2007-06-30 19:15:29 · 6 answers · asked by skates 1 in Business & Finance ➔ Renting & Real Estate
Illegal in real estate transactions. It is a RESPA violation.
2007-06-30 21:31:34 · answer #1 · answered by Anonymous · 0⤊ 0⤋
A finder’s fee is an amount of money received for finding a person for a particular job or finding something that someone wants found (such as merchandise, artwork, property, etc).
A finder’s fee is usually an agreed upon amount or percentage of the value of the thing to be found. You usually don’t act as a “finder” without a written contract as to the type and amount to be paid. You can’t claim a finder’s fee after the fact.
A simple example is if you find your friend a house to buy without a finder’s fee agreement in place, neither real estate agents if required to give you a “finder’s fee”. If you make an arrangement with a real estate agent and find a client that buys a house, you are entitled to a finder’s fee.
It’s legal in California, California RUNS on finder’s fees.
2007-07-01 02:24:21 · answer #2 · answered by whiner_cooler 4 · 0⤊ 1⤋
Finders fee is paid to someone who does research and finds you what you were looking for or who you need to preform a certain task. You pay a real estate person a commission when they sell a house for you. In a way that is like a finders fee. They found you a buyer. Some finder fee people also known as head hunters, charge a company a fee to find them the type of person they want to fill a position in their company. It saves a company time and money buy getting the right person for the job. A head hunter checks out the person's credentials to see if they are the type of person for certain jobs. Yes, it is legal. They are doing a service for you. They are using their time and resources to find something or who you are looking for or want.
2007-07-01 02:46:46 · answer #3 · answered by nhalleycat 2 · 0⤊ 0⤋
Since you put this question in Real Estate section, I assume you are talking about getting paid for some real estate transaction, but not being licensed in real estate. Is this correct?
Lets say I'm a real estate agent and you bring a client to me to sell or buy a property and you want me to pay you a fee for this.
The law in California is "funny" on this. If YOU ask for a fee, it's legal for you to ask and receive it and for me to pay it.
If AN AGENT says: "I'll pay a fee, if you bring business to me," it's not legal.
2007-07-01 02:24:19 · answer #4 · answered by Anonymous · 0⤊ 0⤋
If you don't have a real estate license, you have no legal claim to a finder's fee.
2007-07-01 06:06:41 · answer #5 · answered by Bostonian In MO 7 · 0⤊ 0⤋
This is not legal in CA. I don't think any states allow it.
Check car.org for information.
2007-07-01 12:28:46 · answer #6 · answered by Landlord 7 · 0⤊ 0⤋