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.
Connecticut Agreement to Attempt to Locate Unclaimed Property of Client is a legal agreement that establishes the terms and conditions between a Connecticut-based company or individual (referred to as "the Holder") and a third-party service provider (referred to as "the Finder") who will make efforts to locate and recover any unclaimed property on behalf of the Holder. The purpose of this agreement is to outline the responsibilities, obligations, and compensation structure between the two parties involved in the process of searching, identifying, and recovering unclaimed property in the state of Connecticut. Unclaimed property can include forgotten bank accounts, unwashed checks, securities, insurance policies, utility deposits, and other assets that have been left unclaimed for a certain period of time. The Connecticut Agreement to Attempt to Locate Unclaimed Property of Client ensures that the Finder is authorized to act on behalf of the Holder in attempting to locate and recover the unclaimed property. It also establishes the terms under which the Finder will be compensated for their services. The compensation arrangement is typically a percentage of the value of the property recovered or a flat fee. There are several types of Connecticut Agreement to Attempt to Locate Unclaimed Property of Client, including: 1. General Agreement: This type of agreement is a comprehensive contract that covers the broad aspects of the relationship between the Holder and the Finder. It outlines the scope of work, responsibilities, compensation, and other terms and conditions. 2. Limited Scope Agreement: A limited scope agreement is a more specific contract that focuses on a particular type of unclaimed property or a specific timeframe. It may outline targeted efforts to locate and recover a certain subset of unclaimed property, such as unwashed checks from a specific bank or unclaimed insurance policies from a particular insurance company. 3. Mutual Agreement: In some cases, there may be a mutual agreement between two parties, both acting as Holders, to engage a Finder collectively and share the costs and benefits of the unclaimed property recovery process. This type of agreement ensures collaboration and cost-sharing between multiple parties. 4. Renewal or Extension Agreement: When the initial agreement between the Holder and the Finder is set to expire, a renewal or extension agreement can be executed to continue the services for a specific period. This agreement typically outlines any changes to the terms, updated compensation structure, and any additional provisions required. In summary, the Connecticut Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding contract that establishes the framework for the relationship between the Holder and the Finder in the process of locating and recovering unclaimed property. It addresses responsibilities, compensation, and specific terms for different types of unclaimed property recovery efforts in Connecticut.
