Does Anyone Know Where I Can Find Any Sample Bird Dog Agreement Contracts To Hand To Sellers?
I am looking for templates for Bird Dog Agreement Contracts. Are there any standard forms out there that I can download of the internet?
I'm Pretty sure there is one in the "freebies" section of the site.
[addsig]
Phil,
I hope you know that traditional Bird-dogging is illegal in Illinois, and having a an official bird-dog contract is a direct violation of the Real Estate Act of 2000. If you want to compensate your birddogs, you gotta somehow funnel it through giving them a share of equitable interest in the title of the property.
Phil,
Create a partnership with them and once they have a contract on a property, you can buy out their intrest and it is legal! No need to do a BD contract.
Patrick
Partnerships(in the official meaning of this word) are too complicated for this purpose. An easier way is to have a joint venture agreement.
Here is my take on all this legal advice being giving.
The local Real Estate Boards impose regulation relevant to the distribution or aid in distribution of a homestead with the intent to protect the consumer (and in some rare cases monopolize the marketplace).
Whether or not this legislation is put into place in a criminal or a civil context, it does appear fairly evident that the enforcement of this legislation would be limited to that of:
a) When a consumer is being blind-sided (ie: you are acting on his or her behalf without proper licensing and steering him/her wrong)
b) You are continuously taking a "fee" for selling real estate.
If you are working with an investor, and you are paid by the investor, who has experience in real estate transactions, and you are not party to that transaction (ie: a consultant) you should, (this is not to be construed as legal advice) be ok, for the following reasons:
1) You are taking a fee for selling information, not real estate (nobody can prevent you from charging $5.00 to tell him or her were the nearest gas station is, or where the nearest "deal" is)
2) Even if legislation was in place to protect the consumer, you have conducted no harm to the consumer....so in a semi-perfect world, you can indeed pay for a lead on a house!
I think it is important to know, most investors are opposed to the local Real Estate Boards attempting to corner the market on Buying/Selling properties, I am certainly of the opinion that the local Boards would like to see no investors/creative RE at all so that they can continue to take a small chunk out of every property sold and have the properties sold according to their "rules & regulations".
There is also such a thing as a simple one page Partnership Agreement, thereby making you and the investor principals in the transaction. The Bird Dog is bought out of the Partnership by the investor, thereby violating no State Statute.
Bird Dog away to your hearts content even in Illinois.
John $Cash$ Locke
[ Edited by JohnLocke on Date 03/13/2004 ]
John Locke,
Hi, I know this is an old thread, but I did a forum search for Bird Dog contracts and found this one to be pretty informative. I'm thinking about purchasing your Bird dog book and I'm wondering if your book goes into detail about what you described in your post (i.e. setting up the partnership agreement to become a principal, etc)?
Thanks