Posted by John Merchant on March 21, 2006 at 11:25:18:
One issue strikes me immediately…if your involvement in this transaction is that of an Agent, you’ll need a RE license to show the proerty, do P&S Agreement, be compensated.
However if you’re a principal as an owner of the RE, no license required.
You should determine your status now so as to avoid entanglements with the state RE commission later on.
Oh, I know lots of REIs play this game, and refer to prospects as their "clients’ etc., but trust me…they’e just asking for trouble from their RECs. They want the benefits of playing RE Agent, with none of the responsibilities, drawbacks or legal limits.
Legal UIssue Real Estate: - Posted by RobertSAilva
Posted by RobertSAilva on March 17, 2006 at 21:15:51:
Hello :
Iam an investor in Real Estate? I was contacted
by a gentleman that I previous looked at his land to Purchase,however I did not purchased this land because of the zoning?
Recently this gentleman contacted me because he knows I belong to an investment Group of people, and he ask me if he thought anyone in my group was interested in purchasing his land? I told him I would check with my group of Investors?
The Genteleman call me back the very next day and offer me a contract to sell his Land?
I thought this was strange? He told me he would sign a contract with me. He proceed to tell me that if I got full price that he was asking $850,000 he would agree to give me a fee for the amount over the asking price?
I told him I would think about his contract?
This week I have a memeber of my group that wants to buy this Land, he asked me how much was the owner was asking for the property?
i told him I would get back to him this week.I did tell the Investor about the Zoning and filled him in all the details about the Land?
I did not even suggest a price because he is a friend,however he really wants to purchase this Land?
I will be looking for the Legal aspect of the contract,and the terms.Certianly I need some good advice?
Thank you
What would you suggest?