Legal Question in Real Estate Law in Minnesota

licensed realtor looking for investment properties

I am a licensed realtor in MN. i have several contacts of investor groups that want to buy properties at a discount. some are out of state. if i find the properties for them, how can i ensure that i will get paid for an out of state deal that may or may not be listed by another realtor. there is no usual form for this scanario. can the buyer pay me or my broker directly for finding properties out of state? what if it is a cash deal, do any rules change?

should i hire an attorney to draft a document explaining my role and my expected fee?

thanks!


Asked on 12/07/07, 5:16 pm

1 Answer from Attorneys
Steven Vatndal Law Office of Steven J. Vatndal

Re: licensed realtor looking for investment properties

You should definitely hire a lawyer to prepare a contract that carefully sets out the cirumstances under which you are entitled to a commission and the parties who are responsible for paying it and, if the commission is to come from sale proceeds or another identified fund, where the money is coming from. The lawyer should also review the restrictions on commissions in the state of any other realtor involved to avoid any argument that the commission can't be paid because it would violate these restrictions. I recall that under the regulations on realtors in Minnesota, if you vary significantly from the standard forms (which you will be doing) you must have a lawyer involved.

Please e-mail me directly if you have further questions at

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Answered on 12/10/07, 8:49 am


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