Expert: Dennis Herman - 8/28/2008

Question
I have located a property (17MM) in which my source is willing to purchase. We have not met with the owner together but my contacts tell me that the owner is in BIG troub due to the market and finances...and needs to unload this property.   This sale will change his finacial hardship as he has listed this property for over a year.
I did not use a realtor and brought this deal 'together' MYSELF....  therefore, I feel entitled to at least the 2.5% if not more due to profit this owner will make on such property. The owner would have paid out 5% anyways...
What are the legalities regarding a 'finders fee' in Florida. Could this fee be gifted instead of put in a tax situateion?

Answer
The proper answer is consult with an attorney.

In Wisconsin it is not clear if a non licensed individual can collect a sales commission.  Most lenders will no allow the buyer to collect money from the seller.  In Wisconsin a licensed agent is not allowed to collect a fee if they are the buyer.  Your best action is to negotiate the best possible price and be satisfied with that.  Negotiating the best price is one of the reasons most people use agents.  I have seen non licensed individuals try some strange things in Fla.