Chicago Illinois Finder’s Fee Agreement Regarding Real Property Sales

• Category: Real Estate - Contracts
• State: Multi-State
• City: Chicago
• Control #: US-0154BG
• Format: Word; Rich Text

Description

In a real estate context, a finder's fee may be paid for locating property, obtaining mortgage financing. or referring sellers or buyers. A finder's 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 pay a finder’s 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. Chicago Illinois Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions under which a finder can receive compensation for identifying and connecting buyers and sellers of real estate properties in the city of Chicago, Illinois. This agreement is commonly used in the real estate industry to establish the rights and obligations of a finder, also known as a property locator or bird dog, and the parties involved in the real estate transaction. The Finder's Fee Agreement is designed to protect the interests of all parties involved in the transaction and ensure fair compensation for the finder's services. It specifies the finder's responsibilities, the timetable for payment, and the conditions under which the finder is entitled to receive a fee. There are different types of Chicago Illinois Finder's Fee Agreements Regarding Real Property Sales, including: 1. Residential Property Sales Finder's Fee Agreement: This agreement specifically deals with the identification and referral of residential properties, such as single-family homes, townhouses, or condominiums. 2. Commercial Property Sales Finder's Fee Agreement: This agreement focuses on the identification and referral of commercial properties, such as office buildings, retail spaces, or industrial warehouses. 3. Vacant Land Sales Finder's Fee Agreement: This agreement pertains to the identification and referral of vacant land, including undeveloped lots or parcels that can be used for various purposes, such as residential or commercial development. Keywords: Chicago Illinois, Finder's Fee Agreement, Real Property Sales, real estate, property locator, bird dog, compensation, services, responsibilities, payment, residential property, commercial property, vacant land, residential sales, commercial sales, Chicago real estate.

Chicago Illinois Finder's Fee Agreement Regarding Real Property Sales is a legal document that outlines the terms and conditions under which a finder can receive compensation for identifying and connecting buyers and sellers of real estate properties in the city of Chicago, Illinois. This agreement is commonly used in the real estate industry to establish the rights and obligations of a finder, also known as a property locator or bird dog, and the parties involved in the real estate transaction. The Finder's Fee Agreement is designed to protect the interests of all parties involved in the transaction and ensure fair compensation for the finder's services. It specifies the finder's responsibilities, the timetable for payment, and the conditions under which the finder is entitled to receive a fee. There are different types of Chicago Illinois Finder's Fee Agreements Regarding Real Property Sales, including: 1. Residential Property Sales Finder's Fee Agreement: This agreement specifically deals with the identification and referral of residential properties, such as single-family homes, townhouses, or condominiums. 2. Commercial Property Sales Finder's Fee Agreement: This agreement focuses on the identification and referral of commercial properties, such as office buildings, retail spaces, or industrial warehouses. 3. Vacant Land Sales Finder's Fee Agreement: This agreement pertains to the identification and referral of vacant land, including undeveloped lots or parcels that can be used for various purposes, such as residential or commercial development. Keywords: Chicago Illinois, Finder's Fee Agreement, Real Property Sales, real estate, property locator, bird dog, compensation, services, responsibilities, payment, residential property, commercial property, vacant land, residential sales, commercial sales, Chicago real estate.