Georgia question regarding facilitaiting seller financing deal

**curryd** · 03-24-2010, 06:27 PM

Hello,

I have a question regarding bringing a buyer to a seller for seller financing. I need to make sure I recoup my fee for bringing the two together, and both sides agree I can take this out of the down payment. I am not a broker, just a plain 'ol LLC, but someone said in order for me to receive funds from the buyer, so I may take my fee out, and pass the remaining to the seller, I need to be a broker. As I understand it, that would apply only for listed properties. This is an unlisted property, and a private transaction.

Am I correct? Thank you to all

**Greg** · 04-01-2010, 05:26 AM

In most states you need a real estate license to do what you want to do and it doesn't matter how you take the money out of the transaction.

**curryd** · 04-07-2010, 05:48 PM

Originally Posted by Greg

In most states you need a real estate license to do what you want to do and it doesn't matter how you take the money out of the transaction.

It is my understanding you don't need a license to bring a private buyer to a private seller, selling an unlisted property. Am I not correct? Why would I need a license to facilitate a private real estate transaction, if the HUD-1 and everything is hunky dory?

**Glennet** · 04-08-2010, 07:07 AM

So - the way I see it.

You introduced a buyer to a seller - and the seller also happens to be financing the deal.

There is no need for the financing without the sales contract which came first. Right ??

If so - you are engaged in the business of selling real estate - and need a license.

Your trying to evade the law by saying your only taking money from the financing side of the transaction.
If you get caught - good luck with explaining that to a judge.

Oh- and by the way - if ANY Georgia broker catches wind of this transaction - you will end up before a judge answering a complaint.

Good Luck-
Glenn

**curryd** · 04-09-2010, 11:26 AM

Originally Posted by Glennet

So - the way I see it.

You introduced a buyer to a seller - and the seller also happens to be financing the deal.

There is no need for the financing without the sales contract which came first. Right ??

If so - you are engaged in the business of selling real estate - and need a license.

Your trying to evade the law by saying your only taking money from the financing side of the transaction.
If you get caught - good luck with explaining that to a judge.

Oh- and by the way - if ANY Georgia broker catches wind of this transaction - you will end up before a judge answering a complaint.

Good Luck-
Glenn

I am not trying to "evade the law". I am just looking to make sure I can begin doing this correctly and legally.

I have been told by a few brokers that what I am doing is OK. Apparently, it is not illegal to introduce buyers to sellers and collect a finder's fee. Is this not correct? I do appreciate you helping guide me.