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.
Rhode Island Agreement to Attempt to Locate Unclaimed Property of Client is a legal document used by individuals or companies looking to locate and recover any unclaimed or lost property on behalf of their clients in the state of Rhode Island. This agreement outlines the terms and conditions of the agreement between the client and the property locators. The purpose of this agreement is to establish a professional working relationship between the client and the property locator, giving the locator the authority to conduct a thorough search to locate any unclaimed property that belongs to the client. The property locator will make every reasonable attempt to locate and recover the unclaimed property, using various resources and databases. Keywords: Rhode Island, Agreement, Attempt to Locate Unclaimed Property, Client, Property Locator, Legal Document, Recover, Lost Property, Professional Relationship, Terms and Conditions, Authority, Thorough Search, Resources, Databases. Different types of Rhode Island Agreement to Attempt to Locate Unclaimed Property of Client may include: 1. Individual Client Agreement: This type of agreement is entered into by an individual client who wishes to engage a property locator to search for any unclaimed property that may be entitled to them. 2. Corporate Client Agreement: This agreement is specific to corporate clients, where a business or organization hires a property locator to search for unclaimed property that may belong to the company or its stakeholders. 3. Estate Agreement: Often, this type of agreement is used when dealing with the estate of a deceased person. The estate agreement allows the property locator to search for any unclaimed property that may belong to the deceased and their beneficiaries. 4. Non-Profit Organization Agreement: Non-profit organizations can also engage property locators to search for unclaimed property that may be entitled to them. This agreement ensures that the property locator acts in the best interest of the non-profit organization in recovering any lost funds or assets. 5. Government Agency Agreement: Government agencies, such as state departments, may use this type of agreement to authorize property locators to search for unclaimed property on behalf of the government, ensuring compliance with relevant laws and regulations. In conclusion, the Rhode Island Agreement to Attempt to Locate Unclaimed Property of Client is a significant document that enables property locators to help clients recover their lost or unclaimed property. Whether an individual, corporation, estate, non-profit organization, or government agency, this agreement provides a framework to establish an efficient and effective process for property recovery.
