Legal Question in Real Estate Law in Illinois
I'm a real estate investor, not a licened agent. I find properties, REO's , Bank Owned for other investors and I charge the Selling Bank a 1% finders fee or a flat referral fee. For the first time in 2yrs a bank is trying to stiff me on my fee stating that its in violation of RESPA section 8. I have read it several times and it states kickbacks and UNEARNED compensation.
I need to get another opinion......
2 Answers from Attorneys
There may not be a RESPA violation, but based on the information you have provided, it appears your actions violate the Illinois Real Estate License Act of 2000 (225 ILCS 454).
You should hire an attorney to research the situation for you and to provide an opinion so that you dont have serious problems later. This is not an area to cut corners
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