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.
Arizona Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the terms and conditions for a service provider to locate and recover unclaimed property on behalf of a client in the state of Arizona. This agreement is an essential tool for professionals specializing in unclaimed property recovery, such as asset recovery agencies, private investigators, or legal firms. The purpose of the Arizona Agreement to Attempt to Locate Unclaimed Property of Client is to establish a formal working relationship between the client and the service provider, detailing the responsibilities and obligations of both parties throughout the process. By signing this agreement, the client authorizes the service provider to act as their representative in locating and recovering unclaimed property held by various institutions or entities in Arizona, such as financial institutions, insurance companies, or government agencies. This agreement covers various important aspects, including: 1. Client Details: The agreement begins by capturing the client's personal information, such as their full name, address, and contact details, to ensure accurate communication throughout the process. 2. Service Provider Details: Similarly, the agreement includes the service provider's information, including their business name, address, and contact details. This section is crucial for establishing the service provider's identity and ensuring transparency in the agreement. 3. Scope of Services: This section outlines the specific services to be provided by the service provider. It may include activities such as conducting research, contacting institutions, filing necessary paperwork, and representing the client in all communication related to the unclaimed property recovery process. 4. Client Authorization: The client grants the service provider full authorization to act as their representative in locating and recovering unclaimed property. This authorization typically includes allowing the service provider to access and examine the client's financial records, account information, and any relevant documents necessary for the recovery process. 5. Compensation and Fees: The agreement specifies the compensation structure and fees payable to the service provider. It may outline whether the compensation is based on a contingency fee (a percentage of the recovered property's value) or a flat fee structure. The agreement may also mention whether the service provider is entitled to reimbursement for any out-of-pocket expenses incurred during the recovery process. 6. Term and Termination: This section specifies the duration of the agreement and the termination process. It may also include provisions for renewal or extension if the property recovery process requires additional time. 7. Client Agreement: The agreement concludes with the client's signature, demonstrating their understanding and acceptance of the terms and conditions outlined in the document. It is important to note that while this description is relevant for an Arizona Agreement to Attempt to Locate Unclaimed Property of Client, variations of this agreement may exist, such as agreements specific to different states or agreements tailored to the needs of specific industries or clients.
