Do you know a money holding service?

[ptony1948]

Hello.
I am selling a couple of blocks of land. As an incentive I'm toying with the idea of offering a finders' fee (say $3000 ) to anyone who refers someone to me who purchases a block. Now, if I were to see an advert like that and I was going to see if I could find a buyer, my main concern would be that there's no guarantee that I would get paid. The ideal solution would be a business that holds funds until a certain criteria is met and then pays it to the nominated party. So my question is this. Does anyone know of any service, business or method that I could use to hold finder's fee monies until settlement has been finalised and then pay those monies to the finder.
Thanks in advance.
Tony

 

[Rolf Latham]

I suspect this wont be legal, the finder wont be able to take fee unless theyare anagent


just guesing though

on the funds side, pay the finder from settlement proceeds..........like you would a REA


ta
rolf

 

[Terry_w]

Yeah, the referrer would probably need to hold an agent's qualificationt to receive a fee.

Any money could be held in a trust account.

 

[ptony1948]

Thanks Rolf and Terry.
Tony

 

[Kamak]

May well be tax implications for both parties. Why not offer the places $3k cheaper?

 

[Jake D]

Also, If I was interested in one of your blocks, I'd get my mate to "refer" me, so we could grab a little bonus/discount.