Apartment trust management agreement

Sample trust agreement

g. ________________ “__”___________ ____ g.

_____________________________________________, hereinafter referred to as the "Management Founder", represented by _______________________, acting___ on the basis of _________________ ____________________________, on the one hand, and ___________________________________, hereinafter referred to as the "Trustee", represented by _______________________, acting___ on the basis of _________________________________________________________, on the other hand, jointly referred to The “Parties” have entered into this Agreement as follows:

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Subject of the agreement

1.1. The management founder transfers the property for trust management to the Trustee for the period established in this Agreement, and the Trustee undertakes to manage this property in the interests of the management founder (option: in the interests of __________________________________________________________).

1.2. The object of trust management is ________________________________ _______________________ ______________, hereinafter referred to as “Property”.

1.3. The property belongs to ____________________ by right of ownership, which is confirmed by ____ ___________________________________________ dated “_”_____ __, N __, issued by _________ ____________________________.

1.4. The transfer of Property into trust management does not entail the transfer of ownership of it to the Trustee.

1.5. The property transferred into trust management is not encumbered (option: encumbered) with collateral.

Option for transferring real estate to trust management:

1.6. The transfer of Property into trust management is subject to state registration in the manner established by the current legislation of the Russian Federation. The costs of transferring the Property into trust management and state registration of this Agreement are borne by ______________________.

Essential terms of the agreement

The first sheet of the property trust management agreement Unlike many other categories of civil law transactions, the trust management agreement is characterized by several essential conditions directly regulated by civil law. The list of such conditions is formed in Article 1016 of the Civil Code of the Russian Federation:

• The composition of property objects in respect of which a management agreement is concluded;
• Data of the individual or organization in whose interests the management is carried out;
• The procedure for determining the amount of remuneration, as well as its form, if the decision to pay such remuneration is included by the parties in the text of the agreement;
• Contract duration.

Expert opinion

Kurtov Mikhail Sergeevich

Practitioner lawyer with 15 years of experience. Specializes in civil and family law. Author of dozens of articles on legal topics.

Important! The law regulates the deadline for which a property asset management agreement can be concluded. It lasts five years, and for certain categories of property it can be established by additional regulations.

However, the expiration of the contract does not always mean the termination of the trust management relationship. If neither party declares termination of the contract, it will be considered renewed for the same period and on similar terms as the original agreement.

This is important to know: Division of property in marriage: what is joint property, how does division occur?

The inclusion of these essential provisions is not a right, but an obligation of the parties. An exception is allowed only in relation to the manager's remuneration - if the parties have not provided for such a condition in the agreement, there is no need to indicate the amount and form of remuneration.

All essential terms of this type of agreement must be agreed upon by the parties before signing it. If there is no agreement between the parties on all essential terms, the contract cannot be concluded.

Rights and obligations of the parties

3.1. The founder of the management has the right:

3.1.1. Check the execution of the Agreement by the Trustee.

3.1.2. Exercise control over the actions of the Trustee by inspecting the Property transferred to trust management and becoming familiar with the balance sheet maintained by the Trustee.

3.1.3. Receive all information and reports submitted by the Trustee to state regulatory authorities in accordance with the current legislation of the Russian Federation.

Option if the Management Founder is a beneficiary under the Agreement:

3.1.4. Receive income from the Property transferred for management minus the amounts payable to the Trustee in the form of remuneration and compensation for expenses for trust management.

3.2. The founder of the management is obliged:

3.2.1. Transfer to the Trustee the Property, as well as all documents and information necessary to fulfill the obligations and exercise the rights under this Agreement.

3.2.2. Pay the Trustee remuneration in accordance with Art. 4 of this Agreement.

3.2.3. After termination of this Agreement, accept the Property returned by the Trustee in the manner established by this Agreement.

3.3. The trustee has the right:

3.3.1. Carry out transactions on his own behalf with the Property transferred for management, indicating that he acts as a Trustee by marking in written documents after the name or designation of the Trustee “D.U.”

3.3.2. Exercise , within the limits provided by law and this Agreement, the powers of the owner in relation to the Property transferred to trust management. The Trustee may dispose of the Property only with the prior written consent of the Management Founder in the following cases:

1. ____________________________________________________________.
2. ____________________________________________________________.
3. ____________________________________________________________.

3.3.3. The rights acquired by the Trustee as a result of actions to manage the Property are included in the composition of this Property. The obligations arising as a result of such actions of the Trustee are fulfilled at the expense of this Property.

3.3.4. To protect the rights to the Property under trust management, the Trustee has the right to demand the elimination of any violation of his rights in accordance with the civil legislation of the Russian Federation.

3.3.5. Instruct another person to perform on behalf of the Trustee the actions necessary to manage the Property with the written consent of the Management Founder or if the Trustee is forced to do so due to circumstances to ensure the interests of the Management Founder (or _______________________________________) and does not have

the opportunity to receive instructions from the Founder of the Management within a reasonable time. The trustee is responsible for the actions of his chosen attorney as if they were his own.

3.4. The trustee is obliged

3.4.1. Separate the Property received by him for trust management or acquired by him at the expense of the funds of the Management Founder from other property of the Management Founder and from his own property. This Property is reflected by the Trustee on a separate balance sheet, and independent accounting is maintained for it.

3.4.2. Open a separate bank account for making payments for activities related to the trust management of the Property.

3.4.3. Within _____ days after the end of ___________________________, submit a report on your activities to the Founder of the management (Appendix N _____).

The report will be considered accepted if, within _____ days, the Management Founder does not send the Trustee his objections to the report in writing.

3.4.4. Transfer to the Management Founder (option: ________________________________ ___________________________________) all benefits and income received from the trust management of the Property, with the exception of funds aimed at covering expenses associated with trust management, (Sample trust management agreement), taxes, as well as other payments and expenses provided for this Agreement.

Income received from the management of the Property, as well as expenses incurred by the Trustee during the execution of this Agreement, are taken into account by him on a separate balance sheet and are indicated in the report submitted to the Management Founder.

If the amount of income received from the management of the Property exceeds the expenses incurred in connection with this, the Trustee is obliged to transfer the resulting difference to the Founder of the management (option: _____________________________________________).

The amounts of the above difference must be transferred by the Trustee to the settlement account of the Management Founder specified in Art. 9 of this Agreement (option: to the current account ___________________________ ___________________________________________________ using the following details: _____________________________________________________________________).

3.4.5. Ensure the safety of the Property under trust management.

Rights and obligations of the manager

The responsibilities of the trustee under this agreement include:

• Represent the interests of the beneficiary and exercise his powers;
• Timely provide the beneficiary with a full report on the actions taken regarding the entrusted object;
• When carrying out any operations relating to the entrusted object, note that he is a trustee (mark “D.U.” when concluding agreements and any other documents).

The rights of the trustee under the trust agreement are:

• demand compensation for representation and other mandatory expenses incurred by the manager as a result of activities directly related to trust management. All expenses are reimbursed through income received from the operation of the property.

Procedure for transfer and return of property

4.1. Within _____ (__________) days from the date of conclusion of this Agreement, the Management Founder transfers the Property to the Trustee.

4.2. The transfer of the Property is carried out according to the Property Acceptance and Transfer Certificate , which is an integral part of this Agreement (Appendix No. ___).

4.3. In the event of early termination or termination of this Agreement, the Trustee shall return the Property under trust management within _____ days from the date of expiration of the Agreement.

4.4. The return of the Property is also carried out according to the Property Return Certificate, which is drawn up by the Trustee within the period established by clause 4.3 of this Agreement.

Trustee's remuneration

5.1. The amount of the Trustee's remuneration under this Agreement is _____% of the income received as a result of trust management, and is paid within _____ (__________) business days from the date of approval of the relevant report.

5.2. The Trustee has the right to full reimbursement of necessary expenses incurred by him related to the management of the Property from the income from the use of this Property.

Responsibility of the parties

6.1. The Trustee, who did not show due care for the interests of the Management Founder during the trust management of the Property (or: ________________________________________________), compensates Management Founder for losses caused by loss or damage to the Property, taking into account its natural wear and tear, as well as lost profits (option: a - _________________________________________________ - lost benefit during trust management of the Property).

The Trustee is liable for losses caused unless he proves that these losses occurred as a result of force majeure or the actions of the Management Founder (or __________________________________ _____________________________________________).

6.2. Obligations under a transaction made by the Trustee in excess of the powers granted to him or in violation of the restrictions established for him are borne by the Trustee personally. If third parties participating in the transaction did not know and should not have known about the excess of authority or about the established restrictions, the resulting obligations are subject to fulfillment in the manner established by clause 6.3 of this Agreement. In this case, the management founder may demand from the Trustee compensation for losses incurred by him.

6.3. Debts under obligations arising in connection with the trust management of the Property are repaid at the expense of this Property. In the event of insufficiency of this Property, foreclosure may be directed to the Property of the Trustee, and in case of insufficiency of his Property, to the property of the Management Founder that has not been transferred to trust management.

6.4. Foreclosure of the debts of the Management Founder on the Property transferred by him to trust management is not permitted, except for the insolvency (bankruptcy) of the Management Founder. In the event of bankruptcy of the Management Founder, the trust management of the Property is terminated and it is included in the bankruptcy estate.

Trust property management

Knowledge of the rules for concluding a property trust management agreement can be useful both for organizations and entrepreneurs, and for any person. Our article describes the main features and settlement procedure for this type of agreement.

HER. Amarina, expert of AG "RADA"

The subject of a trust management agreement can be any property other than money. The exception is banks and other credit organizations that carry out trust management of funds under an agreement with a company or individual.

Trust management agreement

Under this agreement, property is transferred to trust management for a certain period. Parties to the agreement:

– founder of the management;

- trustee.

The founder of the management is the owner of the property. But there are exceptions. For example, if we are talking about the property of a minor. In this case, it may be a trustee.