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.
California Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding document that establishes the terms and conditions between a client and an entity or representative authorized to search for and locate unclaimed property on behalf of the client. This comprehensive agreement safeguards the rights and interests of both parties involved. The purpose of this agreement is to define the scope of the search for unclaimed property, ensure transparency in the process, and establish the compensation structure for the entity conducting the search. By signing this document, the client provides written authorization for the representative to carry out the necessary actions to locate and recover unclaimed property. The California Agreement to Attempt to Locate Unclaimed Property of Client encompasses several key elements, including: 1. Parties: Identifies the client and the representative authorized to conduct the search for unclaimed property on behalf of the client. 2. Purpose: Clearly states the purpose of the agreement, which is to attempt to locate unclaimed property and subsequently take appropriate steps to recover the assets. 3. Unclaimed Property Definition: Provides a comprehensive definition of unclaimed property, which includes financial assets, stocks, bonds, unwashed checks, insurance proceeds, and any other dormant or abandoned accounts. 4. Client Representation: States that the client is the rightful owner of any unclaimed property identified and agrees to cooperate fully with the representative in the recovery process. 5. Compensation: Outlines the financial arrangement between the client and the representative, including the fee structure, payment terms, and any additional expenses the client may be responsible for during the search. 6. Authority and Access: Grants the representative the authority and access necessary to perform the search, such as access to client information, records, and the ability to communicate with relevant financial institutions or government agencies. 7. Confidentiality: Highlights the importance of maintaining client confidentiality and the obligation of both parties to protect sensitive and personal information obtained during the search. 8. Success-Based Agreement: Specifies that the representative's compensation is contingent upon successfully locating and recovering the unclaimed property. In the event of successful recovery, the representative will be entitled to a certain percentage or fee as agreed upon. Different types of California Agreement to Attempt to Locate Unclaimed Property of Client may include agreements tailored for specific industries or sectors, such as the financial sector, insurance companies, or government agencies. These agreements may have additional clauses or provisions specific to the particular industry's regulations and requirements. In summary, the California Agreement to Attempt to Locate Unclaimed Property of Client is a crucial legal document that outlines the obligations, responsibilities, and compensation structure between a client and a representative for the purpose of locating and recovering unclaimed property.
