PMA Summary
Dear property owners,
Below is the summary of some changes to our Terms and Conditions that will take effect on February 1, 2024. No action is required at this time, but we encourage you to review our updated Terms and Conditions at your convenience as the new Terms and Conditions will serve as a binding legal agreement between you and Home365.
Our Standard Terms & Conditions are now utilized for both OnDemand clients and OneRate clients. A OneRate Addendum, which provides additional terms specific to the OneRate Program, now accompany the Standard Terms & Conditions for OneRate Clients. We have also simplified the listing of our fees [ Link here the fee schedule] in one schedule to make it easier for you to review.
Key changes to the Standard PMA Terms & Conditions include:
- This new plan will replace all the current PMAs in effect.
- Imposition of fees in the event of your account being overdrawn or where we, in our sole discretion, decide to advance a loan to you to cover your expenses and resulting negative balances;
- Leasing fees have been updated to reflect updates in the market and are based on monthly rent charges; and
- Eviction fees are updated by Geos.
We have also made some updates to our OneRate plan Addendum. Some of the key changes include:
- As a reward for your loyalty, where each coverage event is a multiple of rent which increases the longer you have been a client of ours;
- This reward loyalty program has enabled us to simplify the list of exclusions, which clarifies that our coverage is limited to ordinary wear and tear of fixtures within the four walls of the residence;
- For new clients a cooling off period of 60 days where termination fees do not apply if you decide to end management;
- A change in the calculation of our termination fees after the one year anniversary of onboarding, which will be based on our net costs over the prior six months only;
- A modification to the maximum aggregate coverage limit to include the lower of the current limit of $15,000 and 12 months rent;
- [Leasing and eviction fees included in coverage]
If you have any questions, please contact us.
The Home365 Team
Table of summary to help you understand the OneRate changes (applicable to OneRate clients Only)
Item
Section Reference
Current T&Cs
Updated T&Cs as of
28th Jan 2023
Home365’s Rental Rate Discretion
1.2
Home365 can reduce rental rate up to 10% from current rent
Home365 has the ability to adjust according to market rents
Annual Expense Limit
2.1
Annual limit of $15,000
Annual limit of the lower of $15,000 or 12 months worth of rent
Event Expense Limit
2.1
Annual limit of $15,000
Up to one month worth of rent per event for every year with Home365 to a maximum of three months coverage per one event
No Claim Period
2.2(a)
Two months other than for Rent Guarantee or Tenant Turnover Service which is three months following the Effective Date
Two months other than for Rent Guarantee, Tenant Turnover Service or Maintenance of Major Appliances which is three months following the Effective Date
Non Payment of OneRate Fees
2.2(f)
No excluded services
Potential suspension of OneRate services
Trash Removal Excluded
2.3(c)
No exclusions
The removal of the Tenant’s belongings or other items left behind in a Property, such as in the event of an eviction or lease turnover.
R&M Coverage
3.1
Coverage for normal wear & tear
Coverage for ordinary wear & tear within the four walls of the residence of the property
Rent Guarantee during Evictions
4.1(b)
Home365 covers while the timing/process is in our control
Up to one month coverage from date of eviction filing with the Eviction court to vacate
Rent Guarantee if OnBoarding Delinquent Tenant
4.2(a)
Until such delinquent tenant is current on all charges for at least two consecutive months under Home365 management
Until such delinquent tenant is current on all charges for at least three consecutive months under Home365 management
Rent Guarantee during Property Sale
4.3(f)
No exclusions
Rent Guarantee stops when: (i) the Property Manager is made aware of Owner’s intention to sell the Property; or (ii) the Property is first advertised for sale; or (iii) the Property is sold, from the earliest applicable date or the property is set as “Non Rentable”
Cooling-off Period
7.3
No cooling-off period
Can terminate during first 60 days without termination fee
Termination Fee
7.5
The higher of: (i) remaining months’ management fees, and (ii) Home365 expenses times 110% of costs net of fees received
During the Initial Term, the greater of:
(i) Home365 expenses incurred during the six months prior to termination less 10% of the Rent paid by the Tenant during that period; and
(ii) the remaining months’ management fees payable.
During any Renewal Term, the second limb ((ii) above) will be excluded from the calculation.
Fee and Expense Schedule
New Schedule
Not structured separately
New Fee and Expense Schedule introduced to streamline this section