Real Estate Law

Have real estate law questions? Ask a real estate lawyer.

Ask a Lawyer,
Get an Answer ASAP!

Hallo, is it in violation of any current law and/or regulation…

Customer Question
Hallo, is it in violation of...
Hallo,
is it in violation of any current law and/or regulation in the state of NY arranging a business referral fee rebate agreement in relation to introducing to a mortgage broker or mortgage loan officer certain clients in need of a COMMERCIAL MORTGAGE LOAN refinancing?

In other words is it in full compliance with the letter and the spirit of the Federal and Stete law for a foreign entity (who is not a licensed mortgage broker in USA) to introduce a client in need of a mortgage refinancing (on a property located in NY) to a NY licensed mortgage broker and/or licensed loan officer and negotiating with the mortgage broker/loan officer a fee rebate agreement with him?

Considering that we are talking about a commercial loan to be refinanced, can either a mortgage broker or a loan officer intermediate/broker it, or to be in compliance with the NY law, it must be a mortgage broker the intermediating entity?

Would a mortgage loan on a entire building composed of over 140 apartments used for residential rentals considered a residential or a commercial loan?

Thank in advance and look forward to hearing from you,

Carlo
Submitted: 8 years ago.Category: Real Estate Law
Show More
Show Less
Ask Your Own Real Estate Law Question
Answered in 20 hours by:
6/23/2010
Real Estate Lawyer: socrateaser, Lawyer replied 8 years ago
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,150
Experience: Attorney and Real Estate broker -- Retired
Verified

If the fee is (1) conditioned upon the successful completion of the transaction, or (2) dependent upon the transaction's value, then it is clearly illegal, because the party providing the referral is acting as a subagent in negotiating the loan (i.e., the referring party is "in" the transaction until it is completed).

 

Otherwise, the fee would be legal because it is only a marketing/advertising arrangement.

 

Hope this helps.

 

NOTICE: If you are on a subscription plan, your clicking Accept does not generate any additional charges to your user account. It only indicates your satisfaction with my answer.


Terms and Conditions: By your continuing in this conversation with me, or by your clicking “Accept”, you are expressly agreeing to all of the following: (1) our communication is for entertainment purposes only; (2) you are not consulting me in my professional capacity as an attorney; (3) you do not seek to establish an attorney-client relationship with me, nor do I with you; (4) you will not rely on anything I say and you will obtain appropriate legal counsel via a traditional/office consultation with an attorney licensed to practice in the jurisdiction where your legal issue arises (and you may not use our communication to avoid taxpayer penalties imposed by the U.S. Dept. of Treasury); (5) by communicating with me in this public forum you are irrevocably waiving any right to privacy, confidentiality and attorney-client privilege concerning the matters discussed. You further separately declare that any payment made by you is not consideration for this contract, nor offered for any services rendered by me on your behalf, but rather is made in genuine admiration and respect for my desire to help others. If you do not agree with these terms and conditions, then you must advise me immediately.

Ask Your Own Real Estate Law Question
Was this answer helpful?

How JustAnswer works

step-image
Describe your issueThe assistant will guide you
step-image
Chat 1:1 with a real estate lawyerLicensed Experts are available 24/7
step-image
100% satisfaction guaranteeGet all the answers you need
Ask socrateaser Your Own Question
socrateaser
socrateaser
socrateaser, Lawyer
Category: Real Estate Law
Satisfied Customers: 40,150
40,150 Satisfied Customers
Experience: Attorney and Real Estate broker -- Retired

socrateaser is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

Mr. Kaplun clearly had an exceptional understanding of the issue and was able to explain it concisely. I would recommend JustAnswer to anyone. Great service that lives up to its promises!

Gary B.Edmond, OK

My Expert was fast and seemed to have the answer to my taser question at the tips of her fingers. Communication was excellent. I left feeling confident in her answer.

EricRedwood City, CA

I am very pleased with JustAnswer as a place to go for divorce or criminal law knowledge and insight.

MichaelWichita, KS

PaulMJD helped me with questions I had regarding an urgent legal matter. His answers were excellent.

Three H.Houston, TX

Anne was extremely helpful. Her information put me in the right direction for action that kept me legal, possible saving me a ton of money in the future. Thank you again, Anne!!

ElaineAtlanta, GA

It worked great. I had the facts and I presented them to my ex-landlord and she folded and returned my deposit. The 50 bucks I spent with you solved my problem.

TonyApopka, FL

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

< Previous | Next >

Meet the Experts:

Barrister

Barrister

Lawyer

12,142 satisfied customers

17 years real estate, Realtor. Landlord 26 years

Infolawyer

Infolawyer

Lawyer

8,377 satisfied customers

Experienced lawyer

Ray

Ray

Lawyer

8,253 satisfied customers

Texas Attorney for 30 years dealing in real estate

LawTalk

LawTalk

Attorney

6,208 satisfied customers

I have 30 years legal experience. Additionally, in CA I held a Real Estate Broker's license.

Dimitry Esquire

Dimitry Esquire

Attorney

5,526 satisfied customers

JA Mentor, multiple jurisdictions, specialize in business/contract disputes, estate creation & admin

Ely

Ely

Counselor at Law

4,998 satisfied customers

Qualified attorney in private practice including business, family, criminal, and real estate issues.

P. Simmons

P. Simmons

Lawyer

3,572 satisfied customers

12+ yrs. of experience including real estate law.

< Previous | Next >

Related Real Estate Law Questions
I'd like to ask some questions about legal compliance in
I'd like to ask some questions about legal compliance in Montana state if I were to invest in real estate using owner financing … read more
Ray
Ray
Lawyer
Doctoral Degree
8,253 satisfied customers
I am planning to buy a property in upstate NY. Real estate
I am planning to buy a property in upstate NY. Real estate is slow and it takes a long time to move property. I do not plan to use buyr's agent and buy it myself. I buy it for cash - thus not much pae… read more
Attyadvisor
Attyadvisor
Doctoral Degree
8,337 satisfied customers
Is a commercial property manager (the individual owner of
Is a commercial property manager (the individual owner of the management co and the business entity(llc)) in nystate (nyc) required to have a brokers license? even if checks that are collected are mad… read more
Sam
Sam
Attorney
Doctoral Degree
10,701 satisfied customers
I'm setting up my own loan processing company and would like
I'm setting up my own loan processing company and would like to make sure I'll be in compliant. What type of licensing do I need in order to do this? I have an extensive mortgage processing background… read more
KLAW
KLAW
Juris Doctorate
2,381 satisfied customers
I am attempting to discover the requirements commercial
I am attempting to discover the requirements for originating commercial loans in PA. Is there a license required?… read more
Ely
Ely
Counselor at Law
Juris Doctor
4,998 satisfied customers
I am a licensed Broker in the state of Utah working
Hello, I am a licensed Broker in the state of Utah working in the Commercial Real Estate market and will be referring deals to other Commercial brokers in other states in which I am not licensed. I un… read more
Irwin Law
Irwin Law
Juris Doctor JD
7,183 satisfied customers
This is a Real Estate Business Related Question. I own a
This is a Real Estate Business Related Question. I own a LLC that is a licensed real estate brokerage in NY that operates as a referral company by providing internet generated leads to brokers. I plan… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
5,336 satisfied customers
I took out a mortgage loan in 2007. It was a 2nd mortgage loan
I took out a mortgage loan in 2007. It was a 2nd mortgage loan for 30 yrs, I discovered it had a balloon payment after 15 yrs. The rate is 7.5 % 33000 is the total loan.Countrywide loans was the provi… read more
LawGuy
LawGuy
Juris Doctor
123 satisfied customers
Statement of Facts: Over the past 10 yrs, a Rhode Island
Statement of Facts: Over the past 10 yrs, a Rhode Island corporation has wired millions of dollars from its primary business line of credit directly into unassociated Florida accounts with Florida ent… read more
socrateaser
socrateaser
Lawyer
40,150 satisfied customers
I am thinking of creating a For Sale By Owner type of website
I am thinking of creating a For Sale By Owner type of website that will allow home owners to sell their house online. The caveat is they would pay a “listing” fee of 1% of sale value once sold. The te… read more
DamienJD
DamienJD
Attorney
Doctoral Degree
5,336 satisfied customers
I am a new real estate investor in Georgia. My company is
I am a new real estate investor in Georgia. My company is Property Appeal Investors LLC. My questions are as follows: 1) If I locate and buy a commercial property and then resell it for a profit, do I… read more
Mark Anderson
Mark Anderson
Attorney
Doctoral Degree
10 satisfied customers
what are the repercusions if i walk away from my home and let
what are the repercusions if i walk away from my home and let it foreclose, i'am up side down. what is the CA law… read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
does any California legal authority make it unlawful to refinance
does any California legal authority make it unlawful to refinance home loans three times per year, (known as loan churning), at the highest possible interest rate, solely for the purpose of generating… read more
socrateaser
socrateaser
Lawyer
40,150 satisfied customers
I have a 3 family dwelling in Brooklyn, NY and it is located
I have a 3 family dwelling in Brooklyn, NY and it is located in a residentially zoned district, and if fully rented out. I recently re-financed and was told that I had to refinance as a commercial pro… read more
Dimitry Esquire
Dimitry Esquire
Attorney
Doctoral Degree
5,526 satisfied customers
A New York resident is represented by a licensed New York real
A New York resident is represented by a licensed New York real estate broker. The NY broker locates a property for his client in New Jersey. The seller of the NJ property has a broker agreement with a… read more
Law Pro
Law Pro
Doctoral Degree
19,000 satisfied customers
I am in NYC. 1. Does a private/hard money lender have
I am in NYC. 1. Does a private/hard money lender have to be registered to do mortgages ? 2. If the answer is yes to question 1, then is there a limit on how many of these loans they can make a year.… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
Does a person have to be a licensed broker (mortgage, real
Does a person have to be a licensed broker (mortgage, real estate, etc) in order to "facilitate" commercial and residential real estate deals. Ie: I know a person who has a large real estate project t… read more
JBaxLaw
JBaxLaw
Attorney
Doctoral Degree
8,080 satisfied customers
In California, I borrowed $45K secured by a domain name at ...
In California, I borrowed $45K secured by a domain name at 100% interest with a personal guarantee written into the contract. The loaner has a commercial real estate license. I know that California ex… read more
CALawyer
CALawyer
Attorney
Juris Doctor
1,622 satisfied customers

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

DISCLAIMER: Answers from Experts on JustAnswer are not substitutes for the advice of an attorney. JustAnswer is a public forum and questions and responses are not private or confidential or protected by the attorney-client privilege. The Expert above is not your attorney, and the response above is not legal advice. You should not read this response to propose specific action or address specific circumstances, but only to give you a sense of general principles of law that might affect the situation you describe. Application of these general principles to particular circumstances must be done by a lawyer who has spoken with you in confidence, learned all relevant information, and explored various options. Before acting on these general principles, you should hire a lawyer licensed to practice law in the jurisdiction to which your question pertains.

The responses above are from individual Experts, not JustAnswer. The site and services are provided “as is”. To view the verified credential of an Expert, click on the “Verified” symbol in the Expert’s profile. This site is not for emergency questions which should be directed immediately by telephone or in-person to qualified professionals. Please carefully read the Terms of Service (last updated February 8, 2012).

Show MoreShow Less

Ask Your Question

x