port arthur corners - port arthur, tx
DESCRIPTION
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PORT ARTHUR CORNERSPORT ARTHUR, TX
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2This 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. © 2015 Vitorino Group
PRICING & FINANCIAL ANALYSIS
Offering Summary
Price $3,225,000
Cap Rate 8.35%
Net Operating Income $269,131
Price PSF $115.40
Occupancy 81%
Year Built 2006
Gross Leasable Area 27,946 SF
Lot Size 2.76 Acres
Port Arthur Corners4997 Twin City HwyPort Arthur, TX 77642
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3This 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. © 2015 Vitorino Group
PRICING & FINANCIAL ANALYSIS
incOme & expenSeS current pSf
Base Rent - Occupied Space (80.7%) $284,777 $10.19
Base Rent - Vacant Space (0%) $0 $0.00
GROSS POTENTAL RENT $284,777 $10.19
Exp. Reimb.
Real Estate Taxes $29,103 $1.04
Insurance $10,204 $0.37
CAM $15,608 $0.56
Mgmt. Fee $7,889 $0.28
Total Exp. Reimb. $62,803 $2.25
GROSS POTENTIAL INCOME $347,581 $12.44
Vacancy Factor (economic) 0.00% $0 $0.00
EFFECTIVE GROSS INCOME $347,581 $12.44
Expenses
Real Estate Taxes ($36,050) ($1.29)
Insurance ($12,639) ($0.45)
CAM ($19,333) ($0.69)
Mgmt. Fee (% of GPI) 3.00% ($10,427) ($0.37)
Total Expenses ($78,450) ($2.81)
NET OPERATING INCOME $269,131
expenSeS current pSfReal Estate Taxes $36,050 $1.29
Insurance $12,639 $0.45
CAM
Cleaning $653 $0.02
Trash $568 $0.02
Building Services $2,154 $0.08
Fire Safety $1,684 $0.06
Utilities $4,766 $0.17
Landscaping $4,151 $0.15
Parking Lot Sweeping $5,358 $0.19
Total CAM $19,333 $0.69
Management Fee (% of GPI) 3.00% $10,427 $0.37
TOTAL EXPENSES $78,450 $2.81
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4This 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. © 2015 Vitorino Group
RENT ROLL
tenant Sq ft% Of Sq ft
Start endannual
rentpSf
eScalatiOn date
eScalatiOn amOunt
OptiOnSleaSe
type
Game Stop 2,000 7.2% 9/27/2012 9/30/2017 $18,500 $9.25 - - - NNN
Nail Depot 966 3.5% 6/1/2009 5/31/2017 $19,745 $20.44 6/1/2017 $22.89 1 x 3 NNN
Cato-Its Fashion 3,195 11.4% 5/2/2006 1/31/2021 $19,170 $6.00 - - - NNN
PortArthur Smiles 2,500 8.9% 8/9/2013 11/30/2023 $42,512 $17.00 12/1/2023 $19.80 2 x 5 NNN
JP Morgan/Chase 2,500 8.9% 11/13/2008 11/30/2018 $46,750 $18.70 12/1/2018 $20.57 3 x 5 NNN
Check N Go 1,400 5.0% 6/29/2006 6/30/2017 $26,600 $19.00 - - - NNN
CSL Plasma 9,000 32.2% 2/1/2016 12/31/2025 $94,500 $10.50 1/1/2026 FMV 2 x 5 NNN
Port Arthur Smiles Expansion(1) 1,000 3.6% 3/1/2017 11/30/2023 $17,000 $17.00 - - - NNN
Vacant 1,528 5.5% - - - - - - - -
Vacant 1,200 4.3% - - - - - - - -
Vacant 2,657 9.5% - - - - - - - -
Occupied 22,561 80.7% $284,777
Vacant 5,385 19.3%
Total 27,946 100.0%
NOTE:(1) Port Arthur Smiles is expanding by 1,000SF into the adjacent space; estimated rent commencement date is 3/1/17.
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5This 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. © 2015 Vitorino Group
TENANT INFORMATION
GameStop Corporation, simply referred to as GameStop, is an American video game, consumer electronics, and wireless services retailer. The company is headquartered in Grapevine, Texas, United States, and operates 6,457 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe. The company’s retail stores primarily operate under the GameStop, EB Games, and Micromania brands.
GameStop is divided into two operating segments: Video Game Brands and Technology Brands. The Technology Brands was created during the fourth quarter of 2013, and houses the companies Simply Mac, Spring Mobile, and Aio Wireless business. As of April 2014, the Technology Brands segment included 218 retail outlets. GameStop’s Video Game Brands includes the company’s other businesses such as video game and consumer electronics retail shops; Kongregate, a digital video game distribution site; and buymytronics.com, a consumer electronics marketplace. Pre-owned and value video games accounted for 47% of GameStop’s gross revenue for the fiscal year ending February 2014.
tenant Overview
Tenant GameStop
Ownership Public
Years In Business 31 Years
Number of Locations 6,627
Headquarters Grapevine, TX
Website www.gamestop.com
JPMorgan Chase & Co. is an American multinational banking and financial services holding company headquartered in New York City. It is the largest bank in the United States, and the world’s sixth largest bank by total assets, with total assets of US $2.6 trillion. It is a major provider of financial services, and according to Forbes magazine is the world’s third largest public company based on a composite ranking. The hedge fund unit of JPMorgan Chase is the second largest hedge fund in the United States. The company was formed in 2000, when Chase Manhattan Corporation merged with J.P. Morgan & Co.
tenant Overview
Tenant JPMorgan Chase
Ownership Public
Years In Business 15 Years
Number of Locations
Headquarters New York, NY
Website wwwjpmorganchase.com
PORT ARTHUR CORNERS
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6This 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. © 2015 Vitorino Group
TENANT INFORMATION
Check `n Go first opened its doors for business in 1994 in Covington, Kentucky. The beginnings were humble, and as a very hands-on, family-owned business, rooted in providing supreme customer service through customer-focused leadership principles.
After providing dependable financial services for almost 15 years, Check `n Go stands out today as a prominent leader in the payday loan industry. Check ‘n Go currently operates more than 1,000 stores in 31 states, their team includes over 3,200 Check `n Go employees.
tenant Overview
Tenant Check ‘n Go
Ownership Private
Years In Business 21 Years
Number of Locations 1,000+
Headquarters Cincinnati, OH
Website www.checkngo.com
Cato Corporation is an American retailer of women’s fashions and accessories. The Company operates stores that are located throughout the United States, and in a variety of markets ranging from small towns to metropolitan areas. The Cato Corporation (Cato) operates the stores under several names including Cato, Cato Fashions, Cato Plus,It’s Fashion, It’s Fashion Metro, as well as the newest addition, Versona Accessories. The Company’s stores includes a variety of clothes such as dressy, career, and casual sportswear, dresses, coats, shoes, lingerie, costume jewelry, handbags, men’s wear and lines for kids and newborns. These products are produced by various vendors in accordance with the Company’s specifications, but generally are sold under its private label. For customers’ convenience, the company provides the credit service via offering its own credit cards.
tenant Overview
Tenant Cato
Ownership Public
Years In Business 69 Years
Number of Locations 1,000
Headquarters Charlotte, NC
Website www.catofashions.com
PORT ARTHUR CORNERS
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7This 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. © 2015 Vitorino Group
TENANT INFORMATION
CSL Plasma, headquartered in Boca Raton, US, is a division of CSL Behring, a plasma protein biotherapies company headquartered in King of Prussia, US.
CSL Plasma has more than 120 plasma collection centres in the US and Europe, along with plasma testing laboratories and logistics centres in both countries. One of the largest collectors of human blood plasma in the world, CSL Plasma sources the plasma required through its plasma collection operations and commercial purchases.
Globally, hundreds of thousands of donors provide the plasma used to produce a range of life-saving products for critically ill patients. CSL Plasma offers a reliable and secure source of plasma for those essential medications.
CSL Plasma utilises the most sophisticated production methods available and meets or exceeds stringent international safety and quality standards. Each step of our manufacturing process – from plasma donor to patient – reflects CSL’s unyielding commitment to ensuring its products are safe and effective.
tenant Overview
Tenant CSL Plasma
Ownership Public
Years In Business 100 Years
Number of Locations 120+
Headquarters Boca Raton, FL
Website www.csl.com.au
PORT ARTHUR CORNERS
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8This 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. © 2015 Vitorino Group
INVESTMENT HIGHLIGHTS
• Walmart Supercenter Shadowed Anchor Property
• Located in the Hub of the US Petrochemical Import/
Export Distribution Region
• Brand New International Corporate Tenant
Occupying One-Third of the Property on a Long-
Term Lease
• Significant Upside Potential Through the Lease-Up
of Existing Vacancy
• Well Below Market Pricing at $115 Price Per Square
Feet
• Occupied Predominately by National Credit NNN
Tenants at Below Market Rents With Significant
Remaining Terms
PORT ARTHUR CORNERS
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9This 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. © 2015 Vitorino Group
SITE PLAN
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PORT ARTHUR CORNERS
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10This 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. © 2015 Vitorino Group
AERIAL MAP
Memorial High
School
PORT ARTHUR CORNERS
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11This 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. © 2015 Vitorino Group
LOCAL MAP
PORT ARTHUR CORNERS
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12This 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. © 2015 Vitorino Group
REGIONAL MAP
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13This 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. © 2015 Vitorino Group
MARKET SUMMARY
Beaumont is located in southeast Texas along the Texas/Louisiana border, near the Gulf of Mexico and about 90 miles from Houston. Locals commonly refer to this area as the Golden Triangle, referencing the larger cities in our region - Beaumont, Port Arthur and Orange. Smaller cities include Port Neches, Nederland, Groves, Vidor and Bridge City.
Beaumont is the birthplace of Spindletop, the largest oil discovery in Texas, that jumpstarted Texas’ transformation into a major petroleum producer and industrial power.
Beaumont is home of Lamar University, a national Carnegie Doctoral Research university. Home to more than 14,000 students, Lamar University sits on a 270-acre campus just a short drive from Beaumont’s downtown museum and entertainment district. Lamar University offers more than 100 programs of study leading to bachelor’s, master’s and doctoral degrees.
Over the years, several corporations have called
Beaumont home. For example, Gulf States Utilities had its headquarters in Beaumont until its absorption by Entergy Corporation in 1993. GSU’s Edison Plaza headquarters is still the tallest building in Beaumont (as of 2011). With Spindletop, several energy companies developed in Beaumont, and some continue.
A significant element of the region’s economy is the Port of Beaumont, the nation’s fourth largest seaport by tonnage. The 842d Transportation Battalion, and the 596th Transportation Group are both stationed at the port in Beaumont.
In addition to companies doing business within the city limits, several large industrial facilities are located within the city’s five mile extraterritorial jurisdiction boundaries including the ExxonMobil Beaumont refinery and chemical plants, Goodyear Beaumont chemical plant, and DuPont chemical plant. Jason’s Deli has its headquarters in Beaumont.
BEAUMONT, TX
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14This 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. © 2015 Vitorino Group
DEMOGRAPHIC SUMMARY
PoPulation
HouseHolds
income
Race and etHnicity
Housing
emPloyment
Geography: 5 miles
In the identified area, the current year population is 92,904. The five-year projection for the population in the area is 93,520 representing a change of 0.66% from 2015 to 2020. Currently, the population is 49.5% male and 50.5% female. The median age in this area is 41.2, compared to the U.S. median agoe of 37.9.
There are currently 35,923 households in your selected georgraphy. The number of households has changed by 0.06% annually since 2010. It is estimated that the number of households in your area will be 36,184 five years from now, which represents a change of 0.14% annually from the current year. The average household size in your area is 2.56 persons.
In 2015, the median household income for your selected georgraphy is $42,488, compare this to the Entire U.S. average, which is currently $53,217. It is estimated that the median household income in your area will be $49,747 five years from now, which represents a change of 14.59% from the current year.
The current year per capita income in your area is $22,180, compare this to the Entire U.S. average, which is $28,597. The current year average household income in your area is $56,965, compare this to the Entire U.S. average, which is $74,699.
The current year racial makeup of your selected area is as follows: 58.4% White, 22.6% Black, 0.6% Native American and 5.2% Asian/Pacific Islander. Compare these to the Entire U.S. Averages which are: 71.60% White, 12.70% Black, 0.18% Native American and 5.02% Asian/Pacific Islander.
People of Hispanic origin are counted independently of race. People of Hispanic origin make up 25.1% of the current year population in your selected area. Compare this to the Entire U.S. average of 17.6%.
In 2015, there were 22,592 owner occupied housing units in your area and there were 13,330 renter occupied housing units in your area. Median home value in the area is $122,086.
In 2015, there are 38,157 employees in your selected area, this is also known as the daytime population. Currently, 51.0% of employees are employed in white-collar occupations in this geography, and 30.3% are employed in blue-collar occupations. In 2015, unemployment in this area is 6.5%.
Demographic data © 2015 esri
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15This 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. © 2015 Vitorino Group
DEMOGRAPHIC STATISTICS
traffic cOuntS
incOme 1 mile 3 mileS 5 mileS
$ 0 - $14,999 11.7% 17.5% 17.2%
$ 15,000 - $24,999 13.8% 13.5% 13.0%
$ 25,000 - $34,999 13.9% 13.1% 12.9%
$ 35,000 - $49,999 11.1% 11.7% 12.1%
$ 50,000 - $74,999 19.3% 16.2% 16.2%
$ 75,000 - $99,999 11.6% 12.8% 12.8%
$100,000 - $149,999 15.6% 11.3% 11.8%
$150,000 - $199,999 1.3% 2.3% 2.6%
$200,000 + 1.9% 1.7% 1.4%
2015 Median Household Income $49,293 $41,564 $42,488
2015 Per Capita Income $25,412 $21,946 $22,180
2015 Average Household Income $60,923 $56,822 $56,965
pOpulatiOn 1 mile 3 mileS 5 mileS
2000 Population 4,481 55,080 96,754
2010 Population 4,568 54,881 92,989
2015 Population 4,847 55,473 92,904
2020 Population 5,058 56,227 93,520
HOuSeHOldS 1 mile 3 mileS 5 mileS
2000 Households 1,915 21,239 37,113
2010 Households 1,880 20,927 35,809
2015 Households 2,000 21,215 35,923
2020 Households 2,087 21,514 36,184
2015 Average Household Size 2.37 2.58 2.56
2000 Owner Occupied Housing Units 1,227 13,763 25,183
2000 Renter Occupied Housing Units 689 7,476 11,931
2000 Vacant 131 1,802 3,539
2015 Owner Occupied Housing Units 1,237 12,740 22,592
2015 Renter Occupied Housing Units 763 8,475 13,330
2015 Vacant 157 2,830 5,568
2020 Owner Occupied Housing Units 1,290 12,810 22,593
2020 Renter Occupied Housing Units 797 8,704 13,591
2020 Vacant 174 3,026 6,02922,900
45,000
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 Vitorino Group and it should not be made available to any other person or entity without the written consent of Vitorino Group. 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 Vitorino Group.
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. Vitorino Group 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 tenant’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, Vitorino Group has not verified, and will not verify, any of the information contained herein, nor has Vitorino Group 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 THE VITORINO GROUP AGENT FOR MORE DETAILS.
CONFIDENTIALITY AGREEMENT
Vitorino Group 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, the Vitorino Group has not and will not verify any of this information, nor has the Vitorino Group conducted any investigation regarding these matters. The Vitorino Group makes no guarantee, warranty or representation whatsoever about the accuracy or completeness of any information provided.
As the Buyer of a net leased 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. The Vitorino Group 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 net leased 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 net leased 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 tenant 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 tenant 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 lease, including the likelihood of locating a replacement tenant if the current tenant should default or abandon the property, and the lease terms that Buyer may be able to negotiate with a potential replacement tenant 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 The Vitorino Group 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.
Net Lease Disclaimer
Before working with a real estate broker, you should know that the duties of a broker depend on whom the broker represents. If you are a prospective seller or landlord (owner) or a prospective buyer or tenant (buyer), you should know that the broker who lists the property for sale or lease is the owner’s agent. A broker who acts as a subagent represents the owner in cooperation with the listing broker. A broker
who acts as a buyer’s agent represents the buyer. A broker may act as an intermediary between the parties if the parties consent in writing. A broker can assist you in locating a property, preparing a contract or lease, or obtaining financing without representing you. A broker is obligated by law to treat you honestly.
IF THE BROKER REPRESENTS THE OWNER:The broker becomes the owner’s agent by entering into an agreement with the owner, usually through a written - listing agreement, or by agreeing to act as a subagent by accepting an offer of subagency from the listing broker. A subagent may work in a different real estate office. A listing broker or subagent can assist the buyer but does not represent the buyer and must place the interests of the owner first. The buyer should not tell the owner’s agent anything the buyer would not want the owner to know because an owner’s agent must disclose to the owner any material information known to the agent.
IF THE BROKER REPRESENTS THE BUYER:The broker becomes the buyer’s agent by entering into an agreement to represent the buyer, usually through a written buyer representation agreement. A buyer’s agent can assist the owner but does not represent the owner and must place the interests of the buyer first. The owner should not tell a buyer’s agent anything the owner would not want the buyer to know because a buyer’s agent must disclose to the buyer any material information known to the agent.
IF THE BROKER ACTS AS AN INTERMEDIARY:A broker may act as an intermediary between the parties if the broker complies with The Texas Real Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an
Approved by the Texas Real Estate Commission for Voluntary Use Texas law requires all real estate licensees to give the following information about brokerage services to prospective buyers, tenants, sellers and landlords.
Real estate licensee asks that you acknowledge receipt of this information about brokerage services for the licensee’s records.
Information About Brokerage Services
intermediary. The written consent must state who will pay the broker and, in conspicuous bold or underlined print, set forth the broker’s obligations as an intermediary. The broker is required to treat each party honestly and fairly and to comply with The Texas Real Estate License Act. A broker who acts as an intermediary in a transaction:
With the parties’ consent, a broker acting as an intermediary between the parties may appoint a person who is licensed under The Texas Real Estate License Act and associated with the broker to communicate with and carry out instructions of one party and another person who is licensed under that Act and associated with the broker to communicate with and carry out instructions of the other party.
If you choose to have a broker represent you, you should enter into a written agreement with the broker that clearly establishes the broker’s obligations and your obligations. The agreement should state how and by whom the broker will be paid. You have the right to choose the type of representation, if any, you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker represents you. If you have any questions regarding the duties and responsibilities of the broker, you should resolve those questions before proceeding.
(1) shall treat all parties honestly;(2) may not disclose that the owner will accept a price less than the asking price unless authorized in writing to do so by the owner;(3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer unless authorized in writing to do so by the buyer; and(4) may not disclose any confidential information or any information that a party specifically instructs the broker in writing not to disclose unless authorized in writing to disclose the information or required to do so by The Texas Real Estate License Act or a court order or if the information materially relates to the condition of the property.
exclusively listed
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