I am in a deal with a guy looking to wholesale but he is looking for a buyer. I am providing a buyer for a referral fee. I need to draw up a contract or agreement for this. How do you recommend I do this?
An answer for this would be a great help and I am trying to have it done by tomorrow.
I say just write up a contract between you both and submit it to title with specific instructions on disbursing the funds you are to receive from closing.
Hi @Pratik P.
I am not exactly sure what it means to write up a contract. Should I just type up a word document?
@Cody Evans I would double check that this is legal where you plan to do this.
Unless a licensed salesperson/associate broker, working this through your brokerage, or are a licensed broker in your own right, this is likely illegal. It is almost everywhere. Additionally, if the wholesaler decides not to pay you, its unlikely you'll be able to enforce the contract through the courts.
Assuming you / the property is in CA, you need to be licensed to receive fees for bring buyers and sellers together. You stated you and a "partner" are together on a deal and you are bringing the buyer which leads me to believe that the other guy has the deal under contract and you have the buyer. To be paid for that service, you are required to have a license in CA.
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