paid by both sides

theGrinch

can a property finder get paid by buyer and seller if they introduced the parties together but took no further role in negotiation?

benood

Yes they can

theGrinch

thanks benood for your reply. can you substantiate this?

benood

The buyer and seller should check their contracts with the finder - you really need to give more information to get any more detailed advice I'm afraid.

theGrinch

well my colleague at work was introduced to a plot of land by a property finder. The charge was 0.5%. At the same time, the finder charged the seller 1%. Both made verbal agreements, although my colleague did sign something. The finder didnt take part in the negotation and the seller and my colleague through direct contact agreed the price between themselves.

the finder works independent as an individual using his contacts. I was wondering if any conflict of interest would arise in this case or query over the fees as the fee structure was kept confidential.

benood

This sounds ok to me really, since the finder hasn't been involved in negs how could there be a conflict of interest? I think it's not unusual for finders to try and take a fee off both sides (but I'm no expert).

Hope that helped.

djm1972

I'd never come across property finders until my property was on the market recently, but I did receive a phone call from one offering to introduce me to a potential buyer (who presumably they were also charging) for 0.75% of the final selling price if the transaction went ahead.

I politely refused and said if I wanted to pay that i'd go to an estate agent; which I eventually did as my self marketing wasn't going anywhere, and they sold it in 48 hours!