All Forum Posts by: Josef Roberge

@Doug Burrell None of those, just pure curiosity. What prompted it is, you'll get a kick out of it, is an episode of Million Dollar Listing. Two of the star agents (Madison and James) co-listed a home in Malibu. The listing expired, unsold. But then one of them was re-hired independently by the seller, to list it on his own. (Madison)

The buyer who ended up  buying it, was shown the property during the original co-listing prior. So the agent (madison) had to go back to his old co-listing agent (james) and share the commission with him.

So If hiring a new agent (or a new listing agreement) voids out the protection clause from prior listing agreements, why did he have to share his  commission? 

@Tenzin Wangchuk Thanks. Yes, protected buyer list, or protection clause.

I found for CA:

• a broker must deliver to the seller the list of protected buyers no later than the end of the listing period or any extension or cancellation.

It does not talk about length though. I looked over a copy of the CAR listing agreement form, I could not find any details about the protection clause period. So I don't know where or how it is worded in the agreement forms. http://srcar.org/assets/2016/02/Jan-2016-Meeting-Revised-RLA-Draft.pdf

Yes, I think that's it, broker protection clause.  I'm asking out of curiosity only, saw it mentioned on a show, has nothing to do with me. 

So an agent just writes up a list at the end and provides it to the client, is it very detailed? What if the agent forget to provide it initially? 

So where is that in the standard CAR listing form? I didn't see it when i scanned through the listing agreement form.

There is a specific term for it I though. I'm referring to the listing agent. So If I list a property, I show it to 20 people, then the seller fires me, hires a different agent, whatever. I provide the client with a list of people I showed the property to.

Then one of those 20 people I showed it to before, ends up buying it with the new agent.

I am owed a commission still, by law. I introduced that buyer to the property. 

California.

If an agent is fired, and one of the people they originally showed the house to and introduced to the property, later buyers it, that fired agent still gets a commission.

What is that term called? Or list? Is it Exclusivity list? 

Yes, I could have just had him write me a personal check, would of been a lot easier. But I wanted to take advantage of the 199A deduction, because SE Taxes are so high. The 199A will allow me to take a 20% deduction on pass through income. It's for business entities only (LLC, S corps, etc).

I have a license. 

Someone is paying me a referral fee for just connecting them to a deal. I have no involvement in the deal at all, or transaction, contract, not a consultant.

I set-up a quick LLC for them to pay me under, and opened a bank account for it. Thought I was good to go. Very simple.

Then I heard I may need to apply for a local business license through the city I live in, just because I'm receiving money ? I have no store or office space, it's just someone writing me a check.

Does a city even have a way to discover I received this referral fee from someone?

I would think it's just the IRS and state tax board I need to worry about. I'm willing to go ahead and apply for it, it just seems so inapplicable and absurd. Anyone else with an LLC for similiar reasons and applied for a local business license?

Thanks

I was wanting to set up an LLC in California on LegalZoom for myself. No other members, just me. Will open a bank account under the LLC name.

But some say it's really risky to do without an attorney, and will come back to bite you. Do you think there is not as much to worry about if it's a single-member LLC? Pretty straight-forward?

Okay, so I would need to add three of those lines By/Its ? For all three co-owners then?

This may be getting too technical and will have to ask an attorney... But  the issue arises elsewhere too, like in the notices section. It refers to "If to Seller", and after that is "With a Copy to" like for the attorney.

But there's 3 sellers, 3 different addresses. Don't they all need to be classified as "If to seller" not just a "copy" to?

Do I use the Trust name for each address block, and then put Attention to:?  very confusing.