Norman, Oklahoma 1911 Twisted Oak Drive pkg.pdf · Nine of the roofs were replaced in 2009 with a...

Providing professional apartment brokerage and marketing services for over 25 years

Arkansas Oklahoma Kansas

COMMERCIAL REALTY RESOURCES COMPANY MULITFAMILY INVESTMENT SERVICES

Mike Buhl

CRRC-OKC

405.360.5966 [email protected]

Darla Knight

CRRC-Tulsa

918.557.5966

[email protected]

Araine Cash

CRRC-Corporate

405.274.2491

[email protected]

N o r m a n , O k l a h o m a

Turnberry Apartments 1 9 1 1 T w i s t e d O a k D r i v e

www.crrc.us

The information included herein is from reliable sources, but is not guaranteed and is offered subject to errors and omissions.

www.crrc.us

Turnberry Apartments

Table of Contents

1. Turnberry Property Highlights

• Photographs • Submarket Map • Neighborhood Map • Aerial • Submarket Employers • Map of Major Employers • Press Releases • Offering Description • Property Description • Unit Summary • Floor Plans

2. Purchase Price and Terms

• Purchase Price and Terms

3. Income/Expense Statement

• Income & Expense Statement

4. Rent & Sale Comparables

• Rent Comparables • Sale Comparables

5. Norman Overview

• Norman Overview

6. Oklahoma Broker Relationship Act

• Oklahoma Broker Relationship Act

1

www.crrc.us Turnberry Property Highlights


www.crrc.us


www.crrc.us

1911 Twisted Oak Drive Norman, OK

Submarket Map


www.crrc.us

Neighborhood Map



www.crrc.us

Aerial



Hitachi Computer Products offers Electronic Contract Manufacturing Services including mission-critical/business-critical solutions for a broad range of indus-tries demanding the ultimate in quality and reliability. They specialize in PCB assemblies, box builds, build-to-order and configure-to-order products for computing, networking, communications, medical and security. Hitachi has over 335 employees.

With an employment of close to 550 people, the National Center for Employee Development (NCED), is a world-class training, learning, and conference facility. NCED is a self contained living-and-learning center, offering training and conference services to agencies and business groups from across the nation. The extensive use of high-technology, computerized equipment in all areas of business creates continuing needs for advanced technical training and job-proficiency training for the work force. The National Center for Employee Development delivers beyond its resident

classrooms through its national networks, including live satellite broadcasts. Computer, video, and Internet technology are also used to deliver critical training. The Center also delivers and hosts general courses on management and leadership, business-mail management, and various programs for both postal and business clients. In addition, NCED is a host site for conferences and seminars; and provides conference services and training for agencies and business groups.

Chickasaw Nation Industries and its subsidiaries are experienced federal contractors with more than a decade of recorded excel-lence in contract and subcontract management. CNI is now a holding company with over a dozen Limited Liability Companies that operate as subsidiaries engaged in diverse lines of business including information technology, medical support, construction, aviation and aerospace technologies, business and administrative support services. Several of CNI’s LLCs are SBA-certified 8(a) enti-ties growing in federal contracting expertise while enjoying reach-back capability and support from the parent company, CNI. Their SBA-graduate LLCs mentor newly established 8(a) LLCs and provide an established mechanism for growth and the continued succession of management. Over the past decade, CNI has sup-ported four LLCs in becoming successful graduates of the SBA program, demonstrating commit-ment to corporate goals and the hard work required to successfully achieve them.

www.crrc.us

SouthWest NanoTechnologies Inc. (SWeNT) produces carbon nanotubes using the patented CoMoCAT® catalytic method in fluidized bed reac-tors. This results in selective synthesis of single-wall carbon nanotubes and remarkable control of diameter, chirality and purity. wall carbon nano-tubes and remarkable control of diameter, chirality and purity.

Submarket Employers



Albon Engineering and Manufacturing Plc. is a large, inde-pendent design and manufacturing company based in the UK specializing in the machining and assembly of engine c o m p o n e n t s f o r a u t o m o t i v e a n d d i e -sel manufacturers world-wide. Current activities consist of high volume connecting rod manufacture, engine cylinder blocks, flywheel and bearing cap assemblies which are pro-duced from our manufacturing plants. Albon employees close to 200 people at it’s Norman location. This location serves as a US production plant.

The National Weather Center houses a unique confederation of University of Oklahoma, National Oceanic and Atmospheric Administration and state organizations that work together in partnership to improve understanding of events occurring in Earth’s atmosphere over a wide range of time and space scales. The National Weather Center has over 650 employees.

www.crrc.us

Astellas Pharma is the U.S. affiliate of Astellas Pharma Inc., Ja-pan’s second largest pharmaceutical company and ranked within the top 20 in the global market. The Norman location employs around 200 people and provides manufacturing and distribution for VESIcare.

Submarket Employers

Immuno-Mycologics, Inc was founded in 1979 to produce fungal diagnostic products. IMMY then attracted a staff of knowledge-able, qualified people who remain dedicated to quality and innovation.

Sitel is redefining outsourcing excellence in the contact center, by raising the bar on expectations. They are the leading global business process outsourcing provider of customer care and complementary back-office processes. Sitel has 375 employees.


Office Max has 300 employees.


www.crrc.us


Hitachi Computer Products

National Center for Employee Development

Chickasaw Nation Industries

SouthWest NanoTechnologies Inc. (SWeNT

Albon Engineering and Manufacturing

National Weather Center

Immuno-Mycologics, Inc

Sitel

Office Max

Astellas Pharma


www.crrc.us

Press Release



www.crrc.us

Offering Description Turnberry is being offered by the Receiver. Financing may be available to a qualified buyer through an assumption of the existing loan. The Offering Price of $2,900,000 is less than unpaid principal balance of $3,517,945, so the modified balance, interest rate and term of the loan are subject to approval of the Lender. The in-place financing enables the Buyer to secure attractive financing with a below market down payment and interest rate to achieve an above-market cash-on-cash return. Offering highlights: • Current Occupancy of 76% and pre-leased past 80% • No Down Units • Nine of the roofs were replaced in 2009 with a TPO roofing system. The other 12 roofs

were replaced in the past 3 years with an asphalt torch down application. • The chiller system was replaced in 2007 and 2 of the 4 central hot water tanks were

replaced in 2009 with the other 2 being replaced in the past 5 years. • Excellent Unit Mix • Large Floor Plans with an Average Square Footage of 974 • Washer/Dryer or Connections and Fireplaces in select floor plans. Current ownership purchased the property in July of 2007 for $4,150,000. The sale prior to this was in February 2004 at $3,150,000, according to public record. The Receiver has stabilized the asset and is improving occupancy to return the property to a competitive community in an otherwise strong rental market. The offering provides a Buyer with an excellent opportunity to enhance value through continued upgrades and management. The location of Turnberry is within minutes of the University of Oklahoma and over ten ma-jor employers providing thousands of jobs to this east Norman submarket. The property is convenient to grocery, restaurants and retail along Lindsey Street.


Property Description: Turnberry offers large floor plans and has always been recog-nized as a family type community. The property accepts qualified Section 8 rentals.

Number of Units: 140-units

Number of Buildings: There are 21 two-story apartment buildings and one single-story building for the Office.

Year Built: 1973 (according to courthouse records)

Apartment Features: Frost free refrigerators are part of a complete appliance package that includes dishwashers, range/oven, vent hood and garbage disposals. The apartments also offer large clos-ets, fireplaces and French Doors in select units, and washer and dryer connections in the Townhouse and two and three bedroom apartments.

Property Amenities: Swimming pool, on-site laundry facility, playground and bas-ketball court.

Construction:

Style: Two-Story Garden Style

Exterior: Wood and Vinyl Siding exterior.

Roof: Flat with composition shingle overhangs. Nine of the roofs were replaced in 2009 with a TPO roofing system. The other 12 roofs were replaced in the past 3 years with an asphalt torch down application.

Property Location: Turnberry is located in southeast Norman, bordered by a resi-dential neighborhood. Commercial and retail establishments are nearby along Lindsey Street. Major employers within min-utes of the property include; Hitachi Computer Products, Na-tional Center for Employee Development, Chickasaw Nation Industries, SouthWest NanoTechnologies, AT&T, Immuno-Mycologics, National Weather Center, Sitel and Albon Manu-facturing.

Parking: Asphalt parking areas with concrete curbs and walkways


www.crrc.us


Mechanical System:

Electrical Metering: Master metered.

HVAC: The property is master metered for utilities and served by a forced air two pipe chilled water air conditioning system and boiler heating system. The chiller system was replaced in 2007.

Hot Water: Provided by 4 central hot water tanks. 2 of the 4 central hot water tanks were replaced in 2009 with the other 2 being re-placed in the past 5 years.

Water: Provided by Property

Site/Land Area: 11.57 acres (according to courthouse records)

Density: 12.10 units per acre

Current Occupancy: See Rent Roll

Real Estate Taxes: R0040435 Assessed Value (2009): 576,187 Tax Rate (2009): 111.70 Tax Amount : $64,360


www.crrc.us


www.crrc.us

UNIT SUMMARY

DISTRIBUTION RATIO

1Bed34%

2Bed57%

3Bed9%


No. Units Est. Sq.Ft. Total Sq.Ft. Rent Roll Market Rents Rent Roll/SF Rent Roll /Mo. Rent Roll/Yr.48 1 Bed/1 Bth 750 36,000 530.00 540.00 0.71 25,440 305,280

56 2 Bed/1.5 Bth wdc and fp 1,000 56,000 645.00 650.00 0.65 36,120 433,440

24 2 Bed/1.5 Bth TH wdc and fp 1,200 28,800 683.00 695.00 0.57 16,392 196,704

12 3 Bed/1.75 Bth wdc 1,300 15,600 845.00 895.00 0.65 10,140 121,680

140 974 136,400 629.23 641.00 0.65 88,092 1,057,104

#Bdrm/Bth

www.crrc.us

FLOOR PLANS


2

www.crrc.us Purchase Price & Terms


Purchase Price & Terms

Purchase Price:

$2,900,000 A Bid deadline may apply. The proposed structure is to produce an above market cash-on-cash return using current rents.

Terms of Sale:

Financing may be available to a qualified buyer in the form of an assumption with modification of the terms and conditions approved by the Lender. Buyers should be prepared to submit a re-sume and financial statement with their proposed financing structure.

Price Per Apartment Unit:

$20,714

Price Per Net Rentable Sq. Ft.

$21.26

Cap Rate: (Based on Current)

7.39%

Cap Rate: (Based on Stabilized)

10.77%

www.crrc.us


3

www.crrc.us Income & Expense Statement


www.crrc.us

• Current and Stabilized Income reflects rental rates currently being charged and shown on the Rent Roll.

• Real Estate taxes are actual. The property is currently valued at $4.8 million for

tax purposes and should be protested for reassessment following the sale.

• Replacement Reserves have been included at $250 per unit • The operating data from August 2007 through April 2008 has been included to

show utility expenses under more stabilized operations.

Operating Data Highlights Income

Expenses

• Terms and conditions of the modified first mortgage are subject to Lender ap-proval.

• The Stabilized Value is shown as an example of what the property must achieve

to refinance or sell at Maturity. The Loan-to-Value is calculated at 70%.

Mortgage and Debt Service


Run Date: 7-Jan-10 Financing Price: 2,900,000$ Sample Stabilized Value: 3,300,000$ Project: Turnberry Per Unit: 20,714$ Per Unit: 23,571$ Location: 1911 Twisted Oak Drive Per Foot: 21.26$ Per Foot: 24.19$ Number of Units: 140 Cap Rate On Stabilized: 9.46%Net Rentable S.F. 136,400 CC Sale 12.45% CC Refi 21.25%

No. Units Est. Sq.Ft. Total Sq.Ft. Rent Roll Market Rents Rent Roll/SF Rent Roll /Mo. Rent Roll/Yr.48 1 Bed/1 Bth 750 36,000 530.00 540.00 0.71 25,440 305,280

56 2 Bed/1.5 Bth wdc and fp 1,000 56,000 645.00 650.00 0.65 36,120 433,440 24 2 Bed/1.5 Bth TH wdc and fp 1,200 28,800 683.00 695.00 0.57 16,392 196,704 12 3 Bed/1.75 Bth wdc 1,300 15,600 845.00 895.00 0.65 10,140 121,680

140 974 136,400 629.23 641.00 0.65 88,092 1,057,104 Aug07-Apr08 Annualized Stabilized at 90% Current at 80% Per Unit

INCOME Scheduled Rent 1,029,803 1,057,104 1,057,104 7,551 Sample Refi Mortgage on StabilizedConcessions / Loss to Lease 26,595 25,000 25,000 179 Current Bal. 70% 2,310,000$

- Original Bal. 2,310,000$ Gross Potential 1,003,208 1,032,104 1,032,104 7,372 Maturity - 10Vacancy Loss 10% 20% 218,708 103,210 206,421 1,474 Amortization 30Total Rental Income 784,500 928,894 825,683 5,898 Interest Rate 7.25%Utility Income Constant 8.186%Other Income 30,168 35,000 35,000 250 P & I Debt Service 189,099$ Total Revenue 814,667 963,894 860,683 6,148 Existing First Mortgage

Current Bal. Jan-10 3,517,945$ Original Bal. Apr-06 3,610,000$

EXPENSES R E Taxes 38,073 64,360 64,360 460 Maturity - 1-May-16 10Insurance 67,443 35,000 35,000 250 Amortization 30Management Fee 5% 28,810 48,195 43,034 307 Interest Rate 6.33%Office 13,891 12,000 12,000 86 Constant 7.451%Utility Expenses 281,471 275,000 275,000 1,964 P & I Debt Service 268,987$ Maintenance/Repairs 105,951 49,000 49,000 350 Advertising 12,416 12,000 12,000 86 Administration/legal/ 2,337 2,000 2,000 14 Services - - - - Payroll / Taxes / Benefit 146,256 119,000 119,000 850 Replacement Reserves 35,000 35,000 250 Total Operating Expenses 696,647 651,555 646,394 4,617

4.74 Net Operating Income 118,020 312,339 214,289 1,531 Debt Service - - Capital - Cash Flow 118,020 312,339 214,289

Real Estate Tax Information: 2009 Assessed Value: 576,187 Rate/$1000: 111.7 Value: $4,801,558Account: R0040435 Tax Amount: $64,360 Tax Dist: 0 Per Unit: $34,297

#Bdrm/Bth

Annual Property Operating Data

4

www.crrc.us Rent & Sale Comps

www.crrc.us

Property Name Year Built

NO. Of

Units

Average Unit Size

One Bed-room

Average Unit Size

Two Bedroom

Average Unit Size

Three Bedroom

Overall Effective Rent per

Sq. Ft.

Market Rent

(1Bed)

Market Rent

(2 Bed)

Market Rent

(3 Bed)

1 Dutch Hollow 1970 48 658 915 - $0.52 $386 $463 -

2 Brookhollow 1973 121 706 992 1,258 $0.63 $481 $577 $750

3 Sooner Crossing 1972 118 691 957 1,368 $0.57 $426 $535 $695

287 695 957 1,302 $0.58 $448 $530 $728

Turnberry 140 750 1,060 1,300 $0.65 $530 $656 $845

RENT COMPS In order to estimate market rents for Turnberry, three apartment communities were selected as most competitive. Each property has been chosen due to its similarity with regard to quality, lo-cation, age, or amenities. While each property may not be directly comparable in all aspects, collectively they represent the rental market for Turnberry.


Rental rates at Turnberry are higher than the market comps because of the all bills paid utilities. Rental rates at Turnberry are generally determined by the allocations from HUD.

Turnberry

www.crrc.us

Dutch Hollow 48 Units

1970 Construction 1215 Oakhurst Avenue

Apartment Features: Dishwasher Ceiling Fans Walk-in closets Frost-free refrigerator Community Features: Swimming pool Laundry facility Owner paid utilities: Water/Sewer/Trash


No. #Bdrm/Bth Sq.Ft. Total Sq.Ft. Avg Rent Rent Sq.Ft. Gross Mo. Gross/Yr.

8 1Bd/1Bath 672 5,376 $ 389 $ 0.58 $ 3,110 $ 37,320

2 1Bd/1Bath ABP 600 1,200 $ 375 $ 0.63 $ 750 $ 9,000

27 2Bd/1.5Bath 826 22,302 $ 447 $ 0.54 $ 12,056 $ 144,672

10 2Bd/1Bath TH 1,166 11,660 $ 510 $ 0.44 $ 5,100 $ 61,200

1 2Bd/1.5Bath 826 826 $ 447 $ 0.54 $ 447 $ 5,358

48 862 41,364 $ 447 $ 0.52 $ 21,463 $ 257,551

www.crrc.us

Brookhollow 121 Units

1973 Construction 965 Biloxi Drive

Apartment Features: Dishwasher Fireplace Oversized Closets Community Features: Swimming pool Laundry facility Owner paid utilities: Water/Sewer/Trash



11 Eff iciency 516 5,676 $ 399 $ 0.77 $ 4,389 $ 52,668

24 1Bd/1Bath 656 15,744 $ 462 $ 0.70 $ 11,088 $ 133,056

28 1Bd/1Bath 748 20,944 $ 497 $ 0.66 $ 13,916 $ 166,992

16 2Bd/1.5Bath 1,052 16,832 $ 580 $ 0.55 $ 9,280 $ 111,360

30 2Bd/2Bath 960 28,800 $ 575 $ 0.60 $ 17,250 $ 207,000

12 3Bd/2Bath 1,258 15,096 $ 750 $ 0.60 $ 9,000 $ 108,000

121 852 103,092 $ 537 $ 0.63 $ 64,923 $ 779,076

www.crrc.us

Sooner Crossing 118 Units

1972 Construction 1115 Biloxi Drive

Apartment Features: Ceiling Fans Dishwasher Garbage disposal Community Features: Laundry Facility Swimming Pool Owner paid utilities: Water/Sewer/Trash



44 1Bd/1Bath 684 30,096 $ 425 $ 0.62 $ 18,700 $ 224,400

4 1Bd/1Bath 770 3,080 $ 440 $ 0.57 $ 1,760 $ 21,120

58 2Bd/1Bath 952 55,216 $ 535 $ 0.56 $ 31,030 $ 372,360

4 2Bd/1Bath 1,035 4,140 $ 550 $ 0.53 $ 2,200 $ 26,400

8 3Bd/2Bath 1,368 10,944 $ 695 $ 0.51 $ 5,560 $ 66,720

118 877 103,476 $ 502 $ 0.57 $ 59,250 $ 711,000

www.crrc.us

Rent Comp Map

Dutch Hollow

Brookhollow

Sooner Crossing


Sold Comparison

Sooner Crossing

Property Address: 1115 Biloxi Drive, Norman, OK Size and Age: 118-units, Built in 1972 Price: $2,900,000 Price Per Unit: $24,576 Closing Date: 07/2008 Total Square Footage: 79,480

www.crrc.us

Property Address: 965 Biloxi Drive, Norman, OK Size and Age: 121-units, Built in 1973 Price: $3,150,000 Price Per Unit: $26,033 Closing Date: 12/2008 Total Square Footage: 103,092 Brookhollow

Property Address: 214 Bull Run, Norman, OK Size and Age: 96-units, Built in 1982 Price: $1,905,000 Price Per Unit: $19,843 Closing Date: 12/2008 Total Square Footage: 50,408 The Cedar’s


Property Address: 1415 George, Norman, OK Size and Age: 56-units, Built in 1970 Price: $1,700,000 Price Per Unit: $30,357 Closing Date: 06/2009 Total Square Footage: 36,220 Ashley Square

Sold Comparison

Potomac House

Property Address: 2830 S.W. 59th, Norman, OK Size and Age: 288-units, Built in 1973 Price: $7,310,606 Price Per Unit: $25,384 Closing Date: 07/2007 Total Square Footage: 231,201

www.crrc.us

Property Address: 4200 N. Drexel Blvd, Norman, OK Size and Age: 165-units, Built in 1964 Price: $4,567,000 Price Per Unit: $27,678 Closing Date: 09/2008 Total Square Footage: 150,394

Drexel Square


Property

Price/Unit

Overall Price

No. Unit

Year Built

Price Per Square

Foot

Brookhollow $26,033 $3,150,000 121 1973 $30.56

The Cedar’s $19,843 $1,905,000 96 1982 $37.79

Sooner Crossing $24,576 $2,900,000 118 1972 $36.49

Drexel Square $27,678 $4,567,000 165 1964 $30.37

Potomac House $25,384 $7,310,606 288 1973 $31.62

Average $25,512 $21,532,606 844 $33.09

Turnberry Current $20,714 $2,900,000 140 1973 $21.26

Ashley Square $30,357 $1,700,000 56 1970 $46.94

Sale Comp Summary

www.crrc.us


Turnberry

www.crrc.us

Sale Comp Map

Brookhollow

The Cedar’s

Sooner Crossing

Ashley Square

Drexel Square (lower map)

Potomac House (lower map)


5

www.crrc.us Norman Overview

www.crrc.us

Economic Overview


Click here to view full Economic Abstract

http://www.crrc.us/pdf/Normanabstract.pdf

6

www.crrc.us Oklahoma Broker Relationship Act

Oklahoma Broker Relationships Act Title 59

Oklahoma Statutes Sections 858-351--858-363 Effective November 1, 2000

PREFACE

This pamphlet has been compiled and published for the benefit of real estate licensees and members of the general public. It is intended as a general guide and is not for the purpose of answering specific legal questions. Questions of interpretation should be referred to an attorney. If a question arises as to whether or not a licensee has failed to comply with this act, please contact the Oklahoma Real Estate Commission at (405) 521-3387.

First Printing June 2000

858-351. Definitions. Unless the context clearly indicates otherwise, as used in Section 858-351 through 858-363 of this act:

1. "Broker" means a real estate broker as defined in Section 858-102 of Title 59 of the Oklahoma Statutes, and means, further, except where the context refers only to a real estate broker, an associated broker associate, sales associate, or provisional sales associate authorized by a real estate broker to provide brokerage services; 2. "Party" means a person who is a seller, buyer, landlord, or tenant or a person who is involved in an option or exchange; 3. "Single-party broker" means a broker who has entered into a written brokerage agreement with a party in a transaction to provide services for the benefit of that party; 4. "Transaction" means those real estate activities enumerated in Section 858-102 of Title 59 of the Oklahoma Statutes which are performed by a broker; and 5. "Transaction broker,” means a broker who provides services by assisting a party in a transaction without being an advocate for the benefit of that party.

858-352. Written brokerage agreement. A broker may enter into a written brokerage agreement to provide services as either a single-party broker or a transaction broker. If a broker does not enter into a written brokerage agreement with a party, the broker shall perform services only as a transaction broker. 858-353. Transaction broker--Duties and responsibilities. A transaction broker shall have the following duties and responsibilities:

1. To perform the terms of the written brokerage agreement, if applicable: 2. To treat all parties with honesty; 3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and 4. To exercise reasonable skill and care including:

a. timely presentation of all written offers and counteroffers, b. keeping the party for whom the transaction broker is providing services fully informed regarding the transaction, c. timely accounting for all money and property received by the broker, d. keeping confidential information received from a party confidential as required by 858-357 of this act, and

e. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act.

858-354. Single-party broker--Duties and responsibilities. A. A broker shall enter into a written brokerage agreement prior to providing services as a single-party broker. B. The single-party broker shall have the following duties and responsibilities: 1. To perform the terms of the brokerage agreement; 2. To treat all parties with honesty; 3. To comply with all requirements of the Oklahoma Real Estate License Code and all applicable statutes and rules; and 4. To exercise reasonable skill and care including:

a. timely presentation of all written offers and counteroffers, b. keeping the party for whom the single-party broker is

performing services fully informed regarding the transaction, c. timely accounting for all money and property received by the broker, d. keeping confidential information received from a party confidential as required by 858-357 of this act, e. performing all brokerage activities for the benefit of the party for whom tile single-party broker is performing services unless prohibited by law, f. disclosing information pertaining to the property as required by the Residential Property Condition Disclosure Act, and g. obeying the specific directions of the party for whom the single-party broker is performing services that are not contrary to applicable statutes and rules or contrary to the terms of a contract between the parties to tile transaction.

C. In the event a broker who is a single-party broker for a buyer or a tenant receives a fee or compensation based on a selling price or lease cost, such receipt does not constitute a breach of duty or obligation to the buyer or tenant if fully disclosed to the buyer or tenant in the written brokerage agreement.

858-355. Alternative relationships entered into where broker assists one or both parties--Written disclosure--Written consent--Contents of brokerage agreement--Withdrawal by broker--Referral fees--Cooperation with other brokers.

A. When assisting one party to a transaction, a broker shall enter into one of the following relationships: 1. As a transaction broker without a written brokerage agreement: 2. As a transaction broker through a written brokerage agreement; or 3. As a single-party broker through a written brokerage agreement. B. When assisting both parties to a transaction, a broker may enter into the following relationships: 1. As a transaction broker for both parties; 2. As a single-party broker for one party and as a transaction broker for the other party. In this event, a broker shall disclose in writing to the party for whom the broker is providing services as a transaction broker, the difference between a transaction broker and a single-party broker, and that the broker is a single-party broker for the other party and performs services for the benefit of the other party in the transaction; or 3. As a transaction broker where the broker has previously entered into a written brokerage agreement to provide services as a single-party broker for both parties. In this event, the broker shall obtain the written consent of each party before the broker begins to perform services as a transaction broker. The written consent may be included in the written brokerage agreement or in a separate document and shall contain the following information:

a. a description of the transaction or type of transactions that might occur in which the single-party broker seeks to obtain consent to become a transaction broker,

b. a statement that in such transactions the single-party broker would perform services for more than one party whose interest could be differ-ent or even adverse and that such transactions require the broker to seek the consent of each party to such transactions to permit a change in the brokerage relationship,

c. a statement that by giving consent in such transactions: 1) the party will allow the broker to change the broker's relationship from performing services as a single-party broker to performing

services as a transaction broker, 2) the broker will no longer provide services for the benefit of the party, but may only assist in such transactions, 3) the broker will not be obligated to obey the specific directions of the party but will assist all parties to such transactions, 4) the party will not be vicariously liable for the acts of the broker and associated associates, and 5) the broker's obligation to keep confidential information received from the party confidential is not affected,

d. a statement that the party is not required to consent to the change in the brokerage relationships in such transactions and may seek independent advice, e. a statement that the consent of the party to change the brokerage relationship in such transactions has been given voluntarily and that the written consent has been read and understood by the party, and f. a statement that the party authorizes the broker to change the brokerage relationship in such transactions and to assist all parties to such transaction as a transaction broker.

C. 1. If neither party gives consent as described in paragraph 3 of subsection B of this section, the broker shall withdraw from providing services to all but one

party to a transaction. If the broker refers the party for whom the broker is no longer providing services to another broker, the broker shall not receive a fee for referring the party unless written disclosure is made to all parties. 2. If only one party gives consent as described in paragraph 3 of subsection B of this section, the broker may act as a transaction broker for the consenting party and continue to act as a single-party broker for the nonconsenting party. In this event, the broker shall disclose in writing to the consenting party that the broker remains a single-party broker for the nonconsenting party and performs services for the benefit of the nonconsenting party.

D. A broker may cooperate with other brokers in a transaction. Under Sections 858-351 through 858-363 of this act, a broker shall not be an agent, subagent, or dual agent and an offer of subagency shall not be made to other brokers.

858-356. Disclosures--Confirmation in writing.

A. Prior to the signing by a party of a contract to purchase, lease, option or exchange real estate, a broker who is performing services as a transaction broker without a written brokerage agreement shall describe and disclose in writing the broker's role to the party.

B. Prior to entering into a written brokerage agreement as either a transaction broker or single-party broker, the broker shall describe and disclose in writing the broker's relationship to the party.

C. A transaction broker shall disclose to the party for whom the transaction broker is providing services that the party is not vicariously liable for the acts or omissions of the transaction broker.

D. A single-party broker shall disclose to the party for whom the single-party broker is providing services that the party may be vicariously liable for the acts or omissions of a single-party broker.

E. The disclosure required by this section and the consent required by Section 858-355 of this act must be confirmed by each party in writing in a separate provision, incorporated in or attached to the contract to purchase, lease, option, or exchange real estate. In those cases where a broker is involved in a transaction but does not prepare the contract to purchase, lease, option, or exchange real estate, compliance with the disclosure requirements must be documented by the broker.

858-357. Confidential information. The following information shall be considered confidential and shall not be disclosed by a broker without the consent of the party disclosing the information unless consent to disclosure is granted by thc party disclosing the information, the disclosure is required by law, or the information is made public or becomes public as the result of actions from a source other than the broker:

1. That a party is willing to pay more or accept less than what is being offered; 2. That a party is willing to agree to financing terms that are different from those offered; and 3. The motivating factors of the party purchasing, selling, leasing, optioning, or exchanging the property.

858-358. Duties of broker following termination, expiration, or completion of performance. Except as may be provided in a written brokerage agreement between the broker and a party to a transaction, the broker owes no further duties or responsibilities to the party after termination, expiration, or completion of performance of the transaction, except:

1. To account for all monies and property relating to the transaction; and 2. To keep confidential all confidential information received by the broker during the broker's relationship with a party. 858-359. Payment to broker not determinative of relationship. The payment or promise of payment or compensation by a party to a broker does not determine what relationship, if any, has been established between the broker and a party to a transaction. 858-360. Abrogation of common law principles of agency—Remedies cumulative. The duties and responsibilities of a broker specified in Sections 858-351 through 858-363 of this act shall replace and abrogate the fiduciary or other duties of a broker to a party based on common law principles of agency. The remedies at law and equity supplement the provisions of Sections 858-351 through 858-363 of this act. 858-361. Use of Word "agent" in trade name. A real estate broker is permitted under the provisions of Sections 858-351 through 858-363 of this act to use the word "agent" in a trade name. 858-362. Vicarious liability for acts or omissions of real estate licensee. A party to a real estate transaction shall not be vicariously liable for the acts or omissions of a real estate licensee who is providing services as a transaction broker under Section 858-351 through 858-363 of this act. 858-363. Associates of real estate broker—Authority. Each broker associate, sales associate, and provisional sales associate shall be associated with a real estate broker. A real estate broker may authorize associates to enter into written agreements to provide brokerage services in the name of the real estate broker.

Norman, Oklahoma 1911 Twisted Oak Drive pkg.pdf · Nine of the roofs were replaced in 2009 with a...

Documents

Transcript of Norman, Oklahoma 1911 Twisted Oak Drive pkg.pdf · Nine of the roofs were replaced in 2009 with a...