Terms

Overlock Research Terms of Service

Version 2.1 · Effective September 26, 2026 · Updated October 1, 2026

These terms govern everything sold or provided by Overlock Research LLC, a New Mexico limited liability company doing business as Overlock Research ("Overlock," "I," "me"). By buying, downloading or using any Overlock product you ("you," "Customer") agree to them. If you're buying for a company, you confirm you can bind it.

1. What Overlock sells

Free. Research, charts and posts published at overlockresearch.com and on @OverlockHQ.

The Model. A one-time purchase of Overlock UW, the self-storage underwriting workbook (a numbered copy), plus Dominic, the AI underwriting copilot, licensed as described in section 3.

Operator. An annual subscription for one facility and your own deals. It includes street-rate comps where available, a monthly pricing and promotions note for your facility against its comp set, the ECRI recommendation builder, a quarterly reforecast in the model with an annual re-underwrite, quarterly REIT update packs, a monthly subscriber letter, a reply to email within one business day, and calls on request as my calendar allows.

Desk. An annual engagement covering up to five facilities and five seats, including direct underwriting help on live deals, four full underwritings a year, quarterly calls and model customization. Desk is sold by conversation and invoiced directly; its scope is confirmed in writing.

Deal Desk. One full underwriting of one identified deal, performed by me (section 5).

Product descriptions on overlockresearch.com and the checkout page form part of these terms. If they conflict with these terms, these terms control.

2. Payment, renewal and tax

Checkout is handled by Whop, which acts as merchant of record, collects and remits applicable sales tax, and processes refunds and disputes under its own policies. Desk and quoted Deal Desk engagements are invoiced directly.

Operator renews automatically each year at the then-current price unless you cancel before the renewal date in your Whop account. Founding prices (first 10 Model copies, first 10 Operator seats) apply to the first term purchased and, for Operator, to renewals while the subscription stays continuous.

A Model bought at full price credits toward your first Operator year if you upgrade within 12 months of the Model purchase.

3. License

Workbook. Each Model copy is licensed to one named user, perpetually, for use on as many of that user's own deals as they like, including deals they evaluate for their employer. You may not share, resell, sublicense, upload or distribute the workbook or any copy of it, or give an unlocked or editable copy to a third party. Outputs you produce (printed reports, PDFs, exported values) are yours to share with lenders, investors, partners and advisers on your deals.

Dominic. Dominic is licensed to one computer per license. A Model license is perpetual. An Operator license is valid while the subscription is active and ends when it lapses. If you change computers, email me and I'll move the license. Dominic may verify your license online and may stop working if a license is invalid, refunded, charged back or shared.

Restrictions. You may not reverse engineer, decompile, remove protection from, or attempt to extract the formulas, logic or source of the workbook or Dominic, except to the extent the law expressly allows it despite this restriction; remove or alter copy numbers, license stamps or notices; or use any Overlock product to build a competing product.

Ownership. Overlock keeps all rights in the workbook, Dominic, the research and all related materials. Copy numbers and license identifiers are embedded in every file so a copy can be traced to its license.

4. Your data

Rent rolls and T12 spreadsheets you load into Dominic are read on your computer. Offering memoranda and other narrative documents are sent through Overlock's server to OpenAI to be read and are not stored by Overlock; OpenAI does not use them to train its models. Anything you send me directly (for example, for Deal Desk or support) is used only to provide the service you asked for, kept confidential, and not shared or sold. I may keep anonymized, aggregated figures that can't identify you, a property or a counterparty, to improve the model and research. Delete requests: email me and I'll delete what you sent within 30 days, except where the law requires me to keep it.

Confidentiality agreements. Deal materials often come with a seller's, broker's or lender's confidentiality agreement. Where one is required before you can share materials with me for Deal Desk or Desk work, I will sign a reasonable mutual non-disclosure agreement covering those materials; send it with the materials or ask for Overlock's standard form. Nothing in these terms narrows the obligations I take on under such an agreement.

5. Deal Desk

Deal Desk is one full underwriting of one identified property. The price is $1,250 for customers with an active Operator or Desk subscription at the time of purchase; $2,495 for owners of a licensed copy of the Model; and a written quote for everyone else. Scope, deliverables and turnaround are confirmed in writing before payment.

Fees are refundable in full before work begins. Once work has started, fees are earned.

The deliverable is a memo and a populated workbook for that property. The workbook is delivered as values (without live formulas), stamped with the engagement number and property, and licensed for that property only. You may keep it, update it for that deal and share it with lenders, investors and advisers evaluating that deal. You may not clear, re-populate, adapt or use it as a template for any other property.

Referral. When a new Operator seat you bring in (a colleague or another firm) pays for its first year, your next Deal Desk is charged at half the applicable price (half of $1,250 or $2,495, whichever applies to you). One credit per new seat; credits don't stack, carry no cash value, and expire 12 months after they're issued.

6. Support, bugs and fixes

Email [email protected]. Operator and Desk customers get a reply within one business day; everyone else as soon as I can. If you find a genuine calculation error, I'll confirm it, fix it within five business days of confirmation, ship the fix to every current owner, log it publicly on the Research page and credit you unless you'd rather I didn't.

7. Refunds

The Model: because the workbook is a digital file delivered in full, sales are final once it has been delivered, except where the law requires otherwise or where a confirmed defect can't be fixed within 30 days. Operator: a full refund within 14 days of purchase if you haven't yet received a facility-specific deliverable; after that, you can cancel any time, cancellation stops the next renewal, and the current term isn't refunded pro rata. Deal Desk: section 5. Refunds are processed through Whop. Filing a chargeback instead of asking for a refund ends your licenses while it's open.

8. Not advice

Overlock provides models, data, research and analysis. It is not investment, legal, tax, accounting or appraisal advice, and Overlock is not a broker, appraiser or registered investment adviser. Outputs depend on the inputs you provide and on assumptions you choose. Street-rate comps, pricing notes and ECRI recommendations are estimates; you decide what rents to charge and what increases to send, and you're responsible for complying with the rent, notice and consumer-protection laws that apply to your facilities. Every investment decision is yours.

9. Warranty and liability

The products are provided "as is." Overlock doesn't warrant that any output is error-free, that any return will be achieved, or that any product fits a particular purpose.

To the fullest extent the law allows, Overlock's total liability for any claim relating to these terms or any product is limited to the amount you paid Overlock for that product in the 12 months before the claim, and Overlock isn't liable for indirect, incidental, special, consequential or lost-profit damages, or for losses on any investment or transaction.

10. Termination

You can stop using any product at any time. Overlock can end a license if you breach section 3 or these terms and don't cure within 10 days of notice (immediately for sharing or distribution). On termination, stop using and delete the affected files. Sections 3 (restrictions and ownership), 8, 9, 11 and 12 survive.

11. Disputes and governing law

These terms are governed by the laws of the State of New Mexico, without regard to conflict-of-laws rules. Before filing any claim, email me and give me 30 days to resolve it.

12. General

These terms, the product descriptions and any written scope for Desk or Deal Desk are the whole agreement. If any part is unenforceable, the rest stays in effect. I may update these terms; changes apply to purchases and renewals after the new effective date, and I'll post the date at the top. Notices to Overlock go to [email protected].

Overlock Research · [email protected] · overlockresearch.com