All Forum Posts by: Chris K.

@Joe Chirdon

It's hard to get a living human being to talk to you at the State Real Estate Commission until they "want" to talk to you. It is what it is. :/ 

I'm sure you already know this, but just remember that you will need to find a brokerage if you are just a salesperson. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Matt Knobloch

Some thoughts:

• Whether texting constitutes valid written notice will depend on the context. What is the context here? I assume you are talking about the text from the tenant. But you will need to narrow your question down a bit as to what notice it could serve. 

• The landlord only needs to provide a written list of damages and costs. But a judge may object to an inadequately itemized list. Providing a receipt is a good way to combat an allegation that you inflated the costs. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@William C.

I would say it depends on the market and property type. Even the 2008 recession didn't really have a major impact in certain markets. For example, where I live (which I consider to be the tertiariest of all teritary markets), the real estate crash back in 2008 didn't have as much of an impact as other more desirable markets. If anything, it was the fall out from the 2008 market crash that made the folks in our area suffer due (e.g. job loss, stock market crash, etc.). But the housing prices didn't drop the way that you saw in other markets. 

I could see prices falling down in some markets. Even drastically in some areas. But 2008 was a pretty special time. While we could have another dip in the real estate or the stock market, I don't think it would happen for the same reasons. But who knows? ¯\_(ツ)_/¯

Just out of curiosity, what does $300k-$350k get you nowadays near Philly? 2000 SF ish homes?

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Stanley Bronstein

As practical matter, I think @Joe Chirdon would need to look into both issues. As a real estate salesperson, he would need to comply with the relevant laws and regulations with the State Real Estate Commission. At the same time, he's also an attorney and the referral fee is going to an attorney. Even if the Commission gives the blessing, the Disciplinary Board can have it's own opinion whether they want PA Attorney's exchanging money in this fashion. 

Historically, folks have tried to do a workaround for similiar situations by having the seller and or buyer pay the referral fee directly to an attorney that referred the transaction to the attorney/broker. Another work around was to call it as a legal fee instead of a referral fee. The legtimacy of such practices probably depends on the exact circumstances. But even then, the attorneys would need to think hard about what they would do if the Displinary Board decided to get involved.

And then there is a healthy debate between the legal community in PA about what level of jurisdiction the Commission has over attorneys to start off with. Some believe that the relevant laws and regulations have a wide exemption for attorneys. Other attorneys believe that the exemption is narrower. It's kind of a moot point since Joe --- by becoming a real estate salesperson --- is under the Commission's jurisdiction. But something to consider. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Joe Chirdon

Are you a PBA member? If so, you may want to try to the ethics hotline to see what they have to say.

Not an expert on this topic but here are some reading materials:

• Here's a link to a somewhat relevant opinion from the Pennsylvania Bar Association and the Philadelphia Bar Association. The question was whether attorneys can receive referral fees for non-legal-service providers. Basic answer was "you probably shouldn't but it might be okay." 

• Here's a link to an opinion from the NY Bar Association that is directly on point. They would say "absolutely not" if the lawyer gets to keep the commission.  

• Link to an Philadelphia Bar Association opinion on whether a physician/attorney can receive referral fees for referring a patient to a personal injury firm. A bit convoluted but the answer appears to be "no". 

Personally, I would agree wtih the NY Bar Association opinion. I just see too much of a conflict of interest. 

Aside from the above, take a look at whether there would be RESPA issues and issues with your brokerage. If I was a broker, I wouldn't allow it. 

On a completely unrelated note, is there a reason why you are getting a salesperson license versus a broker license? Assuming you can meet the point requirements, you can skip and go directly to a broker license. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@David Smith

What size of deals? Also, narrow down what you mean by "hospitality" properties. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information. 

@Nick Rivers

There are many funds that you could look into. The main issue is that you will need to find a syndication deal structured as a DST. Many syndicators do not want to bother with a DST for various reasons.

I assume you are already working with a QI on the 1031 exchange. They may have some leads for you. I would also work with securities broker to see what's available. Feel free to PM me if you need contacts. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Vlad Denisov

Depends on what the client wants. If the client is sophisticated, they probably don't need to send everything to a professional before signing. If the client is not, then it may make sense. Again, it depends on the situation and what the client ones. Now if you are going to charge money, then you better do the actual work. 

In terms of beginners, I suppose it also depends on the situation. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Bishan C.

Try an attorney that also owns a title company. Probably the best way to be cost effective. Feel free to shoot me a PM and I can recommend someone. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.

@Justine Rivera

I can't say I've ever ran across a non-attorney title company that would do document review in the way you want. Much of that has to do with liability concerns with unauthorized practice of law. But maybe they exist in PA. 

Disclaimer: While I’m an attorney licensed to practice in PA, I’m not your attorney. What I wrote above does not create an attorney/client relationship between us. I wrote the above for informational purposes. Do not rely on it for legal advice. Always consult with your attorney before you rely on the above information.