Terms of Services

Terms of Services

Last Updated: January 1, 2025

1. Introduction and Acceptance of Terms

These Terms of Service (“Terms”) constitute a legally binding agreement between Tri Borough Management LLC (“Company,” “we,” “us,” or “our”) and the property owner(s) (“Client,” “you,” or “your”) engaging our property management services. These Terms are governed by applicable federal laws and the laws of Virginia without regard to conflicts of law principles.

PLEASE READ THESE TERMS CAREFULLY. BY ACCESSING OR USING OUR SERVICES, YOU AGREE TO BE BOUND BY THESE TERMS AND ALL APPLICABLE LAWS AND REGULATIONS.

2. Legal Compliance and Regulatory Framework

2.1 Federal Law Compliance

– Fair Housing Act (42 U.S.C. 3601 et seq.)

– Americans with Disabilities Act (42 U.S.C. 12101 et seq.)

– Fair Credit Reporting Act (15 U.S.C. § 1681 et seq.)

– Service members Civil Relief Act (50 U.S.C. § 3901 et seq.)

– Federal Fair Debt Collection Practices Act (15 U.S.C. § 1692 et seq.)

2.2 State and Local Compliance

– All services provided comply with [State] Property Management Laws

– Local housing codes and ordinances

– State-specific landlord-tenant laws

– Real estate licensing requirements

3. Service Scope and Authorization

3.1 Legal Authority

By engaging our services, you warrant that:

– You have legal authority to enter into this agreement

– You possess legitimate ownership or management rights to the property

– The property is not subject to current legal proceedings

– All mortgage payments, taxes, and assessments are current

3.2 Agency Relationship

– Company acts as Client’s authorized agent

– Scope of authority as defined in Property Management Agreement

– Fiduciary responsibilities acknowledged and accepted

– Dual agency situations disclosed when applicable

4. Liability and Indemnification

4.1 Limitation of Liability

Company’s liability shall be limited to:

– Amount of fees paid for services

– Direct damages only

– Excludes consequential, incidental, or punitive damages

– Force majeure events excluded

4.2 Indemnification

Client agrees to indemnify, defend, and hold Company harmless from:

– Claims arising from property ownership

– Tenant actions or disputes

– Environmental hazards

– Property conditions

– Regulatory violations predating management

5. Insurance Requirements

5.1 Required Coverage

Property Owner must maintain:

– Commercial General Liability ($1,000,000 minimum)

– Property Insurance (Full Replacement Value)

– Umbrella Coverage (Recommended)

– Workers’ Compensation (If Applicable)

5.2 Additional Insured

– Company must be named as additional insured

– Certificates provided annually

– 30-day notice of cancellation required

6. Financial Terms and Procedures

6.1 Trust Account Management

– Separate trust accounts maintained per state law

– Monthly reconciliation and reporting

– Annual third-party audits

– FDIC-insured institutions only

6.2 Tax Reporting

– 1099 forms issued annually

– Property tax payment verification

– Income/expense documentation

– Required IRS reporting compliance

7. Fair Housing and Anti-Discrimination

We strictly adhere to Fair Housing laws prohibiting discrimination based on:

– Race, color, national origin

– Religion, creed

– Sex, gender identity, sexual orientation

– Familial status

– Disability

– Any other protected class under federal, state, or local law

8. Data Privacy and Security

8.1 Information Collection and Use

Compliance with:

– Federal and state privacy laws

– Data protection regulations

– Industry security standards

– Written information security program

8.2 Data Breach Procedures

– Immediate notification of affected parties

– Compliance with state breach laws

– Remediation procedures

– Credit monitoring when required

9. Dispute Resolution

9.1 Mandatory Mediation

– Required before litigation

– Costs shared equally

– Licensed mediator selection

– Good faith participation required

9.2 Arbitration Agreement

NOTICE: BY USING OUR SERVICES, YOU AGREE THAT ANY DISPUTE SHALL BE RESOLVED BY BINDING ARBITRATION RATHER THAN IN COURT, SUBJECT TO YOUR RIGHT TO OPT OUT. THIS INCLUDES CLASS ACTION WAIVERS.

10. Termination and Material Breach

10.1 Termination Rights

– 30-day written notice required

– Immediate termination for material breach

– Property sale provisions

– Final accounting requirements

10.2 Post-Termination Obligations

– Document transfer

– Fund disbursement

– Tenant notification

– Final reporting

11. Force Majeure

Company shall not be liable for delays or failures in performance resulting from:

– Acts of God

– Government restrictions

– Natural disasters

– Pandemics

– Other circumstances beyond reasonable control

12. Severability

If any provision of these Terms is found to be unenforceable, the remaining provisions shall continue in full force and effect.

13. Amendments and Modifications

13.1 Updates to Terms

– 30-day notice of changes

– Continued use constitutes acceptance

– Material changes require written acknowledgment

– Opt-out rights when applicable

14. Notice and Communication

14.1 Legal Notices

All legal notices must be in writing and delivered by:

– Certified mail, return receipt requested

– Overnight courier

– Hand delivery with receipt

– Electronic means with confirmation

15. Entire Agreement

These Terms, together with the Property Management Agreement, constitute the entire agreement between the parties and supersede all prior or contemporaneous agreements.

16. Contact Information

Tri Borough Management
1509 Dodona Terrace Unit 205
Leesburg, VA 20175

Phone: 703-563-6636

Email: [email protected]

Website: www.3borough.com

 

Emergency Contact: 703-563-6636

17. Acknowledgment

BY USING OUR SERVICES, YOU ACKNOWLEDGE THAT YOU HAVE READ, UNDERSTOOD, AND AGREE TO BE BOUND BY THESE TERMS OF SERVICE, INCLUDING THE ARBITRATION AGREEMENT AND CLASS ACTION WAIVER DESCRIBED IN SECTION 9.