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.
A Texas Agreement to Attempt to Locate Unclaimed Property of Client is a legal document used by individuals or businesses in Texas to engage a third-party entity in locating and recovering unclaimed property on their behalf. Unclaimed property refers to any financial assets, such as money, stocks, bonds, or tangible property, that have been left dormant or abandoned by the rightful owner for an extended period of time. In this agreement, the client, often called the "property owner," enters into a contract with a professional unclaimed property locator, commonly known as a "locator" or "finder," who specializes in identifying and recovering these unclaimed assets. The main purpose of the agreement is to facilitate the efficient and effective retrieval of the client's unclaimed property while abiding by the laws and regulations set forth by the State of Texas. The Texas Agreement to Attempt to Locate Unclaimed Property of Client typically includes the following key components: 1. Contact Information: This section captures the client's full name, address, phone number, and email. It also includes the locator's contact details for correspondence and communication purposes. 2. Scope of Services: Here, the agreement outlines the specific services the locator will provide to the client. This may include conducting thorough searches for unclaimed property, verifying the ownership of located assets, filing necessary paperwork, and negotiating with state authorities or financial institutions. 3. Exclusive Agreement: This clause ensures that the client appoints the locator as the sole representative in their quest to locate and recover unclaimed property. It establishes that the locator has exclusive rights to conduct all necessary activities related to the recovery process. 4. Compensation: The agreement will detail the payment terms and fee structure for the locator's services. This may include a percentage-based contingency fee, typically ranging from 10% to 35% of the recovered property's value. Additional expenses related to filing fees, administrative costs, or legal fees may also be addressed. 5. Client Obligations: This section outlines the responsibilities of the client, such as providing accurate information, cooperating with the locator during the research process, and promptly responding to requests for information or documentation. 6. Duration of Agreement: The agreement specifies the duration of the client-locator relationship, typically stating that it remains in effect until the unclaimed property is recovered, or a specified period has passed with no results. Types of Texas Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Agreement: This type of agreement is used when an individual person appoints a locator to recover their unclaimed property. 2. Business Agreement: When a business hires a locator to locate and recover unclaimed property, a business-specific agreement is executed to address the unique needs and challenges faced by commercial entities. 3. Estate Agreement: In cases where an estate or trust is involved, a specialized agreement is utilized to facilitate the recovery of unclaimed property owned by the deceased individual or trust. 4. Government Agency Agreement: Government entities may engage locators to recover unclaimed property on behalf of individuals or businesses that fall under their jurisdiction. The agreement used in such situations may have specific clauses addressing government regulations and approval processes. Overall, a Texas Agreement to Attempt to Locate Unclaimed Property of Client is a crucial legal instrument that enables property owners to reclaim their abandoned assets effectively, while also providing locators with a clear framework to operate within.A Texas Agreement to Attempt to Locate Unclaimed Property of Client is a legal document used by individuals or businesses in Texas to engage a third-party entity in locating and recovering unclaimed property on their behalf. Unclaimed property refers to any financial assets, such as money, stocks, bonds, or tangible property, that have been left dormant or abandoned by the rightful owner for an extended period of time. In this agreement, the client, often called the "property owner," enters into a contract with a professional unclaimed property locator, commonly known as a "locator" or "finder," who specializes in identifying and recovering these unclaimed assets. The main purpose of the agreement is to facilitate the efficient and effective retrieval of the client's unclaimed property while abiding by the laws and regulations set forth by the State of Texas. The Texas Agreement to Attempt to Locate Unclaimed Property of Client typically includes the following key components: 1. Contact Information: This section captures the client's full name, address, phone number, and email. It also includes the locator's contact details for correspondence and communication purposes. 2. Scope of Services: Here, the agreement outlines the specific services the locator will provide to the client. This may include conducting thorough searches for unclaimed property, verifying the ownership of located assets, filing necessary paperwork, and negotiating with state authorities or financial institutions. 3. Exclusive Agreement: This clause ensures that the client appoints the locator as the sole representative in their quest to locate and recover unclaimed property. It establishes that the locator has exclusive rights to conduct all necessary activities related to the recovery process. 4. Compensation: The agreement will detail the payment terms and fee structure for the locator's services. This may include a percentage-based contingency fee, typically ranging from 10% to 35% of the recovered property's value. Additional expenses related to filing fees, administrative costs, or legal fees may also be addressed. 5. Client Obligations: This section outlines the responsibilities of the client, such as providing accurate information, cooperating with the locator during the research process, and promptly responding to requests for information or documentation. 6. Duration of Agreement: The agreement specifies the duration of the client-locator relationship, typically stating that it remains in effect until the unclaimed property is recovered, or a specified period has passed with no results. Types of Texas Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Agreement: This type of agreement is used when an individual person appoints a locator to recover their unclaimed property. 2. Business Agreement: When a business hires a locator to locate and recover unclaimed property, a business-specific agreement is executed to address the unique needs and challenges faced by commercial entities. 3. Estate Agreement: In cases where an estate or trust is involved, a specialized agreement is utilized to facilitate the recovery of unclaimed property owned by the deceased individual or trust. 4. Government Agency Agreement: Government entities may engage locators to recover unclaimed property on behalf of individuals or businesses that fall under their jurisdiction. The agreement used in such situations may have specific clauses addressing government regulations and approval processes. Overall, a Texas Agreement to Attempt to Locate Unclaimed Property of Client is a crucial legal instrument that enables property owners to reclaim their abandoned assets effectively, while also providing locators with a clear framework to operate within.
