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.
Oklahoma Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the responsibilities and obligations of parties involved in attempting to locate and recover unclaimed property on behalf of a client. This agreement is essential for individuals or businesses who wish to engage the services of professionals specializing in this field, ensuring a transparent and legally binding arrangement. Keywords: Oklahoma, Agreement, Attempt to Locate, Unclaimed Property, Client, legal document, responsibilities, obligations, recover, professionals, transparent, legally binding arrangement. Types of Oklahoma Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Agreement: This type of agreement involves an individual client who wishes to hire a professional to locate and recover their unclaimed property. It outlines the terms, conditions, and expectations for the service provider and client relationship. 2. Business Agreement: This agreement is designed for businesses seeking assistance in locating and recovering unclaimed property. It establishes the roles and responsibilities of both the business and the service provider, including the scope of services, compensation, and confidentiality clauses. 3. Estate Agreement: An estate agreement is specific to clients who are trustees or executors of an estate and need assistance in identifying and recovering unclaimed property. This agreement addresses additional considerations related to managing assets and distributing recovered property to beneficiaries. 4. Government Agreement: This type of agreement caters to government entities or agencies responsible for managing unclaimed property within the state. It outlines the procedures, obligations, and limitations for the service provider working on behalf of the government entity to locate and reconnect owners with their unclaimed property. 5. Trust Agreement: When a trust holds unclaimed property, this agreement helps establish the terms and conditions for locating and recovering such property. It covers the rights and responsibilities of the trust, trustees, and the service provider. By utilizing an Oklahoma Agreement to Attempt to Locate Unclaimed Property of Client, individuals, businesses, and government entities can ensure a clear understanding of the process, protect their rights, and increase their chances of successfully recovering unclaimed property.
