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Thread: How do you protect yourself as a broker?

  1. #1
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    How do you protect yourself as a broker?

    My friend (we'll call Adam) recently approached me to help him in the sale of a private jet for his lawyer's client. I have decent connections of who can help. I approached by friend (we'll call Rob) as he has even better connections. He spoke with his broker friend who has solid direct contacts within the aviation industry, and mentioned he is very interested as long as he can he get a 60-day exclusivity.

    I spoke to Adam and his lawyer directly, and the lawyer agreed it can be done, but first he'll need an LOI (Letter of Intent) from the broker, which is normal practice. After that, the lawyer will provide a mandate. I informed Rob, and an LOI is being done currently, which will be sent to me and I'll send to the lawyer. The lawyer will then provide the mandate.

    Now, in the event of a sale, How can Rob, Adam and myself be protected for the commission. Is such thing usually written in the mandate?

  2. #2
    Gold Member SarahLancaster's Avatar
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    You're asking a forum full of strangers a question like this? This would be better directed to your lawyers.

  3. #3
    Platinum Member ThatwasThen's Avatar
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    Yes, what professional do YOU need to discuss this with? Figure that out and then go to him/her for trained advice in that field. Good luck in the sale.

  4. #4
    Platinum Member melancholy123's Avatar
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    Why are you asking random strangers online for such advice? You need to talk to a lawyer.

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  6. #5
    Platinum Member DancingFool's Avatar
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    Did you negotiate your commission or referral fee with the broker/seller before you put the parties in touch with each other? If you haven't.....you are kind of in no man's land here. It's a bit like if I had a car to sell and you told be to go to Bob. Sure, Bob may kick back some kind of a referral fee to you as a thank you or not, but overall Bob has no obligation to you unless you have an agreement in place with Bob that you'll get a share of his commission.

    Bottom line is get yourself to an attorney asap and see what can be put properly in writing and with who before it's too late for you and the deal is cut leaving you out. Find an attorney who knows this industry not just some random contracts lawyer who won't have the clue of the process of this.


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