Legal Question in Entertainment Law in California
standard looking deal/financing?
if i own a property and someone is offering to finance/bring money to the table and that's it, what is the standard agreement?
the people bringing the money get a percent of that money? and that's it? 15% or something?
2 Answers from Attorneys
Re: standard looking deal/financing?
It depends how much money the guy brings, and what percentage of the total needed that represents.
Finder's fees range anywhere from 1% to 15%. If it's BIG money, the finder fee tends to be a smaller percentage.
Sometimes these are stepping-down deals, with the finder taking 5% of the first Million, 4% of the next, and so on.
Anything goes... just be sure to have a WRITTEN CONTRACT that specifies the terms, and includes proper indemnities, warranties, and protections against the finder misrepresenting things, etc.
Be careful, and consult an attorney.
-Gordon Firemark
Re: standard looking deal/financing?
There are too many issues in this to cover here. You would be very foolish to do this without an attorney helping you. Our CA member firm has extensive experience with these types of deals.
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