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.
Michigan Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the terms and conditions under which a person or company agrees to assist an individual or entity in locating and recovering any unclaimed property that may belong to them. Unclaimed property refers to assets such as bank accounts, unwashed checks, insurance policies, stocks, dividends, and other forms of financial assets that have been abandoned or forgotten by their rightful owners. This agreement signifies a partnership between the client and the company or individual entrusted to locate and secure their unclaimed property. It establishes a mutual understanding regarding the scope, duration, responsibilities, and compensation related to the property search and recovery process. The Michigan Agreement to Attempt to Locate Unclaimed Property of Client may include the following key elements: 1. Parties involved: Clearly identify the names and contact information of both the client seeking the assistance and the company or individual providing the services. 2. Purpose: State the objective of the agreement, which is to initiate a search for unclaimed property on behalf of the client and attempt to recover it. 3. Scope of services: Outline the specific services to be provided, such as researching databases, contacting relevant agencies, filing necessary paperwork, and communicating with the client throughout the process. 4. Client's obligations: Specify any requirements the client must fulfill, such as providing accurate and up-to-date information, authorizing the search and claim process, and cooperating with the company. 5. Compensation: Detail the agreed-upon fee or commission structure for the services rendered. This can be a percentage of the recovered funds or a fixed fee arrangement. 6. Duration of the agreement: Define the period during which the company or individual will actively pursue the recovery of unclaimed property on the client's behalf. 7. Confidentiality: Include provisions to protect the confidentiality of the client's personal information and any proprietary information disclosed during the process. 8. Indemnification: Clarify responsibilities and liabilities, ensuring both parties are protected from any losses or damages resulting from inaccurate information or unauthorized actions. Types of Michigan Agreement to Attempt to Locate Unclaimed Property of Client may vary based on the specific industry or focus of the company or individual providing the services. Examples of these agreements can include "Michigan Agreement to Attempt to Locate Unclaimed Property for Individual Clients," "Michigan Agreement to Attempt to Locate Unclaimed Property for Businesses," or "Michigan Agreement to Attempt to Locate Unclaimed Property for Estates or Trusts." Overall, the Michigan Agreement to Attempt to Locate Unclaimed Property of Client is a crucial document that establishes the terms and conditions for a professional relationship aimed at recovering and returning unclaimed property to its rightful owners in accordance with Michigan state laws and regulations.
