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.
South Dakota Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the agreement between a client and a company or individual who specializes in locating and recovering unclaimed property on behalf of the client. Unclaimed property refers to assets or funds that have been left dormant or forgotten by their rightful owners. This agreement sets forth the terms and conditions under which the client engages the services of the company to attempt to locate and recover any unclaimed property that may belong to the client. The agreement typically includes the following key elements: 1. Parties Involved: The agreement clearly identifies the client and the company or individual providing the services. It also mentions any third-party administrators involved in the process. 2. Scope of Services: The agreement outlines the specific services to be provided by the company, which may include researching various sources and databases to locate unclaimed property, initiating contact with relevant agencies or institutions, filing necessary documentation, and taking necessary steps to recover the property on behalf of the client. 3. Client Obligations: The agreement may outline the obligations of the client, such as providing accurate and complete information about their assets, cooperating with the company's efforts to locate and recover the property, and promptly responding to any requests or inquiries. 4. Compensation: The agreement specifies the payment terms and methods for the services rendered. It may include a contingency fee structure, where the company is entitled to receive a percentage of the recovered property, or a flat fee arrangement. 5. Confidentiality: The agreement incorporates provisions for maintaining the confidentiality of client information and ensuring that it is only used for the purposes outlined in the agreement. 6. Term and Termination: The agreement states the duration of the agreement and the circumstances under which either party may terminate the agreement. It's important to note that there may be different types of South Dakota Agreements to Attempt to Locate Unclaimed Property of Client, depending on various factors such as the specific services offered, the target client base (individuals, businesses, organizations), and the nature of the unclaimed properties being sought (financial assets, real estate, heirlooms, etc.). These agreements may have some variations in their contents or specific clauses, but they generally serve the same purpose of establishing a legal framework for locating and recovering unclaimed property on behalf of clients in South Dakota.
