DOWNTOWN HOUSTON · 6 MILES Employment Entertainment Hosts 12 of Houston’s 26 Fortune 500 Houston Theater District companies Minute Maid Park Major Employers (Number of Employees) (Houston Astros) Chevron (7,000) Toyota Center (Houston Shell Oil Company (6,500 Rockets) Chase Bank (4,695) George R. Brown KBR (3,175) Convention Center ExxonMobil Corporation (3,000) Discovery Green Park El Paso Corporation (2,200) CenterPoint Energy (2,040) Hess Corporation (1,870 United Airlines (1,840) GREATER HEIGHTS Wells Fargo (1,695)
American Legion Park LAZYBOOK/TIMBERGROVE
Gatlin's BBQ ELLA BLVD Union Kitchen 610 Toasted Mattress One Paws Pet Resort
Oak Forest Swimming Pool
JUDIWAY ST Oaks Dad’s Club
W 34TH ST OAK FOREST DR
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W TC JESTER BLVD GARDEN OAKS « ROSSLYN RD | E TC JESTER BLVD ±4.0ACRES FUTURE ROW
DU BARRY LN OAK FOREST/GARDEN OAKS Home Prices up to $1.3M
TC Jester Park
±4 Acres in Garden Oaks W TC Jester Blvd, Houston, TX 77018
OFFERING MEMORANDUM Contacts
Tim Dosch Becky Hand Dosch Marshall Real Estate Principal Senior Associate 713.955.3120 [email protected] [email protected] O 713-955-3127 O 713-955-3121 777 Post Oak Blvd Houston, TX 77056 M 713-459-8123 M 918-629-5592 www.dmreland.com
Exclusive Representation David Marshall Dillon Mills Dosch Marshall Real Estate (DMRE) has been exclu- sively retained to represent the Seller in the disposition Principal Senior Associate of ±4 acres between W TC Jester Blvd and E TC Jester [email protected] [email protected] Blvd at Judiway St, Houston Garden Oaks, TX 77018 O 713-955-3126 O 713-955-3123 (Property). All inquiries about the Property should be directed to DMRE. M 713-206-1574 M 713-254-3824
About DMRE Dosch Marshall exists to provide unmatched real estate brokerage services across the U.S. by connect- ing our expansive network, market knowledge, and Tom Dosch Tripp Rich expertise in land brokerage with innovative processes. Principal Transaction Manager Founded in 2017, but in the Houston market for the [email protected] [email protected] past 15 years, our goal is to represent our clients O 713-955-3125 O 713-955-3124 with excellence. In real estate as in other industries M 713-557-4455 M 936-635-6968 experience is key: collectively, DMRE has 40 years of experience. Tim Dosch, David Marshall, and Tom Dosch have all been chosen in recent years for the Houston Heavy Hitters, an award that recognizes those who have traded the largest transactions in Houston for the year. Clark Dalton Kenneth Danna Vice President Analyst [email protected] [email protected] O 713-955-3122 O 713-955-3120 M 832-449-2223 M 713-829-2615
±4 ACRES IN GARDEN OAKS 2 PROPERTY Property Aerial
American Legion Park W 43RD ST ELLA BLVD Gatlin's BBQ RETAIL Oak Forest Center
OAK FOREST DR
Oak Forest Swimming Pool
JUDIWAY ST
Oaks Dad’s Club
« ROSSLYN RD | E TC JESTER BLVD OAK FOREST/GARDEN OAKS Home Prices up to $1.3M »
±4.0 ACRES FUTURE ROW DU BARRY LN
W TC JESTER BLVD W 34TH ST White Oak Bayou Greenway Trail
TC Jester Park
±4 ACRES IN GARDEN OAKS 3 PROPERTY Property Aerial
Dyer Stadium LAXYBROOK/TIMBERGROVE Home Prices up to $300K
DACOMA ST 610 BROOKHOLLOW FUTURE Courtyard Houston Brookhollow World Wide Metric-Tx SpringHill Suites Houston Springfield College ~24-acre retail development Brookhollow Texas Paint Supply ~US-290 & Dacoma Texas Department of Public Safety Pritchard Industries BLS International Services Junior Achievement of SE Texas MEMCO Staffing Texas Department of Motor Vehicles Ebay Services of Texas ARC of Greater Houston White Oak Bayou Greenway Trail The Gateway Academy Brookstone construction managers Balfour Beatty Construction Texas Children's Pediatrics Heights MacroFab, Inc Smart Financial Credit Union
W 34TH ST W TC JESTER BLVD TC Jester Park
Oaks Dad’s Club « E TC JESTER BLVD | ROSSLYN RD
±4.0 ACRES FUTURE ROW
»
OAK FOREST/GARDEN OAKS DU BARRY LN Home Prices up to $1.3M
±4 ACRES IN GARDEN OAKS 4 PROPERTY Property Information
Development opportunity in Garden Oaks Property Details • Garden Oaks is an attractive residential submarket with LOCATION Between W TC Jester Blvd and E TC Jester Blvd at Judiway St active lifestyle amenities, unique restaurants, and outdoor Houston Garden Oaks, TX 77018 recreation spots LAT., LONG. 29.820371, -95.447968 • The Property is less than 500 feet from TC Jester Park and Whiteoak Bayou Greenway Trail, which provides over 15 TOTAL SIZE ±4.0 miles of public greenspace and hike-and-bike trails connect- COUNTY Harris ing Garden Oaks with Washington Corridor and Downtown Houston UTILITIES City of Houston • The Property is 3 miles from the center of The Heights, a SCHOOLS Houston Independent School District historic Houston neighborhood which has become an area of interest for young professionals in Houston FLOODPLAIN A portion of the property is in the 100-year floodplain PRICING TBD by market Making an Offer
Offer Information 2017 Tax Rates Offers should be presented in the form of a non-binding 1 HOUSTON ISD 1.206700 Letter of Intent, and should include: • Pricing 40 HARRIS COUNTY 0.418010 • Due Diligence and Closing Timeframe 41 HARRIS CO FLOOD CNTRL 0.028310 • Earnest Money Deposit • Description of Debt/Equity Structure 42 PORT OF HOUSTON AUTHY 0.012560 • Qualifications to Close 43 HARRIS CO HOSP DIST 0.171100 • Development Plans 44 HARRIS CO EDUC DEPT 0.005195 Due Diligence Information 48 HOU COMMUNITY COLLEGE 0.100263 To access the due diligence information please visit the Property website at: dmreland.com/listings/#615 61 CITY OF HOUSTON 0.584210
Additional Property Details Total 2.526348 PARCEL ID 0432050050357 0432050050353 1360930010013 - 1360930010036 2017 Demographics 1360930010040 - 1360930010046 0-1 mi 0-3 mile 0-5 miles OWNER 3675 WTCJ TOWNHOMES LLC EST. POPULATION 2017 18,752 147,981 415,798 PROPERTY 3675 W T C JESTER BLVD HOUSTON, TX 77018 5-YR EST. POPULATION GROWTH 8.35% 8.50% 7.67% LEGAL TR 10 ABST 539 W P NORTON AVERAGE HOUSEHOLD INCOME $102,931 $97,717 $101,098 MEDIAN VALUE OF OWNER OCCUPIED HOUSING UNITS $235,549 $212,810 $202,066
±4 ACRES IN GARDEN OAKS 5 PROPERTY Site Plan
Site plan depicted is for 140 garden style apartment units.
" 0 ' - 5 R
Traffic Counts
W TC JESTER BLVD DU BARRY LN
E TC JESTER BLVD
±4.0 ACRES W TC JESTER BLVD
±4.0
12,240 CPD 9,160 CPD ACRES 12,240 FUTURE ROW
16,443 CPD W 34TH ST 17,770 CPD « E TC JESTER BLVD | ROSSLYN RD
»
±4 ACRES IN GARDEN OAKS 6 PINEMONT DR T C JESTER BLVD 45
ANTOINE DR
INDEPENDENCE HEIGHTS W 43RD ST UP TO $450K ROSSLYN DR OAK FOREST/GARDEN LANG RD LANG UP TO $1.3M
CROSSTIMBERS ST 290 INDUSTRIAL CORRIDOR
GARDEN OAKS AIRLINE DR
±4.0 Ac HEMPSTEAD RD W 34TH ST 1 MI
610
ELLA BLVD
W 19TH ST SHOPPING DISTRICT DINING • NIGHTLIFE • FITNESS • THEATER • SHOPPING
WIRT RD NEAR NORTHSIDE UP TO $500K
W 20TH ST W CAVALCADE ST LONG POINT RD THE HEIGHTS FULTON ST W 18TH ST UP TO $1.5K
SPRING BRANCH EAST
YALE ST
UP TO $1.6M STUDEMONT ST
3 MI ELYSIAN ST
N DURHAM DR THE HEIGHTS
SILBUR RD
HEIGHTS BLVD
N SHEPHERD DR W 11TH ST SAWYER ST
610 HOUSTON AVE HOUSTON
OLD KATY RD
WHITE OAK DR
T C JESTER BLVD WHITE OAK DRIVE MEMORIAL DR NOTABLE RESTAURANTS & NIGHTLIFE 10 WESTCOTT ST 5 MI
WASHINGTON AVE MEMORIAL PARK WASHINGTON CORRIDOR CENTRAL BUSINESS DISTRICT
SPOTTS PARK WOODWAY DR ELEANOR TINSLEY PARK
MONTROSE BLVD
HOUSTON ARBORETUM & MEMORIAL DR NATURE CENTER 45
RIVER OAKS GOLF CLUB RIVER OAKS MINUTE MAID PARK SHOPPING CENTER THEATER DISTRICT RIVER OAKS GEORGE R BROWN CONVENTION CENTER GREENSTREET WAUGH DR
MONTROSE DISCOVERY GREEN GALLERIA/ TOYOTA CENTER SAN FELIPE ST ±4 ACRES IN GARDEN OAKS UPTOWN 7 DISTRICT WESTHEIMER RD
MAIN ST AREA HIGHLIGHTS Local Highlights
Garden Oaks (Surrounding) Outdoor Recreation Attractive residential submarket with active lifestyle ame- nities, unique restaurants, and outdoor recreation spots, Memorial Park (<3 miles) Upcoming Renovation including: American Legion Park, Oaks Dads Club, Harriet • Includes Memorial Park Golf Course and facilities for • The Seymour-Lieberman Trail, the most popular run- and Joe Foster Family YMCA, White Oak Bayou Greenway tennis, softball, swimming, track, croquet, volleyball, ning trail in Houston, was recently renovated Trail, Oak Forest Swimming Pool, Bayou City CrossFit, GO skating, and cycling • Kinder Foundation made a $70 million contribution Pilates • Features the very popular Seymour Lieberman Exer- to the transformation of Memorial Park, which is Oak Forest Restaurants cise Trail, a 2.93 mile crushed granite pathway that expected to cost hundreds of millions of dollars and Wakefield Cowbar, Shepherd Park Draught House, Catty sees almost 3 million visits annually take about 20 years to complete Corner Ice House, Cottonwood, Mi Sombrero, Gatlin’s BBQ • Home to the Houston Arboretum & Nature Center, a • Memorial Park Conservancy, the Houston Parks and Oak Forest Center (<1 mile) 155-acre urban nature sanctuary with 5 miles of trails Recreation Department and the Uptown Development Kroger, Walgreens, PetSmart, Chase Bank, BBVA Compass Authority are leading the Memorial Park Master Plan Bank, Wells Fargo, Baskin-Robbins, Starbucks, Plonk Wine project; work began on the project in 2013 and Beer Bistro, Great Clips, Resource One Credit Union, Oak Forest Library American Legion Park The Houston Heights (1 mile) W 43RD ST ELLA BLVD Gatlin's BBQ A center of interest for young professionals in Houston; trendy bars and restaurants have flooded into the area, mak- ing it the newest and hottest of Houston’s nightlife spots OAK FOREST DR
Oak Forest Swimming Pool Retail at Ella Blvd & W. 18th St (1.5 miles) HEB, Walgreens, Foodarama, bike shops, fitness centers, and various restaurants and bars W 19th Shopping District (3 miles) OAK FOREST/GARDEN OAKS Home Prices up to $1.3M Center for shopping, dining, and nightlife in The Heights: in addition to a Kroger, CVS, and four banks, it hosts more Oaks Dad’s Club than 13 eateries and bars, two fitness centers, three theater JUDIWAY ST venues, and many unique independent shops « ROSSLYN RD | E TC JESTER BLVD » Upcoming Developments • Whole Foods 365 at 610 & Yale St - Opening 2018 ±4.0 ACRES • Heights Waterworks mixed use development - Nichol- FUTURE ROW son & W. 20th St DU BARRY LN • Alliance multifamily development - Nicholson & W. 21st St
Washington Corridor (4.5 mile)
One of Houston’s most popular nightlife spots, the Wash- W TC JESTER BLVD W 34TH ST ington Corridor has experienced profound gentrification White Oak Bayou Greenway Trail within the past few years. Neighborhood retail includes a
215,000-square-foot Wal-Mart-anchored retail center and a TC Jester Park Target-anchored retail center.
±4 ACRES IN GARDEN OAKS 8 AREA HIGHLIGHTS Uptown District/The Galleria 4.5 miles from the Property
Employment Top Employers • Occupies 500 acres and is the 15th largest business district in the U.S. Apache Corporation Retail & Hospitality • 26 million total square feet of commercial office space • Home to the largest number of couture retailers BBVA Compass Bank in the city, including Versace, Yves Saint Laurent, • Class A occupancy rate remains at a steady 90% Giorgio Armani and Bulgari throughout the year Bechtel Corporation • 55% of residents within a three-mile radius earn • Over 16 million square feet of Class A office space over $75,000 annually • 13% of Houston’s total “Class A” office space, second • Six million square feet of retail space and more only to Downtown Houston BHP Billiton than 1,000 stores • Hosts over 82,000 employees and 2,000 companies, Cambridge Energy Research Associates, Inc. including Fortune 500 companies Apache, Spectra The Galleria Mall Energy, and Marathon Oil • Three million-square-foot, mixed-used site on 52 Clear Channel Communications acres • Fourth largest retail complex in the United States Datacert, Inc. • Hosts more than 30 million visitors annually, making it the number one shopping and tourist Goodman Global Group, Inc. attraction in Houston • Houston’s most prestigious shopping including Hines stores such as Neiman Marcus, Cartier, Hermes of Paris, Saks Fifth Avenue, Louis Vuitton, Ethan Allen, Landry’s and Houston’s only Nordstrom
Hospitality LiveNation • Over 30 million people visit the District every year • 34 hotels with over 7,800 hotel rooms (more full Marathon Oil FOUR OAKS PLACE - UPTOWN DISTRICT service hotels than any other district in Houston) • Highest hotel occupancy rate in Houston S&B Infrastructure, Ltd. • Nearly 10% of Houston’s total hotel rooms
Schlumberger Limited New Developments • In 2016 the Galleria opened a new 198,000-square- Spectra Energy foot Saks Fifth Avenue • A high-rise 30-story residential tower is also Stewart Information Services Corporation planned, with 225 hotel rooms and 75 to 10 condo- miniums Engie (prev. GDF SUEZ) • Recently added a 180-foot-long retail corridor for high-end boutiques called “Galleria IV”; most shops TeleCheck International, Inc. opened in the second quarter of 2017
THE GALLERIA MALL Williams
±4 ACRES IN GARDEN OAKS 9 AREA HIGHLIGHTS Downtown Houston 6 miles from the Property
GEORGE R BROWN CONVENTION CENTER Employment Entertainment & Attractions • Over 150,000 employees • Over ten million people visit Downtown annually • Over 3,000 businesses and 50.4 million SF office • 22 hotels and 7,300 hotel rooms space • 9 major performing arts organizations • Class A office occupancy at 85.6% • 2 million SF retail space • 754,000 SF of office space is under construction • Over 300 restaurants, coffee shops, and bars, • Hosts 20 of Houston’s 26 Fortune 500 companies; including the renowned Xochi, Potente and Local 9 have their headquarters in Downtown Houston Foods
Top Employers Toyota Center MINUTE MAID PARK TOYOTA CENTER • Home of the NBA’s Houston Rockets Employer # Employees • The Toyota Center has a total of 750,000 square feet, with 18,300 seats available for basketball, 17,800 for Chevron 8,600 hockey, and 19,000 for concerts, including 2,900 club seats and 103 luxury, courtside seats Shell Oil Company 7,000 Minute Maid Park Chase Bank 4,892 • Home of the Houston Astros and Houston Aeros pro- fessional sports teams CenterPoint Energy 3,826 • Built in the year 2000, Minute Maid Park has a 242-foot George R Brown Convention Center high retractable roof • 1.9 million SF KBR 2,958 • Minute Maid Park has a gross square footage of 28.97 • $253 million economic impact acres, a total square footage of 1,263,240, and a total of NRG/Reliant Energy 2,300 • Fronted by Avenida de las Americas, a boulevard 40,963 seats running from Minute Maid Park to Hilton Ameri- ExxonMobil Corporation 2,200 GreenStreet cas-Houston, which features five restaurants and • Three-block, 570,000-square-foot mixed-use destina- festival and event space Hess 2,000 tion with shopping, entertainment and dining Houston Theater District • III Forks, McCormick & Schmick’s, House of Blues, • The Houston Theater District, an impressive 17-block Kinder Morgan 1,860 Lucky Strike cultural and entertainment center, is the second largest • Hosts NRG’s regional headquarters, one of the nation’s performing arts district in the U.S. next to Broadway in Deloitte 1,700 largest energy providers New York City • 90,000 square feet of collaborative office space with • Nine performing arts organizations with more than Enterprise Products Partners 1,360 easy access to transit and parking 12,900 seats for live performances • Includes 130,000 square foot Bayou Place entertain- Ernst & Young 1,300 • Home of the Hotel Alessandra – a new 223-room luxury hotel which opened in 2017 ment complex offering popular restaurants, movies, and parks Waste Management, Inc. 1,270 Discovery Green Park • More than two million visitors annually • Two-acre picnic lawn with one-acre lake, jogging trail, PriceWaterhouseCoopers 1,236 performance stage, two dog parks, and multiple gar- • Venues include: Alley Theater, Wortham Theater Center, dens Hobby Center, Sundance Cinemas, Jones Hall & Jones LyondellBasell Industries 1,200 Plaza, House of Blues, Houston Ballet, Bayou Music • Served as the planned entertainment zone, or “Super Center Bowl El Centro,” for the 2017 Super Bowl
±4 ACRES IN GARDEN OAKS 10 AREA HIGHLIGHTS Downtown Houston 6 miles from the Property Market Overview Office developments RENDERING: HOTEL ALESSANDRA AND • Skanska resumed construction on Capitol Tower, its THE GREENSTREET REDEVELOPMENT 35-story 754,000 SF office tower at 811 Rusk; the lead tenant, Bank of America, preleased 210,000 SF and RETAIL has acquired the naming rights for the tower HIGHLIGHTS • Chevron’s 1500 Louisiana is undergoing a $10 million renovation as part of the company’s relocation of 9 around 900 employees from its Bellaire campus new retailers • Global co-working giant WeWork will open its first Houston location Downtown in April 2018 in The Jones THE TIPPING POINT at Main at 708 Main; WeWork will occupy 86,000 SF, housing over 1,400 of its members; the facility
will accomodate a range of companies (individuals, The Tipping Point startup firms and entrepreneurs) and provide private RETAIL (CONTINUED) office space for 120+ employees of companies that The Tipping Point, Downtown’s first and only cre- An upscale white table cloth full-service restaurant, require a regular presence in Houston ative lifestyle destination, is open in the Historic W. L. Lucienne, and lobby bar, Bardot, are planned on the Foley Building at 214 Travis Street. Locally owned and second floor of the new Hotel Alessandra. The restau- • Hines unveiled its twenty-first tower in the Houston operated by native Houstonians since 2007, the store rant will feature Mediterranean cuisine from countries curates a select collection of limited-edition footwear, such as Portugal, Greece, France and Spain and seat skyline, 609 Main, at a grand opening in 2017; Hines books, art, apparel, music, and accessories that are a about 100. (Chronicle) is the building’s first tenant and moved into their new reflection of their creative lifestyle. (Website) Celebrity Chef Bryan Caswell, the chef-owner of Reef, Southwest regional office on the 44th floor COMING SOON: El Real, and Little Bigs plans to open a new restaurant, B&BLAUNCH Butchers POPUP owner, Benjamin SHOP Berg, will be opening160FT Oxbow BEERWORKS 7, on the ground floor of the new Le Méridien Benjamin’s, a new 16,000 SF world-class restaurant on hotel at 1121 Walker St., and a rooftop bar, Hoggbirds on the ground and mezzanine floors of The Star apartment the 22nd floor. The restaurant and bar are expected to building at 1111 Rusk. The new restaurant is expected open along with the hotel on August 22. HBJ( , culturemap, toNew open towardsretail the& restaurantend of summer 2018. openings (Chronicle, Website) RENDERING: FINAL DESIGN OF HIGH SCHOOL FOR Other developments & updates HBJ, RNR) THE PERFORMING AND VISUAL ARTS (HSPVA) • A new nanobrewery, 160ft BeerworksOwners of Montrose coffee shop Blacksmith, Morning- • The new 21-dock BCycle station, Downtown’s Café Cosmopolita will be opening on the ground star and Greenway Coffee & Tea plan to open Prelude • Bud’s Pitmaster BBQ opened at 1001Coffee Avenida and Tea inside de 609Las Main's lobby. (HBJ) fifteenth location, was installed at the Jury floor of SkyHouse Houston at 1625 Main Street in mid-September.Americas The independent specialty coffee shop Assembly Building located at 1202 Franklin Street with a modern and international theme will serve high Dallas-based restaurant and bar concept by Pat Green quality• Cake espresso Life based Co. drinks,, a local coffee, bakery tea, pastries, that specializesand FreeRange Concepts,in custom The Rustic , will open its first in June 2017 Houston location Downtown at 1836 Polk St., next to the breakfastcakes sandwiches and other beverages. • Uber Technologies Inc. and Cameron Manage- George R. Brown Convention Center. The 25,000-SF Finn• HallThe is setConservatory to open in early 2018 Food at 712 Hall Main inand The Beerrestaurant Garden and bar at is expected1010 to open in the summer ment have named the Esperson Building as a Jones on Main. The 20,000-SF food hall will feature a of 2018 and create more than 200 Houston jobs. (HBJ) designated pickup and dropoff building dozenPrairie chef-driven added food outlets, new a craft food beer and and curated beverage vendors this wine spring—Arte bar, an art deco cocktailPizzeria lounge, from and pastry private chef Kelsey Hawkins; • Construction on the new Downtown campus of spaces. The food hall will serve breakfast, lunch and Mars Bakery, a doughnut and pastry bar; and Noble Rot the High School for the Performing and Visual dinner. (Chronicle, HBJ) Wine Bar, a “boutique wine bar” Arts (HSPVA) has topped out and the new HSPVA High & Dry, a new rum bar set to serve up an “urban campus is on track for completion in the fourth oasis”• LAUNCH will be opening, a oncollaborative the second floor pop-upof 306 Main shop returned Down- Street. (Houston Eater) quarter of 2018 town on April 1, featuring new local designers and artisans • The Lee and Joe Jamail Skatepark at Buffalo Bayou Park has reopened after a $2 million • Stack Burger, a casual restaurant and burger stand is renovation open at 703 St. Joseph Pkwy Downtown Houston Market Report 2Q 2017 4 • The Tipping Point, Downtown’s first and only creative lifestyle destination
±4 ACRES IN GARDEN OAKS 11 10-10-11
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. Information About Brokerage Services
efore working with a real estate broker, you intermediary. The written consent must state who will should know that the duties of a broker pay the broker and, in conspicuous bold or underlined depend on whom the broker represents. If print, set forth the broker’s obligations as an you are a prospective seller or landlord intermediary. The broker is required to treat each (owner)B or a prospective buyer or tenant (buyer), you party honestly and fairly and to comply with The should know that the broker who lists the property for Texas Real Estate License Act. A broker who acts as sale or lease is the owner’s agent. A broker who acts an intermediary in a transaction: as a subagent represents the owner in cooperation (1) shall treat all parties honestly; with the listing broker. A broker who acts as a buyer’s agent represents the buyer. A broker may act as an (2) may not disclose that the owner will accept a intermediary between the parties if the parties price less that the asking price unless authorized in consent in writing. A broker can assist you in locating writing to do so by the owner; a property, preparing a contract or lease, or obtaining financing without representing you. A broker is (3) may not disclose that the buyer will pay a price greater than the price submitted in a written offer obligated by law to treat you honestly. unless authorized in writing to do so by the buyer; and IF THE BROKER REPRESENTS THE OWNER: (4) may not disclose any confidential information or The broker becomes the owner’s agent by entering any information that a party specifically instructs the into an agreement with the owner, usually through a broker in writing not to disclose unless authorized in written - listing agreement, or by agreeing to act as a writing to disclose the information or required to do so by subagent by accepting an offer of subagency from the The Texas Real Estate License Act or a court order or if listing broker. A subagent may work in a different real the information materially relates to the condition of the estate office. A listing broker or subagent can assist property. the buyer but does not represent the buyer and must place the interests of the owner first. The buyer With the parties’ consent, a broker acting as an should not tell the owner’s agent anything the buyer intermediary between the parties may appoint a person would not want the owner to know because an who is licensed under The Texas Real Estate License owner’s agent must disclose to the owner any Act and associated with the broker to communicate material information known to the agent. with and carry out instructions of one party and another person who is licensed under that Act and IF THE BROKER REPRESENTS THE BUYER: associated with the broker to communicate with and The broker becomes the buyer’s agent by entering carry out instructions of the other party. into an agreement to represent the buyer, usually through a written buyer representation agreement. A If you choose to have a broker represent you, buyer’s agent can assist the owner but does not you should enter into a written agreement with the represent the owner and must place the interests of broker that clearly establishes the broker’s obligations the buyer first. The owner should not tell a buyer’s and your obligations. The agreement should state agent anything the owner would not want the buyer how and by whom the broker will be paid. You have to know because a buyer’s agent must disclose to the the right to choose the type of representation, if any, buyer any material information known to the agent. you wish to receive. Your payment of a fee to a broker does not necessarily establish that the broker IF THE BROKER ACTS AS AN INTERMEDIARY: represents you. If you have any questions regarding A broker may act as an intermediary between the the duties and responsibilities of the broker, you parties if the broker complies with The Texas Real should resolve those questions before proceeding. Estate License Act. The broker must obtain the written consent of each party to the transaction to act as an
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