If you simply brought the parties together then you can legally get a "finder's fee', but keep in mind since you never asked anyone for a finders' fee in the beginning then they will not feel inclined to give one now.
As with any business dealings whether money is involved or not it is best to figure these things out ahead of time so everyone understands the boundaries and rules of the transaction.
Thank you for you answers, I really learned a lot from you. However, I would like to say that where i and my friend came from, everyone involve in a deal like this will get a share of it from the house owner whither you are a licensed agent or not, however its look like a different case in the US as i learned that from you all. So my plan was to get something out of this with him knowing that. I will help my friend as much as I can until he find the house that he wants. If i will find someone who would like to share the compassion with me that will great and i will let my friend knows that too, if not i am going to ask him for my share.
Thank you so much
In California which is where Kaltham is from there is a legal finders' fee that is allowed. What Kaltham needs to do is to have a "Finder's Fee", agreement drawn up by a real estate attorney.
There is nothing under California law prohibiting an agent from giving a "Finder's Fee", to an individual who is not licensed, so long as the finder does not perform any services requiring a license.
In California, a finder is someone whose only act is introducing a prospective buyer or seller to one another or to an agent. Several cases have defined a "finder" this way; "The finder is a person whose employment is limited to bringing the parties together so that they may negotiate their own contract".
Buying Real Estate can be risky if not done correctly and should be done with experienced agents, accountants and legal advisers. For example I know if a case where a seller and buyer did a land contract (Contract for Deed), but did not use a 3rd party escrow company to receive payments and dispense those payment to the seller's lender. Guess what, the buyer lost over $18,000 when the lender foreclosed on the seller because he did not pay has lender. The lender foreclosed, leaving the buyer with no way to get his money back.
You may want to help your friend out of the kindness of your heart and let him repay the favor later, but do him a favor and be sure he gets professional advice to avoid these buyer pitfalls.
Generally, it isn't so much that it is illegal to play real estate agent, but that when you do so, you have no legal claim to compensation, and that you can be held to the standards of a real estate licensee in court. So, let's say the house closes, and it turns out that the real agent didn't disclose a $100,000 defect ... would you be willing to share in that claim with the agent?
The correct thing to do, Kaltham, is to either do your friend a favor by passing him on to a good agent, or to tell him you can't help him.
This is kaltham313
Thank you guys
i did not make the deal yet and my friend dose not know the agent yet. he is not going to give me anything out of the deal , so there is nothing i can do with that. what i need to know is , what can i do to get a good money out of this deal even though if that would require to go to another agent or another house. the deal is a 1 million house.
When it comes to money, it is ALWAYS better to make arrangements up front, and generally better when disputes about money do not involve friendship - because all too often even if money does exchange hands, the dispute aspect hurts the relationship.
Good luck to you!
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As the others have mentioned, you will not receive any compensation from the broker upon close of escrow and it is illegal for you to obtain payment here in California unless you are a licensed real estate agent, and the referral fee is paid to your broker--not to you, personally. As the person who helped in the transaction, you will likely get a nice gift card from the agent as a token of appreciation, but payment of anything more than a token gift is unlikely from the broker or the agent.
As Ryan correctly noted below, your friend, however, is not constrained by these rules and can pay you for your time.
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