Microsoft Word - Virginia REALTORS Form 900A - Termination of Property Management Agreement

VAR FORM 900A Revised 07/1801/20 PAGE 1 OF 2

Reviewed 07/1801/20

VIRGINIA REALTORS®

TERMINATION OF PROPERTY MANAGEMENT

AGREEMENT

(This is a legally binding contract; if not understood, seek competent advice before signing.)

This TERMINATION OF PROPERTY MANAGEMENT AGREEMENT made as of

and effective as of ___________________ (“Effective Date”) between

(the “Owner”), and

(firm/broker) (the “Agent”) and terminates the

Residential Property Management and Exclusive Rental Agreement dated , (the

“Agreement”), where Owner employed the Agent as sole and exclusive Agent to rent and manage Property

located at

1. Owner and Agent mutually terminate entirely all of their respective rights and obligations arising under the

Agreement.

2. Owner and Agent mutually release and fully discharge each other from any and all claims, demands,

damages, actions, or liability of any kind and nature whatsoever for, on account of, based on, or resulting

from negotiation, execution, performance, termination and release of the Agreement, both as to all matters

and things now known or unknown, and also as to all matters and things which may hereafter be discovered.

3. This Termination of Property Management Agreement shall be construed, interpreted, and applied according

to the law of Virginia, and it shall be binding upon and shall inure to the benefit of the heirs, personal

representatives, successors, and assigns of the parties.

4. This Termination of Property Management Agreement constitutes the entire understanding among the

parties and may not be modified or changed except by written instrument executed by all parties, and all

parties understand its contents and execute it solely for the consideration herein described and without any

other representation, promise, undertaking, or agreement of any kind whatsoever.

5. If this Termination of Property Management Agreement is being executed to coincide with the end of a

tenancy, Agent will comply with requirements of Property Management Agreement related to the end of a

tenancy, to include move out inspection and security deposit disposition.

6. If a tenant is leasing the Property,

a. Agent will provide copies of all tenant records to Owner except those prohibited by law.

b. Owner accepts responsibility for communicating the change in managing agents to the tenant(s).

c. The entire security deposit made by the tenant and held by

in escrow under the Agreement and/or Lease shall be disbursed to

NOTE: Prior to releasing funds from the escrow account, Agent must

provide notice to the Tenant of such disbursement.

7. Pursuant to the Residential Property Management and Exclusive Rental Agreement Owner owes Agent the

following fees which are immediately due and payable:

Management Fee: $

Other $

Total: $

8. Any funds held in the Owner’s Maintenance Account pursuant to the Residential Property Management and

Exclusive Rental Agreement will be returned to Owner within 45 days after the termination of the Agreement

VAR FORM 900A Revised 07/1801/20 PAGE 2 OF 2

Reviewed 07/1801/20

less any outstanding obligations incurred under the Agreement, including but not limited to those listed in

paragraph 7 above.

9. Other provisions:

WITNESS the following duly authorized signatures:

/ /

Date Owner Date Agent

Date Owner

standing with the VIRGINIA REALTORS®. The reproduction of this form, in whole or in part, or the use of the name "VIRGINIA

REALTORS®," in connection with any other form, is prohibited without prior written consent from the VIRGINIA REALTORS®