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#448822 - 11/11/15 07:19 PM Referral Fee Kickback to Buyer?
inspectorgadget Offline
Junior Member

Registered: 11/11/15
Posts: 1
Loc: Colorado
I have a friend out-of-state who wants to buy. I referred him to an agent in his state and told him I would give him (my friend) the referral fee I receive from his agent as a housewarming gift. RESPA violation?

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#448834 - 11/12/15 09:07 AM Re: Referral Fee Kickback to Buyer? [Re: inspectorgadget]
JohnN Offline
Member

Registered: 11/21/13
Posts: 241
Loc: Minnesota
That's a good question. In MN it's illegal to give a referral fee to anyone other than a licensed agent.
Since your not the buyers agent I don't know what the prohibition would be for you giving your friend a "house warming" gift.

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#448835 - 11/12/15 09:44 AM Re: Referral Fee Kickback to Buyer? [Re: inspectorgadget]
Vermont Offline
Major Contributor

Registered: 04/12/08
Posts: 7792
Loc: Vermont's North-East Kingdom
We don't know what State or Commonwealth the OP's Buyer Friend is in; nor whether the OP is himself a Real Estate Licensee in Colorado.
_________________________
Dale C. Hittle of GOLDEN RULE PROPERTIES in Glover, Vermont
Where We're Always Striving To Put Together "THE FAIR DEAL"

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#450240 - 02/01/16 10:19 PM Re: Referral Fee Kickback to Buyer? [Re: inspectorgadget]
Broker John Offline
Member

Registered: 04/26/14
Posts: 40
Loc: NC
Disclose and ask closing attorney or who ever is preparing the closing docs. We use the TRID now and the lenders are supposed to prepare the docs. Rebates to clients are often allowed and not a violation as long as they appear on the final closing statements TRID (old HUD1).

Pay your friend by personal check after or outside of the closing and you are now in violation.

As always consult an attorney and any advice I give is just that, each state laws vary!
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Carolina MLS/Triad MLS
YouTube - Gone John Realtor SnapChat - Sell704

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