Q: I am a real estate investor in California. I am marketing for short sale leads that I hope to be able to purchase these properties. I refer these leads to a Realtor that is handling the transaction and negotiation on my behalf. He works with a listing agent that is listing the properties. If the bank does not accept my offer, the property well sell to someone else. My husband is a Commercial Real Estate Broker and a Realtor, but is not involved in these transactions. If the property sells to a different party other than myself, can I get a referral fee that is customary for Realtor to Realtor (20% of the buying agent?s commission? 30%?) or am I only allowed to get a nominal $300 or maybe a $500 finder?s fee? Is there a law that governs this and if so, what is the law that I can look it up?
?Anonymous, Concord, CA
A: ANY compensation for the type of services you describe (regardless of what it is called ? referral fee, finder?s fee, etc) can only be paid to licensed brokers. Your state probably has laws addressing this, so you could check with the division of real estate. Also check RESPA (Real Estate Settlement Procedures Act).
Phil Lunnon is a Realtor? with Lunnon Realty in Lakewood, CO.
A: Referral fees can only be paid to licensed Realtors.
Dorene Slavitz is a Realtor? with The Real Estate Group in Culver City, CA and Torrance, CA.
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Related posts:
- Can A California Realtor Pay Another California Realtor A Referral Fee?
- Can I Get A Referral Fee From A Realtor In Another State?
- Is Giving Commissions To Unlicensed Persons Permitted In California?
- To What Unlicensed Third Parties Are Licensees Allowed To Pay Commission?
- What Can I Do If An Agent Doesn?t Honor The Referral Fee Agreement?
Source: http://www.realtor.com/blogs/2012/07/27/what-is-the-law-regarding-referral-fees-in-california/
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