FIRST Deal QUESTIONS
am bringing two parties together: a motivated buyer and a motivated seller. I consider my position to be one of a bird dog who helps sell properties. I didn't put anything more than time into the deal and asked for a 2% commission. The buyers offer was accepted and now I have to deal with the paperwork. First question, is what I am doing legal? and Secondly, what paperwork needs to be filed at and before the closing? and third do I need a lawyer to represent me at close. ANY suggestion would be helpful.
Does anyone out there have ANY suggestions???
You seem to be acting in a real estate agent role, asking for a commission to broker a deal. If you have a license that is cool. Otherwise...
If you are going to help people getting sellers and buyers together you kinda have to know what to do before you get into these situations.
Maybe you should go to a title company, have the buyers and sellers get their info on paper and let the title company take it from there since you dont know what to do. Watch them and see exactly what happens. Read some books, articles, seminars, etc before getting into the next one where you might get into some big trouble.
Note: This is not legal advice....
That being said, you are acting as a broker since you are representing one of the parties in the deal. In Texas, you are acting as the seller's agent by default, but you have taken an intermediary position. There seems to be a very fine line between birddogging and brokering, and you need to check with a lawyer in your state to make sure you arent crossing it. If you were in TX, TREC would not be happy.....
As for your deal, you should take it to whomever normally closes deals in your state (title company in TX). They will know exactly what needs to be done and assist you with doing it. You will also need a lawyer to prepair the legal docs and give an opinion of the title abstract, but the title company usually takes care of all of this stuff...
-Chris
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p.s. In Texas, assigning contracts is more secure and legal position in this situation. You may wish to read up on it for your next deal.
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