent has not prepared the rental agreement on Owner’s behalf and makes no representations regarding the content of the rental agreement. Owner acknowledges that Owner has had the opportunity to have Rental Agent’s form rental agreement reviewed by Owner’s counsel. Owner releases and holds Rental Agent harmless from and against all claims arising from Rental Agent’s form rental agreement.
14/ Condition of Property. Rental Agent has no duty to inspect or make repairs to the property. Owner represents and warrants that the Property is habitable and is in compliance with all Local, County, State and Federal Laws and regulations including but not limited to those pertaining to Licensing, Land Use, Health, Housing Code and Fire Safety. Owner is solely responsible for all property inspections. All Owner personal items will be secured in a designated, locked Owner’s closet. Owner also certifies that to the best of Owner’s knowledge all heating, air conditioning, plumbing, electrical, mechanical systems, and appliances are in good working order and furnishing and bedding are in good condition. Owner understands that in preparation for the first check-in, their unit must be entirely Spring Cleaned which includes but not limited to, all carpets cleaned, all surfaces dusted, all windows cleaned, all furniture polished, all kitchen appliances & cabinets cleaned and all baths cleaned. Prior to Rental Agent’s first check-in, Rental Agent reserves the right to inspect the property. In the event, a property is not spring cleaned, the Owner will be given 10 days to comply. If the Owner does not comply with Spring Cleaning, Rental Agent may have the property cleaned and charge the Owner’s account accordingly.
15/ HOA Association Fees. In the event the Tenant is denied usage of common are amenities due to non-payment of assessments, association or condo fees, the Owner agress to permit Island Realty Group to deduct any outstanding assessments or fees due to the Association from any rental income due to the Owner and to forward same to the Condominium Association, if necessary. Island Realty Group reserves the right to charge a $50 processing fee for each transaction.
16/ Cleaning. If a client of Rental Agent arrives at a property and the home has not been properly cleaned, Rental Agent reserves the right to have the cleaning performed and deduct the cleaning amount from the Owner’s proceeds. Additional charges may apply for after hour’s service or for extensive cleaning.
17/ Repairs & Maintenance. Rental Agent is not operating as a property management or maintenance service company under this agreement. Owner authorizes Rental Agent to undertake repairs, replacement or cleaning up to a maximum of $300.00 for each incident. For repairs, replacements or cleaning exceeding this sum, Rental Agent will attempt to obtain permission of Owner. In the event the Owner can not be reached Rental Agent reserved the right to obtain a contractor or perform services in emergency situations and deduct any service amount from the Owner’s proceeds. This paragraph 15 shall not create any duty or obligation upon Rental Agent with respect to the inspection or repair of the property. In the event agent needs to purchase/deliver any items to the property a service charge may apply.
18/ Appliance / Systems Information. If you have a Service Contract for any of the systems (HVAC, appliances etc), please provide the service company information below. If you don’t have a Service Contract but do use a specific repairman or contractor, please provide that information. In the event a contractor is not provided the Rental Agent reserves the right to provide a suitable contractor.