When you chose to hire OneSeven Realty, Inc as your new property manager, there are a few forms that you will be asked to fill and sign which include the following:
- Property Management Agreement – This is the contract between you and OneSeven Realty, Inc detailing pricing and expectations between both parties, as well as your specific property information. Not only is this a very important piece of the puzzle for you and us, but agencies such as DSS and Section 8 will require a copy of this as well before they will issue payments to OneSeven Realty, Inc for your property.
- Client Information Form – This form is to provide OneSeven Realty, Inc with all your pertinent contact and payment information such as name, phone, address, email and banking info. If you decide NOT to provide your banking info, then a paper check will be mailed to you for your net monthly rents instead of a direct deposit. For US bank accounts – there is no fee to deposit. For international bank account – a wire fee may apply.
- W9 Form – This form is to provide your tax payer identification to One Seven Realty, Inc per IRS standards. Rest assured this information will be kept securely and private. This form is used so at the end of the year we can properly report your annual income via 1099misc to the IRS. This form applies only to US citizens or US based LLCs/Incs.
- W-8ECI Form – This form is for NON-US citizens or foreign corporations only. This is the IRS tax form required to be supplied to us with your ITIN so at the end of the year we can properly report your annual income via form 1042.
- Please ask for more information regarding applying for an ITIN if needed.
- Dual Agency Form – In the event your property is vacant and OneSeven Realty, Inc is in the position to place a tenant and the tenant does not have an agent of their own, OneSeven Realty, Inc is put into a dual agency situation, representing you, the owner by finding/placing your tenant, and the tenant by acting as their rental agent. This is mandated by NYS Real Estate Laws, and is only used in this specific situation. Would not apply in any type of sales situation.
If you have any questions at all regarding these forms, please feel free to ask!