Doorvest

 DOORVEST INC.

Terms of Use

Last updated: December 23, 2020                

These Terms of Use (the "Terms") govern your use of our website located at www.doorvest.com (the "Site") and the online platform services provided by Doorvest Inc. and DV Communities LLC (each a “Doorvest Entity”, and collectively, "Doorvest," “we,” “our,” or “us”). To make these Terms easier to read, the Site and our services available via the Site are collectively called "Services."

Agreement to Terms

Please read these Terms carefully. By interacting with, submitting information to, and/or accessing information from the Site, you, the end user (“User”, “you” or “your”) hereby agree to all of the terms and conditions set forth herein. These Terms constitute a legal agreement between you and Doorvest.

If you do not agree to these Terms, do not submit information to, or access information from the Site. Doorvest may update these Terms at any time without notice, and continued interactions with the Site constitutes acceptance of the most recently updated Terms. The latest Terms are available at all times on the Site.

                                                

We may modify the Terms at any time, in our sole and absolute discretion. If we do so, we'll let you know either by posting the modified Terms on the Site or through other communications. It's important that you review the Terms whenever we modify them because if you continue to use the Services after we have posted modified Terms on the Site or otherwise communicated them to you, you are indicating to us by your continued use that you agree to be bound by the modified Terms. If you don't agree to be bound by the modified Terms, then you are not permitted to use any of the Services anymore. Because our Services are evolving over time we may change or discontinue all or any part of the Services, at any time and without notice, at our sole and absolute discretion.

Who May Use the Services

                                                

Eligibility

                                                

You may use the Services only if you are 18 years or older and capable of forming a binding contract with Doorvest and are not barred from using the Services under applicable law.

                                                

Registration and Your Information

                                                

If you want to use certain features of the Services you'll have to create an account ("Account").         It's important that you provide us with accurate, complete and up-to-date information for your Account and you agree to update such information, as needed, to keep it accurate, complete and up-to-date. If you don't, Doorvest may suspend or terminate your Account. You agree that you won't disclose your Account password to anyone and you'll notify us immediately of any unauthorized use of your Account. You're responsible for all activities that occur under your Account, whether or not you know about, or consent to, them.

Information Collected

Doorvest collects information about the websites that you visit in order to create a better user experience for you and other Doorvest users. Please consult our Privacy Policy for further information.

Terms Applicable to Services Provided by Doorvest

                                                                                                

Technology Platform

Doorvest is not an investment adviser, is not advising on securities and is not utilizing the Site to provide investment or other advice, and no information or material available through the Site, via email or your use of the Services shall constitute investment advice.

Doorvest does not provide investment advisory, tax, legal or financial services, and recommends that you consult a licensed real estate, tax, legal, accounting or investment professional to perform an independent analysis before making decisions regarding the purchase or sale of real estate.

The performance information shown on the Site or discussed with you while utilizing the Services are projections based upon the basic information you have provided and each respective properties’ potential performance. These are not actual results. The data is based upon the potential performance of representative properties. Further, once you have selected the specific property that you are interested in the performance of that specific properties selected will differ.

The data presented is subject to significant assumptions. While Doorvest believes the assumptions used to generate this data are reasonable, these assumptions are subjective in nature and other assumptions may also be reasonable. Different assumptions may result in materially different returns. Prospective Users should satisfy themselves that they understand the assumptions used and their effect on these projections. Users should understand that they may lose some or all of their investment. The projections set forth in these materials are provided to you on the understanding that you will understand and accept the inherent limitations of such results, and will not rely on them in making any decision to invest in a property. No representation is being made that a performance record similar to the projected returns will or is likely to be achieved. Further information is available upon request.

Any information, variables and calculation results shown regarding individual properties and/or the real estate market (whether in a large or particularized area) are for illustrative purposes only and should not be relied on as your sole or primary means for making real estate investment decisions. Doorvest and our affiliates have not verified the information and make no guarantee, warranty or representation about it. Though care has been taken to ensure that the information comes from reliable and verified sources, investors are advised to perform their own checks and due diligence. Doorvest shall not be held responsible for any information appearing on the Site.

Doorvest is not a lender and the exact terms of any loan used to finance real estate maintenance or acquisitions will be decided between the lender and the investment property account holder. Any loan-related information provided is for informational purposes only. Actual loan terms and conditions may vary based upon properties, down payments and a number of other factors. Any information shown related to financing is subject to credit and other approvals.

Account Information from Third Party Sites

The Site may periodically provide links to third party websites. These Terms govern only the Site and not any such third party websites. Doorvest’s decision to link to a third party website is not an endorsement of the content or services in that linked third party website. If you decide to access linked third party websites, you do so at your own risk. You should direct any concerns regarding any third party websites to the administrator of the applicable third party website.

Communication

By providing us with your email address and phone number, you are giving us permission to send you electronic newsletters, email notifications, and SMS messages (including text messages) that are provided as services by Doorvest. Your cellular or mobile telephone provider may charge you according to the type of plan you carry. Of course, you may elect to opt-out of the receipt of these services at any time by simply responding to the service that you received. Your consent is not a condition to using Doorvest’s Services.

No employee, independent contractor, agent, or affiliate of a competing real estate information service is permitted to access any of the password-protected areas of the Site without express written permission from Doorvest.

Doorvest utilizes email as a vital and primary communication channel with Users. As a User, you hereby acknowledge and grant Doorvest and the Site the permission to communicate with you via email (as well as other communication channel such as phone) for any purposes Doorvest and/or Doorvest staff determines to be relevant including, but not limited to, system messages, product updates, service announcements and other marketing messages. Doorvest will use its best efforts to honor User’s request to opt out of marketing messages, but under no circumstances will Doorvest have any liability for sending any email to Users. User is responsible for the means you use to access the Site and all costs associated therewith. Doorvest is not responsible for the performance of your hardware, software, the Internet, your Internet service provider and other third parties involved in connecting you to the Site.

Doorvest Content

User agrees to treat all information obtained from the Site, including listings, search format, search methodology, resource information, blog or social media information, and any information otherwise made available to the User, (individually and collectively known as “Doorvest Content”), as proprietary to Doorvest. User agrees that Doorvest Content reserved for Users will be maintained as confidential and shall be protected as a trade secret of Doorvest. Doorvest does not ensure the accuracy of, endorse or recommend any Doorvest Content, and User recognizes that User’s use of such Doorvest Content is at the Users’ own risk.

User may access the Doorvest Property Listings (the “Listings”) solely to obtain initial information from which further evaluation and investigation may commence. The listing details of these properties are also shared with other Users. At the time of acting on a specific listing, it is possible that the properties are in escrow or already sold. In such situations, Doorvest may share the listings of other available properties from the inventory.

User shall limit access to and use of Listings and all Doorvest Content to personal and internal use, and shall not use Doorvest Property Listings or any other Doorvest Content for further distribution, publication, public display, or preparation of derivative works or facilitate any of these activities in any way.

Users violating these specific terms, including those Users utilizing the Site in an abusive or excessive manner, by automated or manual means, shall be subject to immediate termination of their Account, and any and all other remedies available to Doorvest by state and/or federal law.

Ownership & License Grant

Doorvest retains all rights (including intellectual property rights), title and interest in the Site, Doorvest Content, Site database, Doorvest technology, and all underlying technology and data including any enhancements and improvements thereto.

User will not and will not allow others to: reverse engineer, decompile, disassemble, merge, copy, use, disclose, sell or transfer the underlying source code or structure or algorithms or sequence of Site technology, or delete or alter author attributes or copyright notices.

User shall use the Site solely for its own use and shall not allow others to use the Site under or through that User login email and password. “Intellectual Property Rights” means all intellectual property rights (throughout the universe, in all media, now existing or created in the future, for all versions and elements, in all languages, and for the entire duration of such rights) arising under statutory or common law, contract, or otherwise, and whether or not perfected, including without limitation, (a) all rights associated with works of authorship including without limitation copyrights, moral rights, copyright applications, copyright registrations, synchronization rights; (b) rights associated with trademarks, service marks, trade names, logos, trade dress, and the applications for registration and registrations of trademarks and service marks; (c) rights relating to the protection of trade secrets and confidential information; (d) rights analogous to those set forth in this definition and any and all other proprietary rights relating to intangible property; and (e) divisions, continuations, renewals, reissues, and extensions of the foregoing (as and to the extent applicable) now existing, later filed, issued, or acquired.

User will not and will not allow others to: copy, redistribute, or retransmit, any of the information provided except in connection with the User’s consideration of the purchase or sale of an individual Property.

DMCA/Copyright Policy 

Doorvest respects copyright law and expects its Users to do the same. It is Doorvest's policy to terminate access in appropriate circumstances to Users who repeatedly infringe or are believed to be repeatedly infringing the rights of copyright holders. It is Doorvest's policy to handle copyright infringement claims by Users and third parties in accordance with the Digital Millennium Copyright Act ("DMCA").

                                                

Purchasing Property

With respect to a Doorvest Property Listing which the User desires to purchase (a “Property”), User represents that User has reviewed and understands all information available on the Site as to such Property. Owner also understands that any estimated financial information displayed on the Site are based upon third party information which has been obtained by Doorvest and reasonable assumptions of Doorvest. User further understands that any such financial information may not be accurate or complete and relies on such information at its own risk.

                                                

Once the User has settled upon a Property that User would like to purchase, User will be sent a Letter of Intent (“LOI”) that outlines the User’s intent to purchase the Doorvest Property.

Upon executing the LOI, User will receive a fully detailed purchase and sale agreement that governs the sale of the property for you to execute ("Purchase and Sale Agreement"). If you do not execute the Purchase and Sale Agreement within 15 days of receiving the Purchase and Sale Agreement Doorvest will reinstate the Doorvest Property Listing for the Property to the marketplace in the Services so that other Users will be able to view and purchase the Property. The 15 day signing requirement can be waived by Doorvest in its sole discretion. Any waiver or delay in exercising any rights under this section, including reposting the Property, does not invalidate, impair or limit any rights of Doorvest, any Doorvest Affiliate under the Terms.

                                        

In such Purchase and Sale Agreement, the User will acknowledge and agree that Doorvest does not, either directly, or indirectly, act as your real estate agent or broker, contracting agent or other representative. Additionally, the Purchase and Sale Agreement will set forth all terms, conditions, rules and restrictions imposed on User by Doorvest in relation to the purchase of the Property from Doorvest.

Books & Records

Certain documents related to real estate transactions may be stored in the Site’s administrative application. Doorvest shall not be liable for the loss of any documents stored in the administrative application, and Users should ensure that they make provisions for the secure, off-site storage of any documents available to them through the administrative application.

                                                                                                

Doorvest Home Renovation Guarantee

Doorvest provides a one-year guarantee to Users who purchase a Doorvest Property pursuant to a Purchase and Sale Agreement via the Services (the Doorvest Home Renovation Guarantee).

THE Doorvest Home Renovation Guarantee DOES NOT APPLY TO ALL DOORVEST PROPERTIES.

Please consult Addendum A for further information on the Doorvest Home Renovation Guarantee.

Property Management

        

Doorvest utilizes DV Communities LLC (“DV Communities”), a wholly-owned subsidiary of Doorvest, as a property manager.

        Property Agreement

If you want the Property you own listed or managed by DV Communities, or if you want to lease a home as a tenant through DV Communities, then you will need to enter into a property management agreement or lease (each a “Property Agreement”) to become a DV Communities User. DV Communities may require you to accept different or additional terms and conditions, policies, or rules and regulations in connection with any Property Agreement between you and DV Communities (including in DV Communities’s capacity as an authorized agent for an Owner (as defined below)). If there is a conflict or an inconsistency between these Terms and the terms and conditions of any Property Agreement, that Property Agreement shall prevail.

Property Management Services

The “Property Management Services” are designed to provide secured property management services to Property owners (“Owners”) by (1) seeking to ensure a minimum rent to prospective Owners, (2) preparing approved properties for listing, (3) connecting Owners with screened tenants (“Tenants”), and (4) providing rent collection and maintenance services for Tenants.

Registration

You may be required to register with DV Communities in order to access and use certain features of the Service. If you choose to register for the Property Management Services, you agree to provide and maintain true, accurate, current and complete information about yourself as prompted by the Property Management Service's registration form.

Registration data and certain other information about you are governed by our Privacy Policy. If you are under 18 years of age, you are not authorized to use the Property Management Services, with or without registering.

Member Account, Password and Security

You are responsible for maintaining the confidentiality of your password and account, if any, and are fully responsible for any and all activities that occur under your password or account. You agree to (a) immediately notify DV Communities of any unauthorized use of your password or account or any other breach of security, and (b) ensure that you exit from your Account at the end of each session when accessing the Service. DV Communities will not be liable for any loss or damage arising from your failure to comply with this Section.

Modification to the Property Management Services

DV Communities reserves the right to modify or discontinue, temporarily or permanently, the Property Management Services (or any part thereof) with or without notice. You agree that DV Communities will not be liable to you or to any third party for any modification, suspension or discontinuance of the Property Management Services.

        Fees

To the extent the Property Management Services or any portion thereof is made available for any fee, Tenants will be required to provide DV Communities information regarding your credit card or other payment instrument.

You represent and warrant to DV Communities that such information is true and that you are authorized to use the payment instrument. You will promptly update your account information with any changes (for example, a change in your billing address or credit card expiration date) that may occur. You agree to pay DV Communities the amount that is due in accordance with your lease.

TENANTS ON MONTH-TO-MONTH LEASES ACKNOWLEDGE AND AGREE THAT (A) DV COMMUNITIES (OR OUR PAYMENT PROCESSOR) IS AUTHORIZED TO CHARGE YOU ON A RECURRING BASIS (E.G., MONTHLY) FOR AS LONG AS YOUR LEASE CONTINUES AND (B) YOUR MONTH-TO-MONTH LEASE SHALL CONTINUE UNTIL IT IS TERMINATED IN ACCORDANCE WITH ITS TERMS. YOU CAN TERMINATE YOUR MONTH-TO-MONTH LEASE BY PROVIDING WRITTEN NOTICE TO DV COMMUNITIES AT 577 HOWARD ST., FL 3, SAN FRANCISCO, CA 94105. TERMINATION WILL NOT RESULT IN ANY REFUND OF ANY AMOUNTS DUE PURSUANT TO YOUR MONTH-TO-MONTH LEASE.

Owners agree that fees for the Service will be withheld from the amounts DV Communities collects from tenants pursuant to these Terms and the Property Management Agreement and Lease Guarantee.

Notwithstanding the foregoing, DV Communities may invoice Owners or Tenants directly for costs associated with a Property Agreement. Full payment for invoices issued in any given month must be received by DV Communities thirty (30) days after the mailing date of the invoice, or the Property Management Services may be terminated.

Unpaid invoices are subject to a finance charge of 5% per month on any outstanding balance, or the maximum permitted by law, whichever is lower, plus all expenses of collection. We reserve the right to change our fees after providing reasonable notice to you. Your continued use of the Property Management Services after the price change becomes effective constitutes your agreement to pay the changed amount.

Tenants and Owners must inform DV Communities within thirty (30) days if any charges are disputed. You shall be responsible for all taxes associated with the Property Management Services other than U.S. taxes based on DV Communities’s net income.

Any software utilized or made available in connection with the Services, and the transmission of applicable data related thereto, if any, is subject to United States export controls. No Software may be downloaded from the Property Management Services or otherwise exported or re-exported in violation of U.S. export laws. Downloading or using the Software is at your sole risk. You agree to comply with all local rules and laws regarding your use of the Property Management Services, including as it concerns online conduct and acceptable content.

Unless otherwise expressly authorized herein or in the Property Management Services, you agree not to display, distribute, license, perform, publish, reproduce, duplicate, copy, create derivative works from, modify, sell, resell, exploit, transfer or upload for any commercial purposes, any portion of the Service, use of the Service, or access to the Service. The Service is for your personal use.        

Lease Guarantee

Upon the User's purchase of a Doorvest Property, such Property will be eligible for Doorvest’s one year lease guarantee (the “Lease Guarantee”).            

                 

Doorvest’s Lease Guarantee allows eligible Users to receive 100% of the Estimated Market Rent Rate, communicated by Doorvest to User, on vacant properties purchased from Doorvest, for up to one year. The Doorvest Lease Guarantee is only applicable to properties purchased through Doorvest, and that meet the terms and conditions specified below. THE DOORVEST LEASE  GUARANTEE HAS A LIMITED TERM AND DOES NOT APPLY TO ALL PROPERTIES. 

Before relying on the Doorvest Lease Guarantee, it is important to verify that your Property meets the following criteria:

  • The Lease Guarantee is only available if User:
  • (i) is the Owner of a Doorvest Property, or is named on the title to the Property by the original Owner at the time the Property is purchased; and
  • (ii) the Owner has executed a Property Management Agreement with Doorvest valid throughout the entire Lease Guarantee.
  • The Lease Guarantee becomes effective on the date of purchase.
  • The Lease Guarantee is only available on Properties that are in rent-ready condition, which means the Property:
  • (i) can be rented at the Estimated Market Rent Rate (as defined below); and
  • (ii) is in such a condition that a Tenant could immediately move into the Property.
  • The decision about whether a Property is in rent-ready condition is made by Doorvest at its sole discretion.
  • The Lease Guarantee is only available if, User agrees to lease the Property at a rental rate established by Doorvest, based on a fair assessment of the Estimated Market Rent Rate (as defined below).
  • The Lease Guarantee is only available if the Property is vacant at closing.
  • The Lease Guarantee will cease to be available if User decides not to lease the Property to any tenant other than a Tenant chosen by Doorvest (which in all cases must be compliant with fair housing regulations).
  • The Lease Guarantee is non-transferable and non- assignable.
  • The Lease Guarantee terminates one year after becoming effective.

                                        

Estimated Market Rent Rate

For properties that are not listed on a multiple listing service (MLS), the Estimated Market Rent Rate is determined by Doorvest. For properties that are listed on the MLS, the Estimated Market Rent Rate is determined by Doorvest using various data sources and Doorvest’s analysis. The Estimated Market Rent Rate assumes the property is in rent-ready condition. The Estimated Market Rent Rate communicated to the User for each Property is the amount that we will use to calculate the Lease Guarantee for that Property. However, if the Property is not leasing at the Estimated Market Rent Rate then Doorvest may lower the Estimated Market Rent Rate in order to place an eligible tenant in the property.                

Termination of Property Management Services

You agree that DV Communities, in its sole discretion, may suspend or terminate your Account (or any part thereof) or use of the Property Management Services and remove and discard any content within the Property Management Services, for any reason, including, without limitation, for lack of use or if DV Communities believes that you have violated or acted inconsistently with the letter or spirit of these Terms or your Property Agreement.

Any suspected fraudulent, abusive or illegal activity that may be grounds for termination of your use of Service, may be referred to appropriate law enforcement authorities. DV Communities may also in its sole discretion and at any time discontinue providing the Property Management Services, or any part thereof, with or without notice.

You agree that any termination of your access to the Property Management Services under any provision of these Terms may be effected without prior notice, and acknowledge and agree that DV Communities may immediately deactivate or delete your Account and all related information and files in your account and/or bar any further access to such files or the Property Management Services. Further, you agree that DV Communities will not be liable to you or any third party for any termination of your access to the Property Management Services.

Disclaimers & Warranties

Doorvest will make every reasonable effort to ensure that the Doorvest Content and all other information contained on the Site is accurate and reliable; however, errors sometimes occur. In addition, Doorvest may make changes and improvements to the information provided herein at any time. The Site and the information, software, products and services associated with it are provided “AS-IS.”

Doorvest and/or its suppliers or real estate investor professionals disclaim any warranty of any kind, whether express or implied, as to any matter whatsoever relating to this web site and any information, software, products and services provided herein, including without limitation the implied warranties of merchantability, fitness for a particular purpose, title, and non-infringement.

Use of this Site and/or other Doorvest Entity sites is at User’s own risk. Doorvest and/or its suppliers or real estate investor professionals are not liable for any direct, indirect, punitive, incidental, special or consequential damages or other injury arising out of or in any way connected with the use of this Site and/or Doorvest’s Services or with the delay or inability to use this Site, or for any information, software, products and services obtained through this Site, or otherwise arising out of the use of this web site, whether resulting in whole or in part, from breach of contract, negligence, strict liability or otherwise, even if Doorvest and/or its suppliers, or real estate investor professionals had been advised of the possibility of damages. Some jurisdictions do not allow the exclusion of implied warranties, so the above exclusion may not apply to the User.

User ACKNOWLEDGES THAT WITH RESPECT TO ESTIMATES, FORECASTS AND PROJECTIONS DISPLAYED ON THE SITE, (i) NO ASSURANCE CAN BE GIVEN REGARDING THE ACCURACY OR APPROPRIATENESS OF THE ASSUMPTIONS AND JUDGMENTS MADE, OR THE METHODOLOGIES USED AND SUCH ESTIMATES, FORECASTS AND PROJECTIONS ARE FORWARD- LOOKING STATEMENTS AND INVOLVE RISKS AND UNCERTAINTIES THAT MAY CAUSE ACTUAL RESULTS TO BE MATERIALLY DIFFERENT FROM THE ESTIMATES, FORECASTS AND PROJECTIONS. ACCORDINGLY, OWNER SHOULD RELY ON SUCH ESTIMATES, FORECASTS AND PROJECTIONS AT ITS OWN RISK.

                                                

User understands and acknowledges (i) that investing in real estate is risky and unpredictable; (ii) that the real estate industry has its ups and downs; and (iii) that the Property you purchase might not be able to be rented at amounts sufficient to cover your debt, expenses and liabilities, and might not result in a positive cash flow.

User further understands and acknowledges that the value of any Property purchased may decline after you buy it and that future property values are unpredictable and may go down. User also acknowledges and agrees that Doorvest is not an investment or tax advisor and you must make your own investment and tax decisions either alone or with the assistance of professional investment and tax advisors.

Limitation of Liability

YOU EXPRESSLY UNDERSTAND AND AGREE THAT DOORVEST WILL NOT BE LIABLE FOR ANY INDIRECT, INCIDENTAL, SPECIAL, CONSEQUENTIAL, EXEMPLARY DAMAGES, OR DAMAGES FOR LOSS OF PROFITS INCLUDING BUT NOT LIMITED TO, DAMAGES FOR LOSS OF GOODWILL, USE, DATA OR OTHER INTANGIBLE LOSSES (EVEN IF DOORVEST HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES), WHETHER BASED ON CONTRACT, TORT, NEGLIGENCE, STRICT LIABILITY OR OTHERWISE, RESULTING FROM: (I) THE USE OR THE INABILITY TO USE THE SERVICES; (II) THE COST OF PROCUREMENT OF SUBSTITUTE GOODS AND SERVICES RESULTING FROM ANY GOODS, DATA, INFORMATION OR SERVICES PURCHASED OR OBTAINED OR MESSAGES RECEIVED OR TRANSACTIONS ENTERED INTO THROUGH OR FROM THE SERVICES; (III) UNAUTHORIZED ACCESS TO OR ALTERATION OF YOUR TRANSMISSIONS OR DATA; (IV) STATEMENTS OR CONDUCT OF ANY THIRD PARTY ON THE SERVICE; OR (V) ANY OTHER MATTER RELATING TO THE SERVICES. IN NO EVENT WILL DOORVEST’S TOTAL LIABILITY TO YOU FOR ALL DAMAGES, LOSSES OR CAUSES OF ACTION EXCEED THE AMOUNT YOU HAVE PAID DOORVEST IN THE SIX (6) MONTHS PRECEDING THE EVENT GIVING RISE TO THE CLAIM.

SOME JURISDICTIONS DO NOT ALLOW THE DISCLAIMER OR EXCLUSION OF CERTAIN WARRANTIES OR THE LIMITATION OR EXCLUSION OF LIABILITY FOR INCIDENTAL OR CONSEQUENTIAL DAMAGES. ACCORDINGLY, SOME OF THE ABOVE LIMITATIONS SET FORTH ABOVE MAY NOT APPLY TO YOU OR BE ENFORCEABLE WITH RESPECT TO YOU. IF YOU ARE DISSATISFIED WITH ANY PORTION OF THE SERVICES OR WITH THESE TERMS, YOUR SOLE AND EXCLUSIVE REMEDY IS TO DISCONTINUE USE OF THE SERVICES.

Indemnity

You agree to release, indemnify and hold Doorvest and its affiliates and their officers, employees, directors and agents (collectively, “Indemnitees”) harmless from any from any and all losses, damages, expenses, including reasonable attorneys’ fees, rights, claims, actions of any kind and injury (including death) arising out of or relating to your use of the Service, the Property Management Services, any Doorvest Content, your connection to the Services, your violation of these Terms or your violation of any rights of another.

Notwithstanding the foregoing, you will have no obligation to indemnify or hold harmless any Indemnitee from or against any liability, losses, damages or expenses incurred as a result of any action or inaction of such Indemnitee. If you are a California resident, you waive California Civil Code Section 1542, which says: “A general release does not extend to claims which the creditor does not know or suspect to exist in his favor at the time of executing the release, which if known by him must have materially affected his settlement with the debtor.” If you are a resident of another jurisdiction, you waive any comparable statute or doctrine.

Security

We are continuously implementing and updating administrative, technical, and physical security measures to help protect your information against unauthorized access, loss, destruction, or alteration. Sensitive data is encrypted and website connections are protected using strong transport layer security. Our Site is hosted in a secure server environment that uses multi-layer perimeter security, including firewalls and other advanced technology to prevent interference or access from outside intruders.

Actual or attempted unauthorized use of the Site may result in criminal and/or civil prosecution. Doorvest reserves the right to view, monitor and record activity on the Site without notice or permission from you. Any information obtained by monitoring, reviewing or recording is subject to review by law enforcement organizations in connection with investigation or prosecution of possible illegal activity on the Site. Doorvest will also comply with all court orders as well as all law enforcement and regulatory inquiries involving requests for such information.

Notices

Doorvest may from time to time provide automatic notifications and voluntary account-related notifications, as further explained below and subject always to our Privacy Policy. Our basic operating point of view is to do everything we possibly can to avoid annoying you so wherever possible we will minimise unnecessary notifications and provide configuration switches to limit unwanted communications.

Doorvest may add new notifications from time to time, or cease to provide certain notifications at any time, subject always to the provision above.

Electronic notifications will be sent to the email address you have provided as your primary email address for the Service. If your email address changes, you are responsible for informing us of that change. Changes to your email address will apply to all of your notifications.

Out of respect for your privacy, if you no longer wish to receive our communications, (including our newsletter and/ or any promotional communications), or if you do not wish for us to contact you, you may opt-out of receiving such communications by following the instructions included in each newsletter or communication, or by emailing us at marketing@doorvest.com. You may also contact us by postal mail at: Doorvest Inc., 577 Howard St, Fl 3, San Francisco, CA 94105.

Note that there are certain email communications that you cannot opt-out of as a user of our Services, as these notices are required for the continued optimal functionality of our services.

Public Forums

We may provide public forums such as bulletin boards, blogs, or chat rooms on our websites or within our Services subject to certain terms of use. These forums are provided as a Service to you and other users to help exchange ideas, tips, information and techniques related to our services. As discussed above, we may collect your information revealed in these forums; however, any information you choose to submit may also be read, collected, or used by others and may be used to send you unsolicited messages. We are not responsible for the personal information you choose to submit in these forums.

Feedback

                                        

We welcome feedback, comments, questions, suggestions, improvements, concerns and the like regarding the Services (collectively, "Feedback"). You may deliver Feedback to us by email, including through success@doorvest.com, phone calls, interviews, texts, chat, surveys, or other communication tools or systems currently used or used in the future. You agree that you exclusively own any Feedback and grant to us a non-exclusive, worldwide, perpetual, irrevocable, fully-paid, royalty-free, sub licensable and transferable license under any and all intellectual property rights that you own or control to use, copy, modify, create derivative works based upon and otherwise exploit the Feedback for any purpose.

Assignment

These Terms shall be binding upon and shall inure to the benefit of the parties and their respective successors and permitted assigns. The rights under these Terms or any license granted hereunder may not be assigned, sublicensed or otherwise transferred by User without the prior written consent of Doorvest, which retains the right to withhold consent in its sole discretion.

Arbitration

You agree that any and all disputes or claims that have arisen or may arise between you and Doorvest, whether arising out of or relating to these Terms (including any alleged breach thereof), the Services, any advertising, any aspect of the relationship or transactions between us, shall be resolved exclusively through final and binding arbitration, rather than a court, except that you may assert individual claims in small claims court, if your claims qualify.

This does not preclude you from bringing issues to the attention of federal, state, or local agencies, and such agencies can, if the law allows, seek relief against us on your behalf. You agree that, by entering into these Terms, you and Doorvest are each waiving the right to a trial by jury or to participate in a class action. Your rights will be determined by a neutral arbitrator, not a judge or jury. The Federal Arbitration Act governs the interpretation and enforcement of this Arbitration Agreement.

Arbitration will be conducted by a neutral arbitrator in accordance with the American Arbitration Association’s (“AAA”) rules and procedures, including the AAA’s Consumer Arbitration Rules (collectively, the “AAA Rules”), as modified by this Arbitration Agreement. For information on the AAA, please visit its website, http://www.adr.org. Information about the AAA Rules and fees for consumer disputes can be found at the AAA’s consumer arbitration page, http://www.adr.org/consumer_arbitration. If there is any inconsistency between any term of the AAA Rules and any term of this Arbitration Agreement, the applicable terms of this Arbitration Agreement will control unless the arbitrator determines that the application of the inconsistent Arbitration Agreement terms would not result in a fundamentally fair arbitration. The arbitrator must also follow the provisions of these Terms of Service as a court would. All issues are for the arbitrator to decide, including, but not limited to, issues relating to the scope, enforceability, and arbitrability of this Arbitration Agreement. Although arbitration proceedings are usually simpler and more streamlined than trials and other judicial proceedings, the arbitrator can award the same damages and relief on an individual basis that a court can award to an individual under these Terms and applicable law. Decisions by the arbitrator are enforceable in court and may be overturned by a court only for very limited reasons.

Unless Doorvest and you agree otherwise, any arbitration hearings will take place in a reasonably convenient location for both parties with due consideration of their ability to travel and other pertinent circumstances. If the parties are unable to agree on a location, the determination shall be made by AAA. If your claim is for $10,000 or less, Doorvest agrees that you may choose whether the arbitration will be conducted solely on the basis of documents submitted to the arbitrator, through a telephonic hearing, or by an in-person hearing as established by the AAA Rules. If your claim exceeds $10,000, the right to a hearing will be determined by the AAA Rules. Regardless of the manner in which the arbitration is conducted, the arbitrator shall issue a reasoned written decision sufficient to explain the essential findings and conclusions on which the award is based.

Payment of all filing, administration, and arbitrator fees (collectively, the “Arbitration Fees”) will be governed by the AAA Rules, unless otherwise provided in this Arbitration Agreement. If the value of the relief sought is $25,000 or less, at your request, Doorvest will pay all Arbitration Fees. If the value of relief sought is more than $25,000 and you are able to demonstrate to the arbitrator that you are economically unable to pay your portion of the Arbitration Fees or if the arbitrator otherwise determines for any reason that you should not be required to pay your portion of the Arbitration Fees, Doorvest will pay your portion of such fees. In addition, if you demonstrate to the arbitrator that the costs of arbitration will be prohibitive as compared to the costs of litigation, Doorvest will pay as much of the Arbitration Fees as the arbitrator deems necessary to prevent the arbitration from being cost-prohibitive. Any payment of attorneys’ fees will be governed by the AAA Rules.

Termination

Doorvest reserves the right, in its sole discretion, to restrict, suspend or terminate these Terms and your access to all or any part of the Site, at any time and for any reason without prior notice or liability. Doorvest reserves the right to change, suspend or discontinue all or any part of the Site at any time without prior notice or liability.

Governing Law

These Terms shall be subject to and construed in accordance with the laws of the State of California, excluding its conflict of laws principles. If any part of these Terms have been determined to be invalid or unenforceable pursuant to applicable law including, but not limited to, the warranty disclaimers and liability limitations set forth above, then the invalid or unenforceable provision will be deemed superseded by a valid enforceable provision that most closely matches the intent of the original provision, and the remainder of these Terms shall continue in effect. A printed version of these Terms and of any notice given in electronic form shall be admissible in judicial or administrative proceedings based upon or relating to these Terms to the same extent and subject to the same conditions as other business documents and records originally generated and maintained in printed form. All rights not expressly granted herein are reserved.

Miscellaneous

These Terms constitutes the entire agreement between the User and Doorvest and it supersedes all prior or contemporaneous communications, promises and proposals, whether oral, written or electronic, between the User and Doorvest with respect to Site and information, software, products and services associated with it.

Doorvest shall have sole authority to choose the manner in which any Doorvest Property Listing will be received, displayed and used by the User during the Services, and reserves the right to remove all or any part of a Doorvest Property Listing or refuse Services to anyone at any time in its sole discretion.

Doorvest shall have no obligation to (i) resolve disputes among users of the Site; or (ii) monitor or verify the accuracy or proper use of the Doorvest Property Listings. Doorvest reserves the right to modify or change these Terms at any time. The most current copy of these Terms will be posted and available for review on the Site.

Notice for California Users

Under California Civil Code Section 1789.3, users of the Service from California are entitled to the following specific consumer rights notice: The Complaint Assistance Unit of the Division of Consumer Services of the California Department of Consumer Affairs may be contacted in writing at 1625 North Market Blvd., Suite N 112, Sacramento, CA 95834, or by telephone at (916) 445-1254 or (800) 952-5210.

You may email us at success@doorvest.com or contact us at Doorvest Inc., 577 Howard St, Fl 3, San Francisco, CA 94105.

Questions? Concerns? Suggestions?

Please contact us at success@doorvest.com to report any violations of these Terms or to pose any questions regarding these Terms or the Services.

ADDENDUM A

Doorvest Home Renovation Guarantee

Doorvest Inc. (“Doorvest”) provides a one-year limited guarantee to Owners of a Doorvest Property (as such term is defined in the Doorvest Terms of Use) purchased under a Doorvest Purchase Agreement via the Services (the “Doorvest Home Renovation Guarantee).

ELIGIBLE PARTIES: Only Doorvest Owners will be eligible for the Doorvest Home Renovation Guarantee (the “Eligible Parties”). For purposes of the Doorvest Home Renovation Guarantee, a Doorvest "Owner" shall be any person or entity (i) who purchased a Doorvest Property or is named on the title document to the Doorvest Property by the original Owner immediately after closing, and (ii) has executed a Property Management Agreement with DV Communities LLC.

COVERAGE PERIOD: For Doorvest Properties that are eligible for the Doorvest Home Guarantee, coverage begins at the close of sale (when Owner takes possession of the Doorvest Property) and continues for one year (12 months) from that date (the “Coverage Period”). The Doorvest Home Renovation Guarantee is not renewable.

COVERAGE: The aggregate coverage under this agreement is limited to $25,000.00; with a $5,000.00 limit on individual claims. Certain items and events are not covered by the Doorvest Home Guarantee. Please refer to the Limitations of Liability section and to exclusions listed in each  applicable section of this contract.

ELIGIBILITY CRITERIA: In order for a Doorvest Property claim ("Claim") to be eligible for coverage, it must meet the following criteria:

  • The Owner must qualify as an Eligible Party;
  • DV Communities LLC must be the property manager of record for the duration of the Coverage Period;
  • Doorvest Communities LLC must have been notified of the Claim within the Coverage Period;
  • Coverage must be in relation to a Covered Item; and
  • There must have been no Material Adverse Changes with respect to the Doorvest Property since the closing of the sale of such Doorvest Property. A "Material Adverse Change" means with respect to a Property, any change, event, circumstance, development or effect (each a "Change") that individually or taken together with all other Changes, is reasonably likely to be, or become materially adverse to the condition (financial or otherwise), assets or liabilities of the Property, which Change may also include acts of god or terrorists, or general economic or business conditions impacting the real estate industry where the Doorvest Property is located.

Notwithstanding the above, the decision of eligibility as to each Claim shall remain in the sole discretion of DV Communities LLC as determined by the Property Agreement.

COVERED ITEMS:

OVERVIEW:

Covered:

Non-Covered

HVAC Units:

Up to two electrical units and Component Parts.

More than two electrical units; gas units.

Kitchen Appliances: Dishwasher

Microwave

Oven Range

Oven and Oven Range, Microwave, Dishwasher including all “Component Parts” including timers that affect the primary function of the appliance.

Any part of an appliance that does not affect the primary function of the appliance.

Refrigerator:

All “Component Parts” including ice maker/crusher, beverage dispenser and their respective equipment. Doorvest will pay up to $2,000 aggregate for the Coverage Period toward repair/replacement of professional series or ultra-premium appliances, including, but not limited to, Sub-Zero, Viking or Jenn-Air (individual trademarks are owned by the brand name company).

Computer screens or computers that are part of an appliance but do not affect the primary  function of the appliance.

Flooring:

Repairs and replacement(s) to the extent needed to ensure primary function and safety.  

Any damage caused by Tenant.

Roof/ Roof Leaks:

We will pay up to $5,000 aggregate to repair roof leaks only; includes shingles (cedar or asphalt), built up roofing, slate and tile (DEFINITION: the exterior surface that constitutes the top of the residence, excluding any skylights).

Roof leaking of an existing roof caused by damage done by ice, mud, snow or wind and any acts of god; secondary damage from any type of leak or re-roofing of the residence; chimneys, gutters or downspouts, skylight or skylight flashing repairs for leaks or any other damage.

Water Heater:

Tank, heat elements, thermostat, valves, flue piping, electrical or gas connections; includes tankless water heaters; water heater/heating combination units and oil systems are covered up to $5,000 aggregate.

Solar/solar-assisted water heating units, circulating pumps, expansion tanks, energy conservation flues and vents.

Bathroom

Toilet

Showers

Repairs and replacement items to the extent needed to ensure primary function and safety.  

Any damage caused by Tenant.

DEFINITIONS:

Component Parts” - the constituent elements of mechanical items as covered by this contract.

Operational Failure” - the mechanical breakdown of “Component Parts”.

Proper Working Order” - functioning as intended and expected for its age, and within the safety standards as established by the system manufacturer.

Interior” - the space within the external surface area which constitutes the perimeter of the residence’s exterior walls; under the roofing materials; above or encased in the basement floor or home’s slab, or above the ground surface in a crawl space.

NOT COVERED:

  • CEILING FANS
  • ELECTRIC (interior and exterior).
  • GARAGE/ GARAGE DOOR
  • INTERCOM SYSTEMS
  • KITCHEN APPLIANCES (Unless expressly set forth above)
  • PLUMBING
  • SEPTIC SYSTEMS
  • SOLAR APPLIANCES
  • STAND-ALONE FREEZERS
  • SWIMMING POOLS (And all component parts)
  • WASHER & DRYERS
  • ALL OTHER ITEMS NOT LISTED AS COVERED 

LIMITATIONS OF LIABILITY:

Coverage does not apply in these instances:

  1. Abuse, misuse, fire, lightning, freezing, ice, storms, smoke, water damage, acts of God, accident, earthquake, soil movement, mud, fungus, rot, mold, power failure, power shortage or power outage, insect or rodent damage, pet damage, insurable peril.
  2. Doorvest  will not contract to perform service nor pay costs involving hazardous or toxic materials or asbestos, nor will it pay costs related to refrigerant recapture, evacuation or disposal of refrigerants or contaminants.
  3. Excessive or inadequate water pressure, electrical surge, excessive or inadequate voltage, electrical currents artificially generated or inadequate  amperage, water entry along the service cable.
  4. Any system failures due to lack of capacity (capacity as established by the system manufacturer); normal maintenance, cleaning, adjustments,  lubrication services, line bleeding, capacity increases, licenses or inspection fees; failure to maintain the temperature in the residence above  freezing; improper use; contamination of fuel or energy.
  5. Secondary damage, consequential damage or any damage caused by or resulting from the failure or malfunction of covered or non-covered Component Parts. Any damage resulting from the actual repair or replacement itself.
  6. Conditions beyond our control including delays in  obtaining parts, relocation of equipment or labor difficulties including, but not limited to, additional costs associated with repair or replacement of a  covered mechanical system due to space restrictions or location of the covered equipment. Any damage alleged to be caused directly or  indirectly by the Services or the timeliness of the Services provided by us.
  7. Electronic, computerized or energy management systems or devices, or lighting and  appliance management systems are not covered; home computers, computer systems, leased or rental equipment and/or components.
  8. Damage to the physical structure of the residence including, but not limited to, load bearing walls, walls, roof, roof supports, structural floor base,  foundation or slabs, and ceilings except where specifically identified as covered.
  9. Cosmetic repairs and the non-mechanical aspects of the Component Parts including, but not limited to: finishes, cabinets, panels, trim, buttons, chipping, dents or  scratches.  
  10. You may be charged an additional fee by the Service contractor to dispose of an old appliance, system or component. Doorvest is not responsible for  these charges.
  11. More than one of any appliance unless specifically listed and approved by Doorvest.
  12. In the event that there is other collectible insurance, manufacturer warranty or in-house  warranty or guarantee coverage available to you covering an “Operational Failure” that is also covered by this contract, our coverage shall be in  excess of, and we will not contribute with, any other insurance, warranty or guarantee.
  13. Doorvest is not responsible for repair or replacement of systems or appliances classified by the manufacturer as commercial.
  14. Items listed as Not Covered are intended as examples of the types of items excluded from the Doorvest Home Renovation Guarantee. They are not completely inclusive  of all systems and appliances excluded from coverage.
  15. All else not listed as Covered.

IMPORTANT INFORMATION:

Important Notice Regarding Privacy: Information collected is used to make coverage decisions. This information is sometimes shared with affiliates and nonaffiliated third parties, and as  permitted by law, to carry out daily business functions, service your business, or in connection with product offerings. Examples of nonaffiliated third  parties with whom we can and do share your information are: joint marketing partners, agents, contractors, brokers, insurance and other state authorities, and  administrators engaged by us to adjust, administer, service or process claims. Other than as permitted by law, we do not share your personal information  with nonaffiliated third parties.

Important Notice Regarding Coverage Terms: Doorvest continually strives to improve our Service and to clarify the descriptions of coverage provided. In doing so, slight variations or modifications occur  as contract versions are updated and issued. Should this activity result in a reduction of benefits to you as compared to the Coverage in your previous version, and if the benefit reduction was not disclosed to you prior to your election to continue Coverage, you are entitled to the Coverage as provided in  the previous version.

CANCELLATION, TRANSFER, RENEWAL:

Unless otherwise specified, this Doorvest Home Renovation Guarantee is non-cancelable by either party except Doorvest may cancel for the  following reasons:

  1. Fraud or material misrepresentation by the Owner in obtaining this Doorvest Home Guarantee.
  2. The laws of the state where the Owner resides requires cancellation.
  3. In the event of a transfer of the legal title and ownership of the covered Doorvest Property during Owners’ coverage, the remaining time left in the Coverage Period is not assignable to the new buyer, and therefore is subject to cancellation.  

The cancellation of the Doorvest Home Renovation Guarantee will become effective 15-days after the notice of cancellation is mailed to the Owner. If the Owner cancels the Doorvest Home Guarantee, the request must be in writing.  

CUSTOMER SERVICE: For Service, please email us at success@doorvest.com.