Property trust management agreement: sample and form

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SAMPLE AGREEMENT for trust management of property in the city of ________________ “__”_________20___ _____________________________________________________________________, (name of the enterprise-founder of the management) hereinafter referred to as the “Founder”, represented by _________________________ _____________________________________________________________________, (position, full name) acting on the basis of __________________________________________, (charter, regulations) on the one hand, and _________________________________________________, (name of the managing enterprise) hereinafter referred to as “Manager”, represented by ________________________ _____________________________________________________________________, (position, full name) acting on the basis of __________________________________________, (charter, regulations) on the other hand, have entered into this agreement as follows. I. Subject of the agreement and other general provisions 1.1. According to this agreement, the Management Founder transfers property to the Manager for a certain period of time in trust, and the Manager undertakes to manage this property in the interests of the Management Founder. 1.2. The transfer of property into trust management does not entail the transfer of ownership of it to the Manager. 1.3. The manager has the right to perform any legal and actual actions in relation to the property transferred to management in the interests of the Founder. 1.4. The Manager makes transactions with the property transferred for management on his own behalf, indicating that he acts as a trustee by marking “D.U.” in written documents after the name or designation of the Manager. 1.5. The object of trust management is _______________ (enterprise, _____________________________________________________________________ another property complex, a separate real estate object, _____________________________________________________________________, securities, exclusive rights or other property) hereinafter referred to as “property”. 1.6. The amount of the Manager's remuneration is: ____________ _________________________________ and is paid within the following terms and in the following order: ________________________________________________ _____________________________________________________________________ 1.7. Property transferred into trust management is reflected by the Manager on a separate balance sheet and independent accounting is maintained for it. 1.8. A separate bank account is opened for payments for activities related to trust management. 1.9. The property is transferred in the following order: _________________ _____________________________________________________________________ _____________________________________________________________________. II. Rights and obligations of the Manager 2.1. The manager exercises, within the limits provided by law, the powers of the owner in relation to the property transferred to trust management. The Manager carries out the disposal of real estate in the following cases: _______________________ _____________________________________________________________________. 2.2. The rights acquired by the Manager as a result of actions for trust management of property are included in the composition of the property transferred to trust management. The obligations arising as a result of such actions of the Manager are fulfilled at the expense of this property. 2.3. To protect the rights to property under trust management, the Manager has the right to demand the elimination of any violation of his rights in accordance with Articles 301, 302, 304 and 305 of the Civil Code. 2.4. The Manager submits to the Founder a report on his activities within the following terms and in the following order: _______________ _____________________________________________________________________ _____________________________________________________________________. 2.5. The manager has the right to reimbursement of expenses incurred by him from income from the use of the property. III. Responsibility of the Manager 3.1. A manager who has not shown due care for the interests of the Founder shall compensate the Founder for losses caused by loss or damage to property, taking into account its natural wear and tear, as well as lost profits. 3.2. The Manager is liable for losses caused unless he proves that these losses occurred as a result of force majeure or the actions of the Founder. 3.3. Debts under obligations arising in connection with the trust management of property are repaid at the expense of this property. In the event of insufficiency of this property, foreclosure may be applied to the property of the Manager, and if his property is insufficient, to the property of the Founder that has not been transferred to trust management. IV. Final provisions 4.1. This agreement is concluded for a period of up to: _____________________ _____________________________________________________________________. 4.2. In the absence of an application from one of the Parties to terminate this agreement at the end of its validity period, it will be considered extended for the same period and on the same conditions. 4.3. If one Party refuses this agreement, the other Party must be notified of this three months before termination of the agreement. 4.4. Upon termination of this agreement, the property under trust management is transferred to the Founder. 4.5. The agreement is drawn up in ________ copies. 4.6. Addresses and bank details of the Parties: Founder: _____________________________________________________ _____________________________________________________________________ Manager: ___________________________________________________ _____________________________________________________________________ Signatures of the parties: Founder: Manager: _____________________ _______________________ M.P. M.P.

Download the document “Sample. Sample agreement for trust management of property"

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.

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What objects can be transferred?

An object of trust management is a property (thing, object), the management of which the founder entrusts to another person. This is the main component of the agreement. Article No. 1013 of the Civil Code is devoted to objects of trust management.

According to the Civil Code of the Russian Federation, the following can be transferred:

securities;
sets of property assets;
copyright;
apartment;
a private house;
trading platforms;
warehouses;
office buildings;
enterprises;
other objects that belong to the category of real estate, etc.

The object must meet the following requirements:

to be an individually determined thing;
constitute non-consumable property;
be separated from the property of the parties to the agreement;
represent a certain value;
not to be withdrawn from civil circulation.

Property that is under operational management or economic management is not transferred to trust management. The exception is cases of liquidation of a legal entity, the owner of an object.

Money cannot act as an object. Exceptions are cases provided for by current legislation.

A property trust management agreement regulates the relationship between the owner of the property and the person whom he trusts to manage the property on his behalf.

The specifics of the trust management agreement depend on the type of property transferred for management.

We will consider the following types of trust management agreements, with samples:

general (framework) agreement
ward's property management agreement
agreement for the management of property constituting the endowment capital
contract for managing the property of a missing citizen
real estate management agreement
inheritance property management agreement

For all of these types of contracts there are general requirements . They are as follows:

The agreement is concluded between the owner and the manager. The owner may instruct the manager to act in his personal interests, or in the interests of another person who is not a party to the agreement.

The contract has a specific validity period. During this period, the manager is practically unlimited in the disposal of the property under management. The main condition is that all actions must be performed in the interests of the owner.

Participants in legal relations have the right to know that they are entering into an agreement not with the owner of the property, but with the manager. For oral transactions, he is obliged to warn about this, and for transactions made in writing, make a special note of the form “D.U.”

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.

Violation of this requirement entails financial liability of the manager himself, and not at the expense of the property under trust management.

What property can be transferred to trust management?

The object of trust management most often is real estate, securities that have a value expression of rights (property and intellectual) as well as other types of property.

Actually, the law establishes three prohibitions on trust management. Thus, the following cannot be transferred to management:

a) money as an independent object

b) things that are under economic control

c) things that are under operational management

Accordingly, any objects that are not subject to these prohibitions may be subject to trust management.

Money is transferred to trust management through the mechanism of funds, or using banks and the features provided for by the legislation on the securities market.

Who can be a trustee?

A legal entity or individual entrepreneur whose corresponding type of activity is provided for in the charter (constituent) documents or upon registration can act as a trustee. And if it is necessary to obtain additional permits, if such permits are available (for example, for professional participants in the securities market).

From among the citizens, the trustee may be the executor named in the will (the person executing the will), or the trustee who manages the property of the ward.

In most cases, by virtue of an agreement, a commercial organization or entrepreneur acts as a trustee, and on the basis of law, individuals are involved in trust management.

It is prohibited to act as a trustee for local self-government and state authorities, as well as unitary enterprises.

It is not allowed to combine two roles under a trust management agreement, namely the manager and the beneficiary. The reason, I think, is obvious. At a minimum – suspicions of a lack of objectivity.

Responsibility of the trustee

The manager must pursue one and main goal - caring for the interests of the person who entrusted him with managing the property.

For violation of this principle, the negligent trustee is obliged to compensate for direct losses caused to the property and lost profits from its use for its intended purpose.

However, caring is a double-edged sword. An overzealous manager who violates the limits of the powers granted is liable for the damage caused by his own property.

As well as responsible for debts incurred as a result of the implementation of trust management.

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In turn, the manager is paid a remuneration from the income received from the use of property under trust management.

What must be included in the trust management agreement?

A trust agreement is always concluded in writing.

If the subject of management is real estate, then the trust management agreement must be registered, as in the case of sale and purchase.

Violation of any of the above conditions entails the invalidity of the contract.

The property that is transferred for management is specifically listed in the contract.

It also indicates who the founder of the management is. In other words, who is the owner of the property who decided to transfer it to management.

It is separately stipulated in what amount, form and within what time frame the manager receives remuneration for his activities.

As a general rule, the validity period of a trust management agreement does not exceed five years. Existing exceptions relate to investment and securities laws.

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.

If, upon expiration of the trust management agreement, none of the participants declares their intention to terminate it, then the agreement is considered extended for the same period.

Samples of trust management agreements for downloading:

Termination of the trust management agreement

There is a certain list of circumstances due to which a trust management agreement is considered terminated. Among them:

death or liquidation (for organizations) of the beneficiary
refusal of the beneficiary to receive benefits under the contract in the future
death, incapacity or bankruptcy of the trustee
withdrawal from the contract due to the fact that the trustee has lost the ability to personally dispose of the managed property
refusal of the agreement by the founder for other reasons, with mandatory payment of remuneration to the manager

As a general rule, a party that intends to withdraw from a trust management agreement is required to notify the other party of this three months in advance. The contract may establish a different period.

Property transferred to trust management upon termination (termination of validity) of the agreement is returned to the founder.

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FINAL PROVISIONS

4.1. This agreement is concluded for a period of up to one year.

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4.2. In the absence of an application from one of the Parties to terminate this agreement at the end of its validity period, it will be considered extended for the same period and on the same conditions.

4.3. If one Party refuses this agreement, the other Party must be notified of this three months before termination of the agreement.

4.4. Upon termination of this agreement, the property under trust management is transferred to the Founder.