So how does one get paid in a real estate transaction if they are not party to the transaction but played a significant role in the successful conclusion of said transaction and they aren't a real estate agent.
All comments welcomed and thanks in advance BPer's.
Legally, you don't.
@Wayne Brooks, I have read your RE posts elsewhere on BP and I value your input.
So I have read that if the payment is labeled "service fee" then all is kosher.
The RE commission doesn't care what you call it....if it walks like a duck, quacks like a duck....
How about a referral fee or "transaction coordination fee". Make sure to negotiate these terms upfront but don't get greedy.
@Jason Mak that is am awesome suggestion. Thanks. Infact, not greedy at all as this will be ongoing and I value the networking aspect more than the $.
Come on! We can't be this silly. There is no legal way to circumvent license laws.
The statues deal with actions not what the fee is called. So changing the name of any fee in an attempt to not violate the regulation has zero merit. ZERO. You are in violation of licensing requirements. Period.
Be aware that when you get caught you will face fines and could forever be barred from getting a real license.
Jason and Ray you should stop fooling yourselves that this allowed.
I know you don't usually chim in on these topics it is one that is debated heavily, by the wholesaling without a license crowd who looks for any way to couch their deals to make them legal.
What most do is say they are just selling a contract... not selling a property.. however having been around the block a few times myself.. I can see that flying if you did it once or twice.. But if its your business IE your advertising and working as a business and doing any kind of volume.. The RE divisions in most every state will just look at this as selling RE without a license.. and however the wholesaler flipper wants to couch it will be deemed just a scheme to avert the licensing laws...
One reason this is such a hot topic is pretty much every guru or even here on BP folks with limited capital or experience are encouraged to bird dog or wholesale to build up capital so they can then either flip or buy and hold.
When the simple answer is these same folks should be working and figuring out how they can buy their inventory hold it for a period of time then resell... All is good then. Or just get a license and work within the structure of the laws.
If no licnese was required to sell property you don't own.. then there would be no reason for a Real Estate license at all or the entire industry.. it would be like China anyone can sell anything to anyone anytime.
I do try and stay away from these silly idea threads. They annoy me for the most part. On this occasion the title was pretty blatant. (Nice job on that by the way)
That is a sign of how cavalier this idea has become.
Any licensed agent has an obligation to report unlicensed activity or that licensed agent could suffer penalties and possible revoke of license.
How do you play a "significant role" in something you were not party to?
The whole idea is pretty naive and silly.
"You can't get there from here."
a little off topic but still correlates... AS your probably aware NMLS license is required in Oregon on any 1 to 4 loan origination regardless of what the purposes is... OR makes no distinction between non owner occ commercial and owner occ.
So you have all these private lenders running around making loans..
You now have all the bigger hard money lenders following them at the court house steps looking up the bene's after the fact and filing complaints with state.
I can see the day when the RE brokerage community will start to target those with bandit signs direct mailers etc.. I know in Oregon the state would not take kindly to unlicesnsed activity.. But I think some states are more tollarnat
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