Legal Question in Real Estate Law in Florida
selling cash flow notes
I am in Florida. If I find a person who has a seller-financed mortgage note and then find a person who wants to buy that note, then take a ''finder's fee'' is that acting as a broker in Florida? Is it illegal to do so without a license in Florida. example: Joe sells house for $80,000. buyer only has $60,000. so Joe makes note for the $20,000 and buyer pays Joe $200 a month in payments towards that $20,000. Joe wants money now. I offer to buy his note, or find an investor who will. I find an investor, he makes an offer to buy the note, and I get a finder's fee for bringing the two together & gathering all the info on the note for the investor to review. Is my middle man status legal in Florida? Thank you.
2 Answers from Attorneys
Re: selling cash flow notes
NOTE: This communication is not intended as and should not be interpreted as legal advice. Rather, it is intended solely as a general discussion of legal principles. You should not rely on or take action based on this communication without first presenting ALL relevant details to a competent attorney in your jurisdiction and then receiving the attorney's individualized advice for you. By reading the "Response" to your question or comment, you agree that the opinion expressed is not intended to, nor does it, create any attorney-client relationship, nor does it constitute legal advice to any person reviewing such information, nor will it be considered an attorney-client privileged communication. If you do not agree, then stop right here, and do not read any further.
No, this is not legal. As the old saying goes, "a rose by any other name would still smell as sweet". It does not matter how you call yourself, if you are receiving a commission for putting the deal together, you must be a licensed broker.
Scott R. Jay, Esq.
Re: selling cash flow notes
Feel free to contact me regarding this question.
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