Can I use the same Deed as a template over and over?
Does that deed NEED to be written by an attorney ?
If I got my RE license can I still market to land owners if they have interest in selling their land?
What are the legal points I need to know about getting a “finders fee” or being a “bird dog”? Example- finding motivated seller. Telling my investor. Investor buys it. I get a percentage or previous agreed payment.
What kind of legal contract should I be operating under? W4? 1099?
@Hayden Thomas, I'm not a lawyer so don't take this as legal advice.
1. While you can probably use an existing deed as a template, I absolutely would not! Having a lawyer prep a deed is $150-200. So, not something worth that risk. In addition, the buyer's closing agent may balk at it if they know you prepped it yourself or scrutinize it more closely.
2. As an agent, you can certainly still be an investor and look for land to buy, BUT your state likely has laws requiring you disclose that you are a licensee. They generally don't want people to feel taken advantage of dealing with someone who has training without realizing it.
3. As for collecting finder's fees. That is partly a legal issue but I think where you run into trouble is with your broker. You are in a sense brokering a deal without becoming an agent for either party directly. The brokerage you work for would want you and perhaps even require you to try to convert that into a listing because the brokerage wants to be paid their share as well.
You should make more money in the long run listing properties as sometimes you will get both sides of the commission and those deals lead to more referrals for more deals. So, your business grows. So, I'm not sure why you would want to work for finders fees over commissions anyways. Plus with commissions, you have write-offs for expenses to reduce your tax burden.
4. In my experience most agents are 1099 self employed contractors working on 100% commission, but there is no rule about that.