WOODBRIDGE CENTRE & LONG-TERM GROUND LEASE WYLIE, TX
PRICING & FINANCIAL ANALYSIS
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS
Woodbridge Centre 803-805 Woodbridge Pkwy & 2600 W FM 544 Wylie, TX 75098
Offering Summary Price Cap Rate Net Operating Income (2019) Occupancy Year Built
$11,440,000 6.25% $714,874 100.0% 2013 29,763 SF
Lot Size
4.13 Acres
PROPERTY DESCRIPTION
Gross Leasable Area
MARKET OVERVIEW
Opening 2018
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
2
PRICING & FINANCIAL ANALYSIS
WOODBRIDGE CENTRE
Base Rent - Occupied Space (2019) Base Rent - Vacant Space
Expenses
Current
PSF
(100%)
$766,440
$25.75
Real Estate Taxes
(0%)
$0.00
$0.00
Insurance
$766,440
$25.75
GROSS POTENTIAL RENT
PSF
$136,667
$4.59
$9,200
$0.31
$1,500
$0.05
$10,800
$0.36
$1,884
$0.06
CAM Alarm Monitoring
Expense Reimbursements
Current
$4.59
Electric-Parking Lot
Insurance Reimb.
$9,200
$0.31
Extermination
CAM Reimb.
$79,828
$2.68
Landscaping
$16,320
$0.55
Mgmt./Admin. Fee Reimb.
$39,190
$1.32
Mulch
$3,250
$0.11
$264,885
$8.90
Fire Ant Treatment
$650
$0.02
$1,031,325
$34.65
Irragation Repairs
$2,100
$0.07
($51,566.26)
($1.73)
Maintenance & Repairs-Other
$900
$0.03
$979,759
$32.92
Parking Lot Lighting Repairs
$1,500
$0.05
Parking Lot Sweeping
$4,704
$0.16
Total Expense Reimbursements GROSS POTENTIAL REVENUE Vacancy Factor
5.00%
EFFECTIVE GROSS REVENUE Expenses
($4.59)
Maintenance Service/Porter
$3,600
$0.12
Insurance
($9,200)
($0.31)
Maintenance Service/Labor
$2,700
$0.09
CAM
($79,828)
($2.68)
Telephone
$4,380
$0.15
($39,190)
($1.32)
Trash
$13,800
$0.46
($264,885)
($8.90)
Building Water
$7,740
$0.26
$714,874
$24.02
Utilities - Water Irrigation
$79,828
$0.15
Building Water
$39,190
$0.35
$79,828
$2.68
$39,190
$1.32
$264,885
$8.90
Mgmt. Fee (% of GPI) Total Expenses
NET OPERATING INCOME
4.00%
Total CAM Management Fee (% of GPI)
TOTAL EXPENSES
4.00%
MARKET OVERVIEW
($136,667)
Real Estate Taxes
PROPERTY DESCRIPTION
$136,667
Real Estate Tax Reimb.
FINANCIAL ANALYSIS
Income & Expenses
Note: The base rent in the analysis takes into consideration a 12-month hold from 1/1/2019 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
3
RENT ROLL
WOODBRIDGE CENTRE % of Sq Ft
Start
End
Annual Rent
PSF
Options
Lease Type
805-100
Pending Lease
1,952
8.8%
8/1/2018
-
$58,560
$30.00
-
-
$58,560
-
NNN
805-200
Papa John's
1,600
7.3%
11/3/2014
12/31/2019
$44,800
$28.00
1/1/2020
$30.80
$44,800
2x5
NNN
805-300
Rice Garden
1,600
7.3%
11/25/2013
12/31/2025
$43,200
$27.00
1/1/2021
$29.70
$43,200
1x5
NNN
805-400
Ideal Dental
2,114
9.6%
11/25/2013
12/31/2023
$52,850
$25.00
1/1/2019
$27.50
$58,135
-
NNN
805-600
Sports Clips
1,300
5.9%
9/18/2013
12/31/2023
$32,500
$25.00
1/1/2019
$27.50
$35,750
1x5
NNN
805-800
Castle Nails
2,400
10.9%
10/26/2013
12/31/2023
$55,200
$23.00
1/1/2019
$25.00
$60,003
1x5
NNN
803-700
Subway
1,500
6.8%
10/26/2013
1/31/2019
$37,500
$25.00
2/1/2019
$28.00
$42,000
2x5
NNN
803-900
Game Trade
1,600
7.3%
12/11/2013
12/31/2023
$41,600
$26.00
1/1/2019
$27.50
$44,000
2x5
NNN
803-1300
Orange Leaf
1,600
7.3%
7/17/2014
12/31/2019
$41,600
$26.00
1/1/2020
$28.60
$41,600
1x5
NNN
803-1400
Woodbridge Vision
2,070
9.4%
7/2/2014
12/31/2024
$53,820
$26.00
7/1/2019
$28.00
$55,890
2x5
NNN
803-1200
Wing Stop
1,700
7.7%
5/24/2015
12/31/2020
$44,200
$26.00
1/1/2021
$28.60
$44,200
2x5
NNN
803-1100
Loco Gringo Taco Shack
2,627
11.9%
8/5/2017
12/31/2022
$68,302
$26.00
1/1/2023
$28.60
$68,302
1x5
NNN
The Rock
7,700
0.0%
1/31/2015
12/31/2029
$170,000
$22.08
1/1/2020
$24.29
$170,000
3x5
Ground Lease
Occupied
29,763
(100.0%)
$744,132
$25.00
0
(0.0%)
29,763
(100.0%)
Vacant Total
MARKET OVERVIEW
Total 2019 Rent
Pad 1
Escalation Escalation Date Amount
PROPERTY DESCRIPTION
Sq Ft
FINANCIAL ANALYSIS
Tenant
Suite
$766,440
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
4
TENANT INFORMATION
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS
Tenant Summary Company Ownership Number of Locations The Rock is edgy, gritty and all about good ol’ classic rock. 1995 marked the first year The Rock opened up in Tacoma as a local pizza joint. Their gourmet hand-tossed pies and unique atmosphere made The Rock a staple in Tacoma and earned the company recognition as America’s Number One Independently Owned Pizza Chain by Pizza Today Magazine. After almost 20 years, The Rock has expanded to numerous locations across the Pacific Northwest, Alaska, Colorado, and Texas.
Years In Business Headquarters Website
The Rock Wood Fired Kitchen Private 20+ 22 Years Tacoma, WA www.therockwfk.com
PROPERTY DESCRIPTION
Tenant Overview Tenant Ownership Number of Locations Papa John’s is the third largest take-out and pizza delivery chain in the United States. Papa John’s prides themselves on using fresh ingredients and neverfrozen pizza dough. Currently there are over 4,700 Papa John’s restaurants operating in all 50 U.S. states and in 30 other countries.
Years In Business Headquarters Website
Papa Johns Public 4,700+ 32 Years Jeffersontown, KY www.papajohns.com
Tenant Sport Clips is an American-based chain of haircut salons which caters primarily to men and boys. The chain touts the broadcasting of sports programming throughout the stores. Sports memorabilia and logo items are displayed and are offered for sale at some locations. In February 2009, Sport Clips was listed in Entrepreneur Magazine as one of the fastest growing franchises based on operating units.
Ownership Years In Business Number of Locations Headquarters Website
MARKET OVERVIEW
Tenant Overview Sports Clips Private 23 Years 1,500+ Georgetown, TX www.sportsclips.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
5
TENANT INFORMATION
WOODBRIDGE CENTRE
Company Ownership Number of Locations Ideal Dental offers general dentistry, orthodentia, teeth whitening, extraction, and emergency dentistry for the entire family.
Years In Business Headquarters Website
FINANCIAL ANALYSIS
Tenant Overview Ideal Dental Private 39 Locations in Texas 9 Years Addison, TX www.myidealdental.com
PROPERTY DESCRIPTION
Tenant Overview Company Subway IP Inc. is a privately held American fast food restaurant franchise that primarily sells submarine sandwiches (subs) and salads. It is owned and operated by Doctor’s Associates Inc., doing business as Subway IP Inc. Subway is one of the fastest growing franchises in the world, with 44,852 restaurants in 112 countries and territories as of September 11, 2016. The United States alone has 26,646 outlets. It is the largest single-brand restaurant chain and the largest restaurant operator in the world.
Ownership Number of Locations Years In Business Headquarters Website
Subway Private, Doctor’s Associates Inc. 44,800+ Worldwide 52 Years Milford, CT www.subway.com
Tenant Wingstop Restaurants, Inc., is a chain of nostalgic, aviation-themed restaurants where the sole focus is on chicken wings. Wingstop locations are decorated following a 1930s and 1940s “pre-jet” aviation theme. The restaurant chain was founded in 1994 in Garland, Texas, and began offering franchises in 1998. Since then, Wingstop has grown into a chain with more than 650 restaurants either open or in development. The chain has its headquarters in Dallas, Texas.
Ownership Years In Business Number of Locations Headquarters Website
MARKET OVERVIEW
Tenant Overview Wingstop Public 23 Years 1,000+ Garland, TX www.wingstop.com
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
6
INVESTMENT HIGHLIGHTS
WOODBRIDGE CENTRE
Shadow Anchored By 123,000 SF Kroger Marketplace with Annual Sales of $52.1 Million - $695 psf (75K Sales Area) Weekly Sales is in Top 5% of All Grocers in DFW*
•
Adjacent to B&B Theatres – a Top 10 National Movie Theatre Chain that Draws Additional Traffic and Customer Base
•
Located in Highly Desirable, High Growth North Dallas Market
•
Complimentary Mix of National, Regional and Local Tenants with Staggered Lease Expiration Dates
•
Average Rents of $25 PSF – Stabilized Center w/Replaceable Rents & Future Growth Opportunities
•
Surrounding Retailers Include: Kroger, Target, Starbucks, Home Depot, Tom Thumb, IHOP, TJ Maxx, Bank of America, Ross, CVS, Aldi, QuikTrip and Many Others
•
Located on a Main Thoroughfare in Prestigious Suburb of North Dallas - Traffic Counts Along FM 544 Reach Nearly 34,000 Vehicles per Day, & 15,000+ on Woodbridge Pkwy
•
Adjacent to Wylie High School (2,000 students), and Future Home of 360,000 SF Collin Community College (Opening 2020) with an Estimated 7,500 Students
•
Strong Shopping Demographics – Average Household Income within 1-Mile Radius Exceeds $135,000 – Almost Twice the National Average
•
Densely Populated Area - More than 153,000 Residents Within a 5 Mile Radius – a 22% Increase Over Last Several Years & Projected to Grow by Another 12% in the Next 5 Years
MARKET OVERVIEW
•
PROPERTY DESCRIPTION
Newly Constructed Class ‘A’ NNN Retail Center & LongTerm Absolute Ground Lease Pad (The Rock - Corporate Guarantee - 20+ Unit Operator)
FINANCIAL ANALYSIS
•
*Source: MTN Retail Advisors This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
7
SITE PLAN
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
8
AERIAL MAP
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS
FUTURE SITE Collin College Wylie Campus
33,940 Vehicles per Day
15,000 Vehicles per Day
W FM 544 PROPERTY DESCRIPTION
Wylie High School
Dr. Al Draper Intermediate School
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
WOODBRIDGE PKWY
Raymond Cooper Jr High School
9
LOCAL MAP
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
10
REGIONAL MAP
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS PROPERTY DESCRIPTION MARKET OVERVIEW This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. Š 2017 STRIVE
11
MARKET SUMMARY
WOODBRIDGE CENTRE
FINANCIAL ANALYSIS PROPERTY DESCRIPTION
DALLAS, TX 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.
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.
This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
MARKET OVERVIEW
The city is the largest economic center of the 12-county Dallas–Fort Worth–Arlington metropolitan area, which had a population of 6,810,913 people as of July 1, 2013. The metropolitan economy is the sixth largest in the United States, with a 2012 real GDP of $420.34 billion. In 2013 the metropolitan area led the nation with the largest year-over-year increase in employment, and advanced to become 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 2013, 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 Co-operation and Development. The Dallas-Fort Worth Metroplex has one of the largest concentrations of corporate headquarters for publicly traded companies in the United States. The city of Dallas has 12 Fortune 500 companies, and the DFW region as a whole has 20.
12
DEMOGRAPHIC STATISTICS
WOODBRIDGE CENTRE 1 Mile
3 Mile
5 Mile
3,919 3,483 3,078 12.52% 13.16% 537
91,541 81,624 69,038 12.15% 18.23% 12,283
170,546 152,309 124,489 11.97% 22.35% 21,699
2,083 731 26 525 3 114 0
56,656 9,503 637 12,603 62 2,163 5
104,886 16,346 1,195 25,809 133 3,940 56
1,226 1,090 959 12.48% 13.66% 918 171 $120,028 $101,389
29,513 26,270 21,732 12.34% 20.88% 22,838 3,432 $110,264 $97,415
55,835 49,791 39,871 12.14% 24.88% 42,471 7,320 $118,340 $100,408
36 141 183 176 153 241 21 138
1,436 3,385 4,233 4,552 4,890 2,832 2,905 2,038
2,895 5,961 7,972 7,938 7,927 5,401 6,180 5,517
FINANCIAL ANALYSIS
Radius Population: 2022 Projection 2017 Estimate 2010 Census Growth 2017-2022 Growth 2010-2017 2017 Population Hispanic Origin
2017 Population by Race:
Households:
2022 Projection 2017 Estimate 2010 Census Growth 2017 - 2022 Growth 2010 - 2017 Owner Occupied Renter Occupied 2017 Avg Household Income (National Avg - $75,558) 2017 Med Household Income (National Med - $53,889)
2017 Households by Household Inc:
MARKET OVERVIEW
<$25,000 $25,000 - $50,000 $50,000 - $75,000 $75,000 - $100,000 $100,000 - $125,000 $125,000 - $150,000 $150,000 - $200,000 $200,000+
PROPERTY DESCRIPTION
White Black Am. Indian & Alaskan Asian Hawaiian & Pacific Island Other U.S. Armed Forces:
Demographic data © CoStar 2017 This information has been secured from sources we believe to be reliable, but we make no representations or warranties, expressed or implied, as to the accuracy of the information. References to square footage or age are approximate. Buyer must verify the information and bears all risk for any inaccuracies. Any projections, opinions, assumptions or estimates used herein are for example purposes only and do not represent the current or future performance of the property. © 2017 STRIVE
13
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 Net Leased 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 net leased 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: ӽӽ that the owner will accept a price less than the written asking price; ӽӽ that the buyer/tenant will pay a price greater than the price submitted in a written offer; and ӽӽ 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 | STRIVERE.COM