A finder's fee is a fee paid to someone who acts as an intermediary for another party in a transaction. Finder's fees may be offered in a variety of situations. For example, an employer may pay a finder's fee to a recruitment agency upon hiring a new employee referred by that agency. A finder's fee may be paid regardless of whether a transaction is ultimately consummated.
In a real estate context, a finder's fee may be paid for locating property, obtaining mortgage financing or referring sellers or buyers. A finders fee is money paid to a person for finding someone interested in selling or buying property. To conduct any negotiations of sale terms, the finder may be required to be a licensed broker or he violates the law. However, state laws, which vary by state, may also provide an exemption for certain individuals, allowing them to be compensated without the necessity of licensure. For example, one state's law allows an exemption for either a property management firm or an owner of an apartment complex to playa finders fee or referral of up to $50 to a current tenant for referring a new tenant. The fee can be in the form of cash, a rental reduction or some other thing of value. The party claiming compensation under this exemption is not allowed to advertise for prospective tenants.
Because they aren't technically held by the state, real estate created overages aren't subject to those finder fee limits. In fact, they're usually not subject to any limits at all (within reason... charge 95%, and you may be asking for a lawsuit). 30-50% is standard for those who specialize in collecting those funds.
These are the funds that are created when more is bid at auction for tax foreclosure and mortgage foreclosure properties. Those overages are more often than not due back to the former owners. Unfortunately for them, most don't realize this, and walk away from their financial mess without realizing they may have a small windfall awaiting them. Then, if they don't figure it out in time, they lose it to the agency holding the funds.
Oakland Michigan Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding document that outlines the agreement between a company or individual (referred to as the "Locator") and a client who wants to recover unclaimed property (referred to as the "Client"). This agreement specifies the terms and conditions under which the Locator agrees to attempt to locate and recover unclaimed property on behalf of the Client, in accordance with the laws and regulations of Oakland, Michigan. The purpose of this agreement is to establish a mutual understanding between the Locator and the Client regarding the process of searching for and recovering unclaimed property, whether it be financial assets, deposits, refunds, inheritances, stocks, bonds, or other forms of abandoned or unclaimed assets. The Locator is a professional service provider specialized in locating unclaimed property and has the expertise and resources necessary to conduct a thorough search on behalf of the Client. Under the terms of this agreement, the Locator agrees to use its best efforts and conduct a diligent search for any potential unclaimed property associated with the Client, within the specified timeframe. The Locator will utilize various databases, public records, and other legally permissible methods to locate and identify any unclaimed property, and will provide periodic updates to the Client throughout the search process. It is important to note that there may be different types of Oakland Michigan Agreement to Attempt to Locate Unclaimed Property of Client, depending on the specific circumstances or requirements of the Client. Some potential variations or additional clauses that could be included in the agreement are: 1. Exclusivity Clause: This clause states that the Client will exclusively work with the Locator for a certain period, preventing the Client from engaging with other locators or agencies during the search process. 2. Fee Structure Clause: This clause outlines the fees and compensation arrangements between the Locator and the Client. It may specify a flat fee, a contingency fee, or a combination of both, depending on the agreement reached. Additionally, it may mention any costs or expenses the Client may be responsible for, such as legal fees or travel expenses. 3. Client Responsibilities Clause: This clause highlights the responsibilities of the Client during the search process. It may require the Client to provide accurate and updated information, cooperate with the Locator, provide necessary documentation, and promptly respond to any requests or inquiries. 4. Confidentiality Clause: This clause ensures that both parties maintain the confidentiality of any personal or financial information exchanged during the course of the agreement, in compliance with privacy laws and regulations. 5. Termination Clause: This clause specifies the conditions under which either party can terminate the agreement, such as non-performance, breach of contract, or mutual agreement. It may also outline the consequences of termination, such as the Client's obligation to pay for services rendered up until that point. It is essential for both the Locator and the Client to carefully review and understand the terms and conditions of the agreement before signing, as it sets the framework for the engagement and ultimately determines the rights and obligations of each party throughout the process of attempting to locate unclaimed property.Oakland Michigan Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding document that outlines the agreement between a company or individual (referred to as the "Locator") and a client who wants to recover unclaimed property (referred to as the "Client"). This agreement specifies the terms and conditions under which the Locator agrees to attempt to locate and recover unclaimed property on behalf of the Client, in accordance with the laws and regulations of Oakland, Michigan. The purpose of this agreement is to establish a mutual understanding between the Locator and the Client regarding the process of searching for and recovering unclaimed property, whether it be financial assets, deposits, refunds, inheritances, stocks, bonds, or other forms of abandoned or unclaimed assets. The Locator is a professional service provider specialized in locating unclaimed property and has the expertise and resources necessary to conduct a thorough search on behalf of the Client. Under the terms of this agreement, the Locator agrees to use its best efforts and conduct a diligent search for any potential unclaimed property associated with the Client, within the specified timeframe. The Locator will utilize various databases, public records, and other legally permissible methods to locate and identify any unclaimed property, and will provide periodic updates to the Client throughout the search process. It is important to note that there may be different types of Oakland Michigan Agreement to Attempt to Locate Unclaimed Property of Client, depending on the specific circumstances or requirements of the Client. Some potential variations or additional clauses that could be included in the agreement are: 1. Exclusivity Clause: This clause states that the Client will exclusively work with the Locator for a certain period, preventing the Client from engaging with other locators or agencies during the search process. 2. Fee Structure Clause: This clause outlines the fees and compensation arrangements between the Locator and the Client. It may specify a flat fee, a contingency fee, or a combination of both, depending on the agreement reached. Additionally, it may mention any costs or expenses the Client may be responsible for, such as legal fees or travel expenses. 3. Client Responsibilities Clause: This clause highlights the responsibilities of the Client during the search process. It may require the Client to provide accurate and updated information, cooperate with the Locator, provide necessary documentation, and promptly respond to any requests or inquiries. 4. Confidentiality Clause: This clause ensures that both parties maintain the confidentiality of any personal or financial information exchanged during the course of the agreement, in compliance with privacy laws and regulations. 5. Termination Clause: This clause specifies the conditions under which either party can terminate the agreement, such as non-performance, breach of contract, or mutual agreement. It may also outline the consequences of termination, such as the Client's obligation to pay for services rendered up until that point. It is essential for both the Locator and the Client to carefully review and understand the terms and conditions of the agreement before signing, as it sets the framework for the engagement and ultimately determines the rights and obligations of each party throughout the process of attempting to locate unclaimed property.
Para su conveniencia, debajo del texto en español le brindamos la versión completa de este formulario en inglés. For your convenience, the complete English version of this form is attached below the Spanish version.
