Massachusetts Finders Fee Agreement Regarding Real Property Sales
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How to fill out Finders Fee Agreement Regarding Real Property Sales?
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FAQ
Yes, it is legal for real estate wholesalers to work in the Commonwealth of Massachusetts if they stay within the legal limits set forth by Massachusetts law.
Can I Take A Finder's Fee? Only a licensed real estate broker can lawfully collect a finder's fee for bringing together a landlord and a tenant. Landlords who don't work with brokers cannot charge a finder's fee.
A . You should not pay the lawyer a referral fee unless he is a licensed real estate broker or is a salesperson affiliated with a broker. Massachusetts General Law Chapter 112, section 87AAA prohibits real estate licensees from paying commissions or fees to an unlicensed person.
A finder's fee isn't legally binding, so it is often simply a gift from one party to another. This is commonly seen in real estate deals. If someone is selling their home and their friend connects them with a potential buyer, the seller might give their friend a small portion of the sale when the deal is finalized.
Referral fees become unlawful kickbacks when they are involved in a fee-generating home sale. Typically, a broker or agent earns fees as a result of services rendered here, the only service rendered in exchange for the referral fee is, well, the referral. But why are kickbacks against the law, anyway?
The terms of finder's fees can vary greatly, with some citing 5% to 35% of the total value of the deal being used as a benchmark. It's a staple of Fundera's business model. In many cases, the finder's fee may simply be a gift from one party to another, as no legal obligation to pay a commission exists.
The terms of finder's fees can vary greatly, with some citing 5% to 35% of the total value of the deal being used as a benchmark. It's a staple of Fundera's business model. In many cases, the finder's fee may simply be a gift from one party to another, as no legal obligation to pay a commission exists.
The Massachusetts Rules of Professional Conduct, at Rule 1.5(e), authorize referral fees passing between attorneys. Comments 4 and 4A to the Rule 1.5 (labeled Division of Fee) further flesh out the requirements for payments of referral fees.