for sale | office nnn leased office investment - salem, … · 2016-07-12 · welcome tothe healing...

Senior Advisor503.588.0400 X [email protected] #200303194

JJennifennifer Mer Maarrtin, Ctin, CCIMCIM

PROPERPROPERTTY HIGHLIGHTSY HIGHLIGHTS

$5,400,000

Additional value in TI reimbursements

Excellent location

Rent roll under market

PRESENTED BPRESENTED BYY::

FOR SALE | OFFICE

All SVN® Offices Independently Owned & Operated. The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

NNN LEASED OFFICE INVESTMENT - SALEM, OREGON1900 Hines Street SE | Salem, OR 97302

NNN LEASED OFFICE INVESTMENT - SALEM, OREGON | 30,194 SF | SALEM, OR

All SVN® Offices Independently Owned and OperatedThe information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

DISCLAIMER

The material contained in this Offering Brochure is furnished solely for the purpose of considering the purchase of the property within and is not to be used forany other purpose. This information should not, under any circumstances, be photocopied or disclosed to any third party without the written consent of theSVN® Advisor or Property Owner, or used for any purpose whatsoever other than to evaluate the possible purchase of the Property.

The only party authorized to represent the Owner in connection with the sale of the Property is the SVN Advisor listed in this proposal, and no other person isauthorized by the Owner to provide any information or to make any representations other than contained in this Offering Brochure. If the person receiving thesematerials does not choose to pursue a purchase of the Property, this Offering Brochure must be returned to the SVN Advisor.

Neither the SVN Advisor nor the Owner make any representation or warranty, express or implied, as to the accuracy or completeness of the informationcontained herein, and nothing contained herein is or shall be relied upon as a promise or representation as to the future representation of the Property. ThisOffering Brochure may include certain statements and estimates with respect to the Property. These Assumptions may or may not be proven to be correct, andthere can be no assurance that such estimates will be achieved. Further, the SVN Advisor and the Owner disclaim any and all liability for representations orwarranties, expressed or implied, contained in or omitted from this Offering Brochure, or any other written or oral communication transmitted or made availableto the recipient. The recipient shall be entitled to rely solely on those representations and warranties that may be made to it in any final, fully executed anddelivered Real Estate Purchase Agreement between it and Owner.

The information contained herein is subject to change without notice and the recipient of these materials shall not look to Owner or the SVN Advisor nor any oftheir officers, employees, representatives, independent contractors or affiliates, for the accuracy or completeness thereof. Recipients of this Offering Brochureare advised and encouraged to conduct their own comprehensive review and analysis of the Property.

This Offering Brochure is a solicitation of interest only and is not an offer to sell the Property. The Owner expressly reserves the right, at its sole discretion, toreject any or all expressions of interest to purchase the Property and expressly reserves the right, at its sole discretion, to terminate negotiations with anyentity, for any reason, at any time with or without notice. The Owner shall have no legal commitment or obligation to any entity reviewing the Offering Brochureor making an offer to purchase the Property unless and until the Owner executes and delivers a signed Real Estate Purchase Agreement on terms acceptable toOwner, in Owner’s sole discretion. By submitting an offer, a prospective purchaser will be deemed to have acknowledged the foregoing and agreed to releasethe Owner and the SVN Advisor from any liability with respect thereto.

To the extent Owner or any agent of Owner corresponds with any prospective purchaser, any prospective purchaser should not rely on any suchcorrespondence or statements as binding Owner. Only a fully executed Real Estate Purchase Agreement shall bind the property and each prospective purchaserproceeds at its own risk.


TABLE OF CONTENTS

All SVN® Offices Independently Owned & Operated.The information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness.

1. PROPERTY INFORMATION 4

2. LOCATION INFORMATION 11

3. FINANCIAL ANALYSIS 16

4. DEMOGRAPHICS 20

5. ADDITIONAL INFORMATION 23

1900 Hines Street SE | Salem, OR 97302

NNN LEASED OFFICE INVESTMENT - SALEM, OREGONFOR SALE | OFFICE


1 PROPERTY INFORMATION

All SVN® Offices Independently Owned and OperatedThe information listed above has been obtained from sources we believe to be reliable, however, we accept no responsibility for its correctness. 5


SECTION 1 | PROPERTY INFORMATION

Executive SummaryPROPERPROPERTTY OY OVERVERVIEWVIEW

Rare NNN leased office investment in Salem, Oregon. This offering provides the opportunity to acquirean over 85% occupied, 30,000+ square foot, two-story office building on 2.08 acres. Two new tenantssecured in the last 90 days. Anchor tenant's leases have three and four and a half years remaining.MaPS Credit Union has been in the building since it was built in 1978.

This property is priced well below replacement cost and provides significant upside upon turnover ofsome existing tenants. Landlord may be willing to provide a rent guaranty on the existing vacancy,which is also subject to a ROFR with Keller Williams Capital City.

The owner has provided significant tenant improvements to the two most recent tenants (KW andHealing Den). Both are reimbursing those improvement costs over the initial term of their lease, whichprovides the new owner above-market returns for the first five years of the holding period.

www.svncommercialadvisors.comMORE INFORMATION AVAILABLE ONLINE:

LLOCOCAATION OTION OVERVERVIEWVIEW

This property is strategically located along one of Salem's busiest arterials, Highway 22 also known asMission Street. The property is located just over a mile from Interstate 5 in an area of thrivingbusinesses, on a commuter route to downtown Salem. There are shopping and services in theimmediate trade area. Property is located less than 1/2 mile to Salem Hospital.

PROPERPROPERTTY SUMMARY SUMMARYY

SALE PRICE: $5,400,000

CAP RATE: 8.05%

NOI: $434,609

LOT SIZE: 2.08 Acres

BUILDING SIZE: 30,194 SF

BUILDING CLASS: B

YEAR BUILT: 1978

RENOVATED: 2016

ZONING: IC

MARKET: Salem/Keizer

SUB MARKET: Central Business District

CROSS STREETS: Mission



Tenant Profiles

•• Original building oOriginal building ownerwner

•• CCurrurrenent lease thrt lease through 8/31/2019ough 8/31/2019


Marion & Polk Schools Credit Union

Following the passage of the Federal Credit Union Act, Salem Public School Teachers Credit Union was foundedNovember 18, 1935, and the first annual meeting was held December 4 that same year. Each of the 17 members presentpaid $5 for one share in the credit union, a minimum share deposit requirement that is still in place today.

With rapidly expanding membership, Marion-Polk Teachers Credit Union moved several times from 1935 to 1975. By 1976,membership reached 6,166 and the Board approved a third name change in July 1976 through a “Name Your CreditUnion” contest. Marion & Polk Schools Credit Union more precisely described the growing field of membership. In 1977alone, 1000 members joined and office space again became inadequate.The Board of Directors began plans to constructa new building at 1900 Hines Street SE. In December 1977, ground was broken for a new 26,000 square foot building. Thebranch opened in November 1978 and remains a vital part of our branch structure today.

MaPS enjoys a fantastic reputation in the markets it serves, actively participates in the Salem Area Chamber ofCommerce, SEDCOR and sponsors many community events. MaPS also has branches in many local high schools andprovides financial education in our community.TENANT HIGHLIGHTSTENANT HIGHLIGHTS



Tenant Profiles

•• BrBraand nend new fivw five ye yeaear leaser lease

•• ROFR on aROFR on anny curry currenent or net or new vw vacacaancncyy

•• OvOver 45 agener 45 agentsts


Keller Williams Capital City

Keller Williams Capital City is one of four Oregon KW franchises owned by Craig Reger and Chris Suarez. Their Oregonoffices average 200 agents per location and the three seasoned locations rank in the top 10 in Oregon for all residentialreal estate brands.

In addition to working for KW International as the regional director for Northern California and Hawaii-granting franchisesfor that region, Craig is the Operating Principal in Salem. Chris, his business partner in Salem, is the CEO of the PDXProperty Group at Keller Williams in Portland, a highly-specialized, top producing team in the metro-area market.

Both Craig and Chris have demonstrated the ability to generate business and find success selling real estate and theyhope to bring that level of business acumen to the agents at KWCC.

TENANT HIGHLIGHTSTENANT HIGHLIGHTS




Additional Photos



Tenant Profiles


The HThe Healing Den Of Salemealing Den Of Salem

Welcome to The Healing Den of Salem where we are committed to helping you heal and rejuvenate your body, mind,and skin using the latest advances in LED Light Therapy in a soothing environment. This technology is not new andhas been featured on the Extra show to give your body proven pain relief as well as providing amazing benefits forskin improvement and anti-aging.

As the newest tenant at 1940 Hines Street SE, in Salem, Oregon, we feature the area’s only State of the Art New AuraLED Light Therapy Bed. This bed is designed for treatment of your entire body and face, unlike some of the high endspas that only treat one area for less time and at a higher cost. Our goal is simple – to make it a relaxing, rejuvenatingexperience with your health and best interests in mind.In each session, you will experience not only the light therapybut the benefits of the Himalayan Salt Lamp and the sounds of pure vibration therapy. Proven research has nowfound that these three components combined have not only improved the body's ability to free itself from pain, butimproved skin clarity and anti-aging.




Additional Photos




2 LOCATION INFORMATION


SECTION 2 | LOCATION INFORMATION

Location Maps





Satellite Map



Floor Plans





3 FINANCIAL ANALYSIS


SECTION 3 | FINANCIAL ANALYSIS

Financial Summary


INVESINVESTMENT OTMENT OVERVERVIEWVIEW PROFORMA

Price $5,400,000Price per SF $178.84CAP Rate 8.1%Cash-on-Cash Return (yr 1) 12.05 %Total Return (yr 1) $285,044Debt Coverage Ratio 1.82

OPERAOPERATING DTING DAATTAA PROFORMA

Gross Scheduled Income $479,529Other Income $75,260Total Scheduled Income $554,789Vacancy Cost $23,976Gross Income $554,789Operating Expenses $120,180Net Operating Income $434,609Pre-Tax Cash Flow $195,182

FINANCING DFINANCING DAATTAA PROFORMA

Down Payment $1,620,000Loan Amount $3,780,000Debt Service $239,427Debt Service Monthly $19,952Principal Reduction (yr 1) $89,862

Financing shown based on a 25 year amortization with 25% down payment.


INCINCOME SUMMAROME SUMMARYY PROFPROFORMAORMA

Potential Rental Income $479,529Reimbursed TIA $75,260

GROSS INCOME $554,789

EXPENSE SUMMAREXPENSE SUMMARYY PROFPROFORMAORMA

Property Taxes $40,539

Insurance (hazard and flood) $3,341

Utilities $53,000

Janitorial $4,400

Repairs and Maintenance $3,000

Landscaping $3,600

Management (3%) $12,300

GROSS EXPENSES $120,180

NET OPERATING INCOME $434,609



Income & Expenses



Rent Roll


TENANTTENANTNAMENAME

UNITUNITNUMBERNUMBER

UNITUNITSIZE (SIZE (SF)SF)

LEALEASESEENDEND

ANNUANNUALALRENTRENT

% OF% OFBUILDINGBUILDING

Design Point 140 2,093 6/30/2017 $30,432 6.93

MaPS Credit Union 100 8,195 8/31/2019 $164,310 27.14

Grace and Truth Ministries Bsmt 4,600 4/30/2017 $26,161 15.23

Healing Den 110 1,148 2/1/2019 $27,552 3.8

Keller Williams Capital City 2nd Floor 8,026 12/31/2020 $139,862 26.58

Z-Vantage 190 1,493 8/31/2018 $27,657 4.94

Vacant 150-170 4,237 $63,555 14.03

Healing Den TI Reimbursement 1 2/1/2019 $25,200 0.0

KW Capital City TI Reimbursement 1 12/31/2020 $50,060 0.0

TTootals/Atals/Avvereragesages 2929,,794794 $554,$554,789789

MaPS rent set to increase by CPI on September 1, 2016.KWCC rent shown is averaged over remaining term due to lower starting effective rent.




4 DEMOGRAPHICS


SECTION 4 | DEMOGRAPHICS

Demographics Report


1 MILE1 MILE 5 MILES5 MILES 10 MILES10 MILES

Total households 4,305 90,265 125,868

Total persons per hh 2.3 2.7 2.7

Average hh income $43,886 $54,980 $59,229

Average house value $163,984 $208,282 $226,240

1 MILE1 MILE 5 MILES5 MILES 10 MILES10 MILES

Total population 9,954 241,859 339,072

Median age 35.3 34.6 35.7

Median age (male) 36.5 33.4 34.6

Median age (female) 35.1 36.1 37.0

* Demographic data derived from 2010 US Census


SECTION 4 | DEMOGRAPHICS

Demographics Map


* Demographic data derived from 2010 US Census

1 M1 Mileile 5 M5 Milesiles 10 M10 Milesiles

Total Population 9,954 241,859 339,072

Population Density 3,168 3,079 1,079

Median Age 35.3 34.6 35.7

Median Age (Male) 36.5 33.4 34.6

Median Age (Female) 35.1 36.1 37.0

Total Households 4,305 90,265 125,868

# of Persons Per HH 2.3 2.7 2.7

Average HH Income $43,886 $54,980 $59,229

Average House Value $163,984 $208,282 $226,240




5 ADDITIONAL INFORMATION



SECTION 5 | ADDITIONAL INFORMATION

Additional Photos




Additional Photos




City Information

Salem, OR

City Highlights

4/2015 Unemployment Rate of 5.5%

Top Employers: State of Oregon, Salem-Keizer School

Districe and Salem Health

Salem is the capital of the U.S. state of Oregon, and the county seat of Marion County. It is located in the

center of the Willamette Valley alongside the Willamette River, which runs north through the city. The

river forms the boundary between Marion and Polk counties, and the city neighborhood of West

Salem is in Polk County. Salem was founded in 1842, became the capital of the Oregon Territory in 1851,

and was incorporated in 1857.

Salem had a estimated population of 160,614 in 2013, making it the second largest city in the state

behind Portland. Salem is less than an hour driving distance away from Portland. Salem is the principal

city of the Salem Metropolitan Statistical Area, a metropolitan area that covers Marion and Polk counties

and had a combined population of 390,738 at the 2010 census. A 2013 estimate placed the metropolitan

population at 400,408, the state's second largest.

The city is home to Willamette University, Corban University, and Chemeketa Community College.

The State of Oregon is the largest public employer in the city, and Salem Health is the largest private

employer. Transportation includes public transit from Salem-Keizer Transit,Amtrak service, and

non-commercial air travel at McNary Field. Major roads include Interstate 5, Oregon Route 99E,

and Oregon Route 22, which connects West Salem across the Willamette River via the Marion

Street and Center Street bridges.

INITIAL AGENCY DISCLOSURE PAMPHLET - INFORMATION FOR REAL ESTATE BROKERS AND PRINCIPAL BROKERSA licensed real estate broker or principal real estate broker is required to give a copy of an Initial Agency Disclosure Pamphlet to each consumer the broker will represent. The pamphlet describes the legal rela-tionship between a broker and the consumer when the broker acts as the consumer’s “agent.”

Real estate brokers and principal real estate brokers have legal obligations, called affirmative duties, to both buyers and sellers in a real estate transaction.

Oregon Revised Statute (ORS) 696.805 lists the affirmative duties of a licensed real estate broker or principal real estate broker acting as a seller’s agent.

The affirmative duties of a broker or principal broker acting as a buyer’s agent are found in ORS 696.810.ORS 696.815(1) allows a real estate licensee to represent both the seller and the buyer in a real estate transaction under a disclosed limited agency agreement, provided there is full disclosure of the relation-ship under the agreement.

Oregon Administrative Rules (OAR), adopted by the Oregon Real Estate Agency, provide the form and content of the disclosures and the related pamphlet. OAR 863-015-0215 is set forth below for the convenience of licensees. The Agency has provided a sample Initial Agency Disclosure Pamphlet after the broken line that meets the requirements of OAR 863-015-0125.

863-015-0215Initial Agency Disclosure Pamphlet

(1) For purposes of this rule, “at first contact” means at the time the agent has sufficient contact informa-tion about a person to be able to provide an initial agency disclosure pamphlet to that person. Contact with a person includes, but is not limited to contacts in person, by telephone, over the Internet, by elec-tronic mail, or by similar methods.

(2) An agent shall provide a copy of the initial agency disclosure pamphlet, which complies with section (5) of this rule, at first contact with:(a) A prospective party to a real property transaction; or(b) An unrepresented party seeking representation during the course of a real property transaction.(3) An agent must provide the initial agency disclosure pamphlet in a written format by electronic mail, over the Internet, by USPS mail, facsimile, hand delivery or similar delivery method.(4) An agent need not provide a copy of the initial agency disclosure pamphlet to a party who has, or may be reasonably assumed to have, received a copy of the pamphlet from another agent. (5) The initial agency disclosure pamphlet must contain:(a) The following information, directed to the consumer:(A) A licensed real estate broker or principal broker must give a copy of the initial agency disclosure pamphlet at first contact with a prospective party to a real property transaction or at first contact with an unrepresented party seeking representation during the course of a real property transaction.(B) A licensed real estate broker or principal broker need not provide a copy of the initial agency dis-closure pamphlet to a party who has, or may be reasonably assumed to have, received a copy of the pamphlet from another broker. (C) The pamphlet describes the legal relationship between a broker and a consumer when the broker acts as the consumer’s agent; and(D) The pamphlet is informational only and may not be construed to be evidence of intent to create an agency relationship, as provided in ORS 696.820.(b) A general definition of an agency relationship and the three real estate agency relationships of seller’s agent, a buyer’s agent and a disclosed limited agent.(c) The definition of “confidential information” in ORS 696.800.(d) The affirmative duties and responsibilities of a seller’s agent under ORS 696.805.(e) The affirmative duties and responsibilities of a buyer’s agent under ORS 696.810.(f) The affirmative duties and responsibilities of a disclosed limited agent who represents both the buyer and the seller in a transaction under ORS 696.815.(g) The following statement to the consumer, “Whether you are a buyer or seller, you cannot make a licensee your agent without the licensee’s knowledge and consent, and an agent cannot make you a client without your knowledge and consent.”(6) The Real Estate Agency will make available a sample of an initial agency disclosure pamphlet that complies with section (5) of this rule on the Agency’s website.-------------------------------------------------------------------------------------------SAMPLE INITIAL AGENCY DISCLOSURE PAMPHLETConsumers: This pamphlet describes the legal obligations of Oregon real estate licensees to consumers. Real estate brokers and principal real estate brokers are required to provide this information to you when they first contact you. A licensed real estate broker or principal broker need not provide the pamphlet to a party who has, or may be reasonably assumed to have, received a copy of the pamphlet from another broker.This pamphlet is informational only. Neither the pamphlet nor its delivery to you may be interpreted as evidence of intent to create an agency relationship between you and a broker or a principal broker.

(1) To deal honestly and in good faith; (2) To present all written offers, notices and other communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and(3) To disclose material facts known by the agent and not apparent or readily ascertainable to a party.

A buyer’s agent owes the buyer the following affirmative duties:(1) To exercise reasonable care and diligence;(2) To account in a timely manner for money and property received from or on behalf of the buyer; (3) To be loyal to the buyer by not taking action that is adverse or detrimental to the buyer’s interest in a transaction; (4) To disclose in a timely manner to the buyer any conflict of interest, existing or contemplated; (5) To advise the buyer to seek expert advice on matters related to the transaction that are beyond the agent’s expertise; (6) To maintain confidential information from or about the buyer except under subpoena or court order, even after termination of the agency relationship; and (7) Unless agreed otherwise in writing, to make a continuous, good faith effort to find property for the buyer, except that a buyer’s agent is not required to seek additional properties for the buyer while the buyer is subject to a contract for purchase.

None of these affirmative duties of an agent may be waived, except (7). The affirmative duty listed in (7) can only be waived by written agreement between buyer and agent.

Under Oregon law, a buyer’s agent may show properties in which the buyer is interested to other prospec-tive buyers without breaching an affirmative duty to the buyer.

Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with law.

Duties and Responsibilities of an Agent Who Represents More than One Client in a Transaction One agent may represent both the seller and the buyer in the same transaction, or multiple buyers who want to purchase the same property, only under a written “Disclosed Limited Agency Agreement” signed by the seller and buyer(s).

Disclosed Limited Agents have the following duties to their clients: (1) To the seller, the duties listed above for a seller’s agent; (2) To the buyer, the duties listed above for a buyer’s agent; and(3) To both buyer and seller, except with express written permission of the respective person, the duty not to disclose to the other person:

(a) That the seller will accept a price lower or terms less favorable than the listing price or terms;(b) That the buyer will pay a price greater or terms more favorable than the offering price or terms; or(c) Confidential information as defined above.Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise.

When different agents associated with the same principal broker (a real estate licensee who supervises other agents) establish agency relationships with different parties to the same transaction, only the princi-pal broker will act as a Disclosed Limited Agent for both the buyer and seller. The other agents continue to represent only the party with whom the agents have already established an agency relationship unless all parties agree otherwise in writing. The principal real estate broker and the real estate licensees repre-senting either seller or buyer shall owe the following duties to the seller and buyer:

(1) To disclose a conflict of interest in writing to all parties;(2) To take no action that is adverse or detrimental to either party’s interest in the transaction; and(3) To obey the lawful instructions of both parties.

No matter whom they represent, an agent must disclose information the agent knows or should know that failure to disclose would constitute fraudulent misrepresentation.

You are encouraged to discuss the above information with the licensee delivering this pamphlet to you. If you intend for that licensee, or any other Oregon real estate licensee, to represent you as a Seller’s Agent, Buyer’s Agent, or Disclosed Limited Agent, you should have a specific discussion with the agent about the nature and scope of the agency relationship. Whether you are a buyer or seller, you cannot make a licensee your agent without the licensee’s knowledge and consent, and an agent cannot make you a client without your knowledge and consent.

Revised 9/9/2013

Real Estate Agency Relationships An “agency” relationship is a voluntary legal relationship in which a licensed real estate broker or prin-cipal broker (the “agent”) agrees to act on behalf of a buyer or a seller (the “client”) in a real estate transaction. Oregon law provides for three types of agency relationships between real estate agents and their clients:

Seller’s Agent -- Represents the seller only. Buyer’s Agent -- Represents the buyer only.

Disclosed Limited Agent -- Represents both the buyer and seller, or multiple buyers who want to pur-chase the same property. This can be done only with the written permission of all clients. The actual agency relationships between the seller, buyer and their agents in a real estate transaction must be acknowledged at the time an offer to purchase is made. Please read this pamphlet carefully before entering into an agency relationship with a real estate agent. Definition of “Confidential Information”

Generally, licensees must maintain confidential information about their clients. “Confidential informa-tion” is information communicated to a real estate licensee or the licensee’s agent by the buyer or seller of one to four residential units regarding the real property transaction, including but not limited to price, terms, financial qualifications or motivation to buy or sell. “Confidential information” does not mean information that:

(1) The buyer instructs the licensee or the licensee’s agent to disclose about the buyer to the seller, or the seller instructs the licensee or the licensee’s agent to disclose about the seller to the buyer; and (2) The licensee or the licensee’s agent knows or should know failure to disclose would constitute fraud-ulent representation.

Duties and Responsibilities of a Seller’s Agent Under a written listing agreement to sell property, an agent represents only the seller unless the seller agrees in writing to allow the agent to also represent the buyer. An agent who represents only the seller owes the following affirmative duties to the seller, the other parties and the other parties’ agents involved in a real estate transaction:

(1) To deal honestly and in good faith; (2) To present all written offers, notices and other communications to and from the parties in a timely manner without regard to whether the property is subject to a contract for sale or the buyer is already a party to a contract to purchase; and(3) To disclose material facts known by the agent and not apparent or readily ascertainable to a party.

A seller’s agent owes the seller the following affirmative duties:

(1) To exercise reasonable care and diligence;(2) To account in a timely manner for money and property received from or on behalf of the seller; (3) To be loyal to the seller by not taking action that is adverse or detrimental to the seller’s interest in a transaction; (4) To disclose in a timely manner to the seller any conflict of interest, existing or contemplated; (5) To advise the seller to seek expert advice on matters related to the transaction that are beyond the agent’s expertise; (6) To maintain confidential information from or about the seller except under subpoena or court order, even after termination of the agency relationship; and (7) Unless agreed otherwise in writing, to make a continuous, good faith effort to find a buyer for the property, except that a seller’s agent is not required to seek additional offers to purchase the property while the property is subject to a contract for sale.

None of these affirmative duties of an agent may be waived, except (7). The affirmative duty listed in (7) can only be waived by written agreement between seller and agent.

Under Oregon law, a seller’s agent may show properties owned by another seller to a prospective buyer and may list competing properties for sale without breaching any affirmative duty to the seller.

Unless agreed to in writing, an agent has no duty to investigate matters that are outside the scope of the agent’s expertise, including but not limited to investigation of the condition of property, the legal status of the title or the seller’s past conformance with law.

Duties and Responsibilities of a Buyer’s AgentAn agent, other than the seller’s agent, may agree to act as the buyer’s agent only. The buyer’s agent is not representing the seller, even if the buyer’s agent is receiving compensation for services rendered, either in full or in part, from the seller or through the seller’s agent.An agent who represents only the buyer owes the following affirmative duties to the buyer, the other parties and the other parties’ agents involved in a real estate transaction:

for sale | office nnn leased office investment - salem, … · 2016-07-12 · welcome tothe healing...

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