Legal Question in Real Estate Law in New York

Can I pay a consulting fee for finding a buyer?

I am selling my co-op and my neigbor has several people he said may be interested and if he finds someone to buy, he wants to be paid (4%). Is it legal? He is not a real estate broker or agent but said I can give it to him as a consultant fee. If so, can I also deduct this as an expense from any profit I make on the sale? What, if anything, do I need to put in writing?

Thank you


Asked on 4/14/05, 9:53 pm

1 Answer from Attorneys
Arnold Nager Arnold H. Nager, Esquire

Re: Can I pay a consulting fee for finding a buyer?

If he is not an attorney licensed in NY State or a Broker, the payment is illegal.

Offer to buy him dinner at the restaurant of his choice.

Read more
Answered on 4/16/05, 6:56 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York