COIT CROSSING PLANO, TX (DALLAS MSA)
PRI CING & F INAN CI AL AN ALYSI S
CO IT C R O SSING - P LANO, T X
Coit Crossing 3825 W Spring Creek Pkwy Plano, TX 75023
OFFERING SUMMARY Price Cap Rate Net Operating Income
$9,000,000 7.01% $630,611
Price PSF
$221.25
Occupancy
100.0%
Year Built
2001
Gross Leasable Area
42,033 SF
Lot Size
4.56 Acres
F I N A N C I A L A N A LY S I S
2
I N VE S TMENT HI GHLI GHT S
CO IT C R O SSING - P LANO, T X
• Tremendous Trade Area with High Growth & Incomes: Coit Crossing is a true neighborhood center in this affluent section of the rapidly growing city of Plano. Nearby high-end subdivisions include Whiffletree and Forest Creek Estates. • Stabilized Asset with Upside Opportunity: The Property is currently 100% occupied providing investors with a stable current cash flow with builtin rental increases while offering potential upside through bringing the rents up to market as leases expire over the next several years on a staggered basis. • Below Market Rents: The average rental rate at Coit Crossing is only $15.00 psf while like-kind product in the immediate trade area is leasing from $21 to $40 psf. • Exceptional Positioning with High Traffic Counts: Coit Crossing benefits from its position at the northeast corner of Coit Rd and West Spring Creek Pkwy, an intersection that sees over 79,000 vehicles per day with a Walmart directly across the street. • Superb Demographics: The average household income within a 3-mile radius of the property is over $132,000, which is more than 2x the national average. • Densely Populated: There are over 378,000 individuals in a 5-mile radius, that number has grown 29.25% since 2010 and is expected to increase an additional 12.83% by 2025. PROPERTY DESCRIPTION
3
PRI CING & F INAN CI AL AN ALYSI S
PROJECTED INCOME & EXPENSES Base Rent - Occupied Space
100%
GROSS POTENTIAL RENT
CO IT C R O SSING - P LANO, T X
EXPENSES
CURRENT
PSF
$630,616
$15.00
Real Estate Taxes
$630,616
$15.00
Insurance
CURRENT
PSF
$136,595
$3.25
$8,942
$0.21
CAM
Expense Reimbursements $136,595
$3.25
Electric
$6,210
$0.15
$8,942
$0.21
Fire Alarm System
$2,770
$0.07
CAM Recoveries
$110,656
$2.63
Landscaping
$7,400
$0.18
Management Recoveries
$25,656
$0.61
Parking Lot Sweeping
$10,340
$0.25
Total Expense Reimbursements
$281,849
$6.71
Pest Control
$833
$0.02
EFFECTIVE GROSS REVENUE
$912,460
$21.71
Repair & Maintenance
$5,351
$0.13
Waste Management
$23,750
$0.57
$49,295
$1.17
Real Estate Tax Recoveries Insurance Recoveries
Operating Expenses $8,942
$0.21
Water Expense
Total Real Estate Taxes
$136,595
$3.25
Internet Service - CAM
$1,483
$0.04
Total CAM
$110,656
$2.63
Tax Protest Fee
$3,224
$0.08
$25,656
$0.61
Total Recoverable Expenses
$281,848
$6.71
$110,656
$2.63
Net Operating Income
$630,611
$15.00
$25,656
$0.61
$281,848
$6.71
Total Insurance
Management Fee
2.80%
Total CAM Management Fee Total Expenses
2.80%
For Financing Options, Please Contact: Greg Holley | Managing Partner High St Capital (O) 469-998-7200 | (C) 714.514.2990 gholley@highstcapital.com
F I N A N C I A L A N A LY S I S
4
RE NT RO L L
Tenant
Madurai Thattu Kadai
CO IT C R O SSING - P LANO, T X
Suite
SQ FT
% of SQFT
Lease Dates
Minimum Rent
Recoveries
Total
Start
End
Annual
Monthly
PSF
Annual
PSF
Revenue
% of Revenue
100
3,000
7.14%
09/17
11/20
$54,000
$4,500
$18.00
$20,116
$6.71
$74,116
8.12%
101-102
3,068
7.30%
04/11
10/21
$42,952
$3,579
$14.00
$20,572
$6.71
$63,524
6.96%
103
1,750
4.16%
11/19
02/25
$31,500
$2,625
$18.00
$11,734
$6.71
$43,234
4.74%
104 A
1,456
3.46%
04/11
10/21
$20,384
$1,699
$14.00
$9,763
$6.71
$30,147
3.30%
104 B-105
2,575
6.13%
10/18
09/28
$51,500
$4,292
$20.00
$17,266
$6.71
$68,766
7.54%
Bollywood Boutique
106 B
2,139
5.09%
02/16
05/23
$36,363
$3,030
$17.00
$14,343
$6.71
$50,706
5.56%
Domino's
106 A
2,000
4.76%
07/14
01/25
$31,000
$2,583
$15.50
$13,411
$6.71
$44,411
4.87%
Best Brains
108
1,452
3.45%
09/19
08/24
$24,684
$2,057
$17.00
$9,736
$6.71
$34,420
3.77%
Willow Foot Spa
109
1,050
2.50%
10/19
09/22
$17,850
$1,488
$17.00
$7,041
$6.71
$24,891
2.73%
Hindu Temple
110-112A
4,396
10.46%
06/17
08/23
$72,534
$6,045
$16.50
$29,477
$6.71
$102,011
11.18%
K-9 University
115
4,158
9.89%
12/15
11/20
$62,370
$5,198
$15.00
$27,881
$6.71
$90,251
9.89%
Minerva Banquet Hall
200
9,378
22.31%
08/15
02/26
$112,536
$9,378
$12.00
$62,883
$6.71
$175,419
19.22%
Texas King
209
5,611
13.35%
02/14
08/29
$72,943
$6,079
$13.00
$37,624
$6.71
$110,567
12.12%
Total Count/GLA
13
42,033
100%
Totals
$630,616
$52,551
$912,465
100%
Occupied
13
42,033
100%
Available
0
0
0.0%
$15.00
42,033
100%
Royal Sweets Omgelato Asha Salon & Boutique Trinity Cuisine
Total Avg Rent
$281,849
F I N A N C I A L A N A LY S I S
5
E S TI MATED REIMBUR SEMEN T R EVEN U E
Tenant
Madurai Thattu Kadai
Suite
SQ FT
% of SQFT
CO IT C R O SSING - P LANO, T X
Real Estate Taxes
Insurance
CAM
Management Fee
Total Recovery
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
Monthly
PSF
100
3,000
7.14%
$812
$3.25
$53
$0.21
$658
$2.63
$153
$0.61
$1,676
$6.71
101-102
3,068
7.30%
$831
$3.25
$54
$0.21
$673
$2.63
$156
$0.61
$1,714
$6.71
103
1,750
4.16%
$474
$3.25
$31
$0.21
$384
$2.63
$89
$0.61
$978
$6.71
104 A
1,456
3.46%
$394
$3.25
$26
$0.21
$319
$2.63
$74
$0.61
$814
$6.71
104 B-105
2,575
6.13%
$697
$3.25
$46
$0.21
$565
$2.63
$131
$0.61
$1,439
$6.71
Bollywood Boutique
106 B
2,139
5.09%
$579
$3.25
$38
$0.21
$469
$2.63
$109
$0.61
$1,195
$6.71
Domino's
106 A
2,000
4.76%
$542
$3.25
$35
$0.21
$439
$2.63
$102
$0.61
$1,118
$6.71
Best Brains
108
1,452
3.45%
$393
$3.25
$26
$0.21
$319
$2.63
$74
$0.61
$811
$6.71
Willow Foot Spa
109
1,050
2.50%
$284
$3.25
$19
$0.21
$230
$2.63
$53
$0.61
$587
$6.71
Hindu Temple
110-112A
4,396
10.46%
$1,190
$3.25
$78
$0.21
$964
$2.63
$224
$0.61
$2,456
$6.71
K-9 University
115
4,158
9.89%
$1,126
$3.25
$74
$0.21
$912
$2.63
$211
$0.61
$2,323
$6.71
Minerva Banquet Hall
200
9,378
22.31%
$2,540
$3.25
$166
$0.21
$2,057
$2.63
$477
$0.61
$5,240
$6.71
Texas King
209
5,611
13.35%
$1,520
$3.25
$99
$0.21
$1,231
$2.63
$285
$0.61
$3,135
$6.71
42,033
100%
$11,383
Royal Sweets Zip Code Asha Salon & Boutique Trinity Cuisine
Totals
$745
$9,221
$2,138
$23,487
PROPERTY DESCRIPTION
6
L E A SE PROVIS ION S
Tenant
Madurai Thattu Kadai
CO IT C R O SSING - P LANO, T X
Suite
SQ FT
Base Rental Increases
Renewal Options
User Restrictions & Exclusive Rights
Date
PSF
Options
Date
PSF
100
3,000
-
-
1x5
12/1/22
MKT
101-102
3,068
-
-
2x5
11/1/2021 11/1/2026
MKT MKT
103
1,750
12/1/2021 12/1/2022
20.00 21.00
1x5
3/1/25
MKT
104 A
1,456
-
-
2x5
11/1/2021 11/1/2026
MKT MKT
104 B-105
2,575
10/1/23
22.00
1 x 10
10/1/28
MKT
Bollywood Boutique
106 B
2,139
-
-
3x5
6/1/2023 6/1/2028 6/1/2033
MKT MKT MKT
Domino's
106 A
2,000
2/1/21
16.50
2x5
2/1/2025 2/1/2030
17.25 90% of MKT
Exclusive seller of take out and / or delivery pizza Exclusive tutoring center focusing on the subjects of reading, math, and writing for the benefit of students from kindegarten through eighth grade
Royal Sweets Omgelato Asha Salon & Boutique Trinity Cuisine
Sales Reporting
Exclusive tenant with the principle business of selling ice cream or gelato
Best Brains
108
1,452
9/1/21
18.00
1x5
9/1/24
MKT
Willow Foot Spa
109
1,050
-
-
1x3
10/1/22
MKT
Hindu Temple
110-112A
4,396
-
-
-
-
-
K-9 University
115
4,158
-
-
1x5
12/1/20
MKT
Exclusive tenant to provide dog training, grooming, daycare, and boarding
Minerva Banquet Hall
200
9,378
-
-
3x5
3/1/2026 3/1/2031 3/1/2036
MKT MKT MKT
Exclusive Banquet Hall
Texas King
209
5,611
9/1/24
14.00
1 x 15
9/1/29
MKT
Exclusive tenant with the principle business of a grocery store offering primarily Pakistani foods
Totals
F I N A N C I A L A N A LY S I S
7
TE NA NT INF ORMAT I ON
CO IT C R O SSING - P LANO, T X
DBA
Domino’s
Entity on Lease
DG’s Pizza Inc., a Texas Corporation
Corporate/Franchise
Franchise
Locations
17,000+
Public/Private
Public
Line of Business
Domino’s is an American multinational pizza restaurant chain founded in 1960. The corporation is headquartered at the Domino’s Farms Office Park in Ann Arbor, Michigan and incorporated in Delaware. In February 2018, the chain had sold more products out of all pizza sellers worldwide.
DBA
Best Brains Learning Center
Entity on Lease
R&R Little Champs Inc.
Corporate/Franchise
Franchise
Locations
50+
Public/Private
Private
Line of Business
Best Brains is an enrichment program designed to enhance your child’s overall academic development. Board-certified teachers work with your child on a weekly basis in a funfilled interactive learning environment. Our low student to teacher ratio ensures your child receives the attention he/she needs.
DBA
K-9 University
Entity on Lease
K-9 University, Inc.
Corporate/Franchise
Corporate
Locations
2
Public/Private
Private
Line of Business
For over 25 years, K-9 University has provided North Texas with highly regarded Dog Training Services, Boarding, Grooming, and Doggy Daycare from our two convenient locations in Garland and Plano. Our professional pet services are honed from our timeproven practices. We specialize in behavioral modification and obedience problems in addition to supplying your dog with individualized attention.
PROPERTY DESCRIPTION
8
S I T E PL A N
CO IT C R O SSING - P LANO, T X
100
101
103
104 104B 106B A
106A
108
109
110-112
115
200
209
Tenant
SQ FT
100
Indian Restaurant
3,000
101
Royal Sweets
3,068
Suite
103
Omgelato
1,750
Asha Salon & Boutique
1,456
104B
Trinity Cuisine
2,575
106B
Bollywood Boutique
2,139
106A
Domino’s
2,000
104A
108
Best Brains
1,452
109
Willow Foot Spa
1,050
110-112 Hindu Temple 115
4,396
K-9 University
4,158
200
Minerva Banquet Hall
9,378
209
Texas King
5,611
W SPRING CREEK PKWY
PROPERTY DESCRIPTION
9
A E R I AL MA P
CO IT C R O SSING - P LANO, T X
45,915 VPD
FEDEX OFFICE HEADQUARTERS
CAPITAL ONE PEPSICO
THE SHOPS AT LEGACY DR PEPPER SNAPPLE GROUP
HAUN ELEMENTARY SCHOOL
COIT RD
JCPENNY HEADQUARTERS
JASPER HIGH SCHOOL
W SPRING CREEK PKWY
33 ,7 1 8V PD
PROPERTY DESCRIPTION
10
A E R I AL MA P
CO IT C R O SSING - P LANO, T X
COIT RD
PROPERTY DESCRIPTION
11
L E A SE COMPA RABLES
Property
CO IT C R O SSING - P LANO, T X
GLA
Yr Built/ Renovated Occupancy
Major Tenants
Available SF
Rental Rates
NNN
Coit Crossing ï‚« 3825 W Spring Creek Pkwy Plano, TX
42,033
2001
100.0%
Domino's, Minerva Banquet Hall, Texas King, K-9 University
0
$12.00 - $20.00
$6.71
Independence Park 1 3020 Legacy Dr Plano, TX
31,950
1994
88.0%
Pizza Hut, Sigel's, Millstone Bakery, Salsa Tex Mex
3,840
$21.00 - $30.00
$5.52
Plano Crossing Building 2 2 8900 Ohio Dr Plano, TX
11,866
2016
100.0%
Onyx Nail Lounge, Academy Fitness of Texas, Del Pietro's Italian Bistro
0
$24.72 - $29.50
$8.46
Parkwood 121 3 8448 Parkwood Blvd Plano, TX
16,100
2017
100.0%
Benedict's, Bellagio Nail Bar, The Halal Guys, Teriyaki Madness
0
$35.00 - $40.00
$15.36
Preston Creek Shopping Center 4 8400 Preston Rd Plano, TX
79,730
2006
98.0%
Pei Wei, Modmarket, Cowboy Chicken, II Brothers, Cristina's
1,620
$15.00 - $40.00
$12.81
Preston Parkway Center 5 1401 Preston Rd Plano, TX
36,274
1994
100.0%
Einstein's, Zorba's, Ben & Jerry's, Kumon, Dogtopia, Oceanic Thai Kitchen
0
$15.00 - $28.00
$13.22
PROPERTY DESCRIPTION
12
L E A SE COMPA RABLES
CO IT C R O SSING - P LANO, T X
Coit Crossing 1
Independence Park
2
Plano Crossing Building 2
3
Parkwood 121
4
Preston Creek SC
5
Preston Parkway Center
2 3
4
1
5
PROPERTY DESCRIPTION
13
LO C AL MA P
CO IT C R O SSING - P LANO, T X
PROPERTY DESCRIPTION
14
REG IONA L MA P
CO IT C R O SSING - P LANO, T X
PROPERTY DESCRIPTION
15
M A R KET S U MMARY
CO IT C R O SSING - P LANO, T X
Dallas - Fort Worth, TX
OVERVIEW Dallas encompasses half of the Dallas-Fort Worth Metroplex and is the third-largest city in Texas and the ninth-largest city in the United States. Dallas is home to the third-largest concentration of Fortune 500 companies in the country and is the largest economic center of the Dallas-Fort Worth metropolitan area. The Metroplex has strong submarket occupancy rates, is home to more shopping centers per capita and has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 7,573,136 according to the U.S. Census Bureau’s 2019 population estimates. From 2010 to 2019, the DFW Metroplex had the largest numerical population growth of any MSA in the United States. The metropolitan economy is the fourth-largest and third-fastest growing in the United States, with a 2017 real GDP of $535.5 billion. In 2018, Dallas had both the highest job growth rate and the most jobs added in the nation, and is the fourth-largest employment center in the nation (behind New York
City, Los Angeles, and Chicago) with more than three million non-farm jobs. In the latest rankings released in 2018, Dallas was rated as a “beta plus” world city by the Globalization and World Cities Study Group & Network. Dallas is also ranked 14th in world rankings of GDP by the Organization for Economic Cooperation and Development. The DFW Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. As of 2020, the city of Dallas has 10 Fortune 500 companies, and the DFW region as a whole has 25. Dallas is the best-ranked city on the Regulatory Climate Index thanks to its efficient local regulations. Entrepreneurs and small businesses can expect a welcoming business environment across all five areas of local regulation. Dallas scores above average across each meaningful measure of an interaction that a business has with a local government agency through procedure, time, and cost. These rankings reflect the city’s continuing efforts to develop programs and initiatives to strengthen the business environment, provide access to capital, and encourage economic growth at the local level.
Q U I C K S TAT S
No.
1
Fastest Growing MSA in the U.S. from 2010 to 2019 (U.S. Census Bureau)
4 5th 25
th
Largest Metropolitan Area in the United States Fastest Growing Economy in the U.S. (Forbes) Fortune 500 Companies Call DFW Home (American City Business Journals)
10K
Home to over 10,000 corporate headquarters, making it the largest concentration in the U.S.
PROPERTY DESCRIPTION
16
D E M OG RA PHIC STAT I ST I CS
CO IT C R O SSING - P LANO, T X
1 Mile
3 Mile
5 Mile
2025 Projection
16,181
150,389
427,540
2020 Estimate
14,743
136,530
378,931
2010 Census
14,572
131,163
293,182
Growth 2020-2025
9.75%
10.15%
12.83%
Growth 2010-2020
1.17%
4.09%
29.25%
2020 Population Hispanic Origin
1,259
12,751
50,261
White
9,850
86,100
245,517
Black
1,010
8,992
36,013
79
621
1,852
3,406
37,075
84,830
11
93
334
388
3,649
10,384
0
52
228
6,302
57,534
168,520
2020 Estimate
5,757
52,330
149,842
2010 Census
5,733
50,372
118,115
Growth 2020 - 2025
9.47%
9.94%
12.47%
Growth 2010 - 2020
0.42%
3.89%
26.86%
Owner Occupied
4,074
35,011
77,685
Population:
2020 Population by Race:
Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Households: 2025 Projection
1,684
17,319
72,157
2020 Avg Household Income
Renter Occupied
$125,532
$132,997
$118,468
2020 Med Household Income
$105,999
$109,348
$90,941
2020 Households by Household Inc: <$25,000
256
3,977
16,787
$25,000 - $50,000
596
5,849
22,850
$50,000 - $75,000
993
7,561
24,023
$75,000 - $100,000
813
6,087
17,657
$100,000 - $125,000
923
7,195
17,027
$125,000 - $150,000
669
5,077
12,023
$150,000 - $200,000
752
7,144
16,076
$200,000+
757
9,439
23,395
Demographic data © CoStar 2020
PROPERTY DESCRIPTION
17
CONFIDENTIALITY AGREEMENT The information contained in the following offering memorandum is proprietary and strictly confidential. It is intended to be reviewed only by the party receiving it from STRIVE and it should not be made available to any other person or entity without the written consent of STRIVE. By taking possession of and reviewing the information contained herein the recipient agrees to hold and treat all such information in the strictest confidence. The recipient further agrees that recipient will not photocopy or duplicate any part of the offering memorandum. If you have no interest in the subject property at this time, please return this offering memorandum to STRIVE. This offering memorandum has been prepared to provide summary, unverified financial and physical information to prospective purchasers, and to establish only a preliminary level of interest in the subject property. The information contained herein is not a substitute for a thorough due diligence investigation. STRIVE has not made any investigation, and makes no warranty or representation with respect to the income or expenses for the subject property, the future projected financial performance of the property, the size and square footage of the property and improvements, the presence or absence of contaminating substances, PCBs or asbestos, the compliance with local, state and federal regulations, the physical condition of the improvements thereon, or the financial condition or business prospects of any tenant, or any tenantâ&#x20AC;&#x2122;s plans or intentions to continue its occupancy of the subject property. The information contained in this offering memorandum has been obtained from sources we believe to be reliable; however, STRIVE has not verified, and will not verify, any of the information contained herein, nor has STRIVE conducted any investigation regarding these matters and makes no warranty or representation whatsoever regarding the accuracy or completeness of the information provided. All potential buyers must take appropriate measures to verify all of the information set forth herein. Prospective buyers shall be responsible for their costs and expenses of investigating the subject property. ALL PROPERTY SHOWINGS ARE BY APPOINTMENT ONLY. PLEASE CONTACT STRIVE AGENT FOR MORE DETAILS.
Commercial Disclaimer STRIVE hereby advises all prospective purchasers of commercial property as follows: The information contained in this Marketing Brochure has been obtained from sources we believe to be reliable. However, STRIVE has not and will not verify any of this information, nor has STRIVE conducted any investigation regarding these matters. STRIVE makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided. As the Buyer of a commercial property, it is the Buyer’s responsibility to independently confirm the accuracy and completeness of all material information before completing any purchase. This Marketing Brochure is not a substitute for your thorough due diligence investigation of this investment opportunity. STRIVE expressly denies any obligation to conduct a due diligence examination of this Property for Buyer. Any projections, opinions, assumptions or estimates used in this Marketing Brochure are for example only and do not represent the current or future performance of this property. The value of a commercial property to you depends on factors that should be evaluated by you and your tax, financial and legal advisors. Buyer and Buyer’s tax, financial, legal, and construction advisors should conduct a careful, independent investigation of any commercial property to determine to your satisfaction with the suitability of the property for your needs. Like all real estate investments, this investment carries significant risks. Buyer and Buyer’s legal and financial advisors must request and carefully review all legal and financial documents related to the property and tenant. While the tenant’s past performance at this or other locations is an important consideration, it is not a guarantee of future success. Similarly, the lease rate for some properties, including newly-constructed facilities or newly-acquired locations, may be set based on a tenant’s projected sales with little or no record of actual performance, or comparable rents for the area. Returns are not guaranteed; the tenants and any guarantors may fail to pay the lease rent or property taxes, or may fail to comply with other material terms of the lease; cash flow may be interrupted in part or in whole due to market, economic, environmental or other conditions. Regardless of tenants history and lease guarantees, Buyer is responsible for conducting his/her own investigation of all matters affecting the intrinsic value of the property and the value of any long-term leases, including the likelihood of locating replacement tenants if any of the current tenants should default or abandon the property, and the lease terms that Buyer may be able to negotiate with any potential replacement tenants considering the location of the property, and Buyer’s legal ability to make alternate use of the property. By accepting this Marketing Brochure you agree to release STRIVE and hold it harmless from any kind of claim, cost, expense, or liability arising out of your investigation and/or purchase of this commercial property.
Information About Brokerage Services
Texas law requires all real estate license holders to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords. TYPES OF REAL ESTATE LICENSE HOLDERS: • A BROKER is responsible for all brokerage activities, including acts performed by sales agents sponsored by the broker. • A SALES AGENT must be sponsored by a broker and works with clients on behalf of the broker. A BROKER’S MINIMUM DUTIES REQUIRED BY LAW (A client is the person or party that the broker represents): • Put the interests of the client above all others, including the broker’s own interests; • Inform the client of any material information about the property or transaction received by the broker; • Answer the client’s questions and present any offer to or counter-offer from the client; and • Treat all parties to a real estate transaction honestly and fairly. A LICENSE HOLDER CAN REPRESENT A PARTY IN A REAL ESTATE TRANSACTION: AS AGENT FOR OWNER (SELLER/LANDLORD): The broker becomes the property owner’s agent through an agreement with the owner, usually in a written listing to sell or property management agreement. An owner’s agent must perform the broker’s minimum duties above and must inform the owner of any material information about the property or transaction known by the agent, including information disclosed to the agent or subagent by the buyer or buyer’s agent. AS AGENT FOR BUYER/TENANT: The broker becomes the buyer/tenant’s agent by agreeing to represent the buyer, usually through a written representation agreement. A buyer’s agent must perform the broker’s minimum duties above and must inform the buyer of any material information about the property or transaction known by the agent, including information disclosed to the agent by th e seller or seller’s agent. AS AGENT FOR BOTH - INTERMEDIARY: To act as an intermediary between the parties the broker must first obtain the written agreement of each party to the transaction. The written agreement must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. A broker who acts as an intermediary: • Must treat all parties to the transaction impartially and fairly; • May, with the parties’ written consent, appoint a different license holder associated with the broker to each party (owner and • buyer) to communicate with, provide opinions and advice to, and carry out the instructions of each party to the transaction. • Must not, unless specifically authorized in writing to do so by the party, disclose: ӽ that the owner will accept a price less than the written asking price; ӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽ any confidential information or any other information that a party specifically instructs the broker in writing not to disclose, unless required to do so by law. AS SUBAGENT: A license holder acts as a subagent when aiding a buyer in a transaction without an agreement to represent the buyer. A subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. TO AVOID DISPUTES, ALL AGREEMENTS BETWEEN YOU AND A BROKER SHOULD BE IN WRITING AND CLEARLY ESTABLISH: • The broker’s duties and responsibilities to you, and your obligations under the representation agreement. • Who will pay the broker for services provided to you, when payment will be made and how the payment will be calculated. LICENSE HOLDER CONTACT INFORMATION: This notice is being provided for information purposes. It does not create an obligation for you to use the broker’s services. Please acknowledge receipt of this notice below and retain a copy for your records.
Regulated by the Texas Real Estate Commission
Information available at www.trec.texas.gov IABS 1-0
exclusively listed 469.844.8880
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