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    monreve08's Avatar
    monreve08 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Sep 8, 2008, 07:50 PM
    Commissions or referral fees
    Hi
    I live in NJ, don't have a real estate license. I have just started by chance to introduce investors to projects where they needs joint ventures and the other way around. Li find fundings for projects (hard money) this I do all over Europe and the US. I am not incorporated yet and no license.
    My questions are...
    Do I have to have a Real Estate license to get my commissions or referral fee>
    If the project is in Europe and the investor is in the US how to protect my commissions and do I need a license>
    When do I need a license
    If I get incorportated in Europe wouldn't be better for me?

    It happens that I have lots of contacts in Europe and in the us where I live due to my language skills
    Do you advise me to open a company in Europe and where?
    I am confused and can't afford a lawyer at this time until one of the deals is done, so I appreciate any answer from you to help me out.
    Thank you
    Monereve08
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #2

    Sep 9, 2008, 07:23 AM
    Hello mon:

    You're not selling real estate. You're selling money. That would make you a mortgage broker or hard money broker. I don't know if NJ requires loan officers to be licensed. In MY state, they don't. If they do, and you operate out of NJ, you're going to need one.

    I don't know about moving to Europe. I also don't know enough about your business to tell you whether you need to be incorporated and where you should do it.

    excon
    excon's Avatar
    excon Posts: 21,482, Reputation: 2992
    Uber Member
    		  
    #3

    Sep 9, 2008, 08:40 AM
    Hello again, mon:

    Different??

    From a regulators point of view (and HE'S the guy whose going to STOP you, if you DON'T have a license), you sell money - just like a mortgage lender does for his residential customers. What your customers DO with that money isn't germain in terms of your need to be licensed.

    I agree that in this age of globalization, local licenses don't make a lot of sense. And, bureaucrats who administer at the local level don't make sense either... But, we're not here to change the world - just live within it.

    If you have an office (telephone number?? ) in NJ, you're going to need a NJ license.

    excon

    PS> (edited) The good news is, we have a NJ real estate attorney right here on this board. She should be of immense help.
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