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Old 07-25-2011, 09:35 AM
 
2 posts, read 3,981 times
Reputation: 10

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Just joined and found many posts informative. BUT, most threads deal with licensed agent offering licensed agent a fee....I am not licensed. My friend(I do bridge financing) is buying a home in MD(without a buyer's agent) and wants to negotiate part of the commission towards her closing costs...the listing agent misread my email and offered to pay a 25% referral fee of the 6% total commission to me....can I get a referral fee from this licensed agent legally??? if so, would this referral fee be disclosed on the HUD-1?
Thanks!
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Old 07-25-2011, 10:52 AM
 
Location: Tempe, Arizona
4,511 posts, read 10,956,139 times
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Quote:
Originally Posted by roor View Post
...the listing agent misread my email and offered to pay a 25% referral fee of the 6% total commission to me....can I get a referral fee from this licensed agent legally??? ...
Thanks!
It is not legal to pay commission (including referral fee) to an unlicensed person. Your friends' best option is to negotiate with the agent for a rebate of part of the commission to closing costs. This assumes rebates are legal in MD, don't know. It would be on the HUD.
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Old 07-25-2011, 11:05 AM
 
Location: Austin
6,714 posts, read 15,502,116 times
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No, unlicensed people cannot receive referral fees. That's the unlicensed practice of real estate. You can tell the person that you want the amount to be credited to the buyers at closing. In Texas, a principle to the transaction can receive money from the agents.
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Old 07-25-2011, 02:19 PM
 
Location: Columbia, SC
8,329 posts, read 16,333,154 times
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You cannot be an unlicensed agent, you're either a licensed agent or you're not an agent at all but I know I'm nit-picking on your wording. The answer is no, you cannot receive a referral fee unless you're licensed.
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