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.
Ohio Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding agreement entered into between a client and a business entity, typically a financial institution or a service provider. This agreement serves as a formal authorization for the entity to make diligent efforts in locating and recovering any unclaimed property belonging to the client in accordance with the Ohio Revised Code. The primary purpose of the Ohio Agreement to Attempt to Locate Unclaimed Property of Client is to establish a mutually beneficial relationship between the client and the entity, allowing the entity to act as a representative of the client in identifying and recouping any unclaimed assets held by government agencies, financial institutions, or other entities that may have lost track of them. The agreement typically outlines the obligations and responsibilities of both parties involved. It may include, but is not limited to, the following details: 1. Client Identification: The agreement identifies the client by providing their legal name, contact information, and any other necessary details required for successful identification. 2. Representation: The agreement specifies that the entity is authorized to act as a representative of the client in attempting to locate and recover unclaimed property on their behalf. 3. Diligent Efforts: The agreement highlights that the entity will make reasonable efforts to search for unclaimed property using various databases, public records, and other available sources as required by the Ohio Revised Code. 4. Compliance with Laws: The agreement ensures that all actions taken by the entity will comply with the relevant provisions of the Ohio Revised Code and any other applicable laws or regulations. 5. Compensation: The agreement may outline the fee structure, payment terms, and any other financial arrangements between the client and the entity. 6. Reporting and Updates: The agreement may require the entity to provide regular updates and reports to the client regarding the progress made in locating and recovering unclaimed property. Different variations of the Ohio Agreement to Attempt to Locate Unclaimed Property of Client may exist based on the specific industry or sector it is used in. For example, there may be distinct agreements designed for financial institutions, insurance companies, or service providers. However, the fundamental purpose and key elements of the agreement remain relatively consistent across all types. In conclusion, the Ohio Agreement to Attempt to Locate Unclaimed Property of Client is a crucial legal document enabling entities to assist clients in identifying and recovering unclaimed property. By formalizing the client-entity relationship and setting clear expectations, the agreement facilitates a systematic and diligent approach to locating and reclaiming lost assets within the boundaries of Ohio law.
