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.
The Alabama Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the agreement between a client and an entity specializing in locating unclaimed property in the state of Alabama. This agreement serves as a binding agreement between both parties and sets out the terms and conditions for the client to engage the services of the unclaimed property locator to recover their unclaimed assets. Keywords: Alabama, Agreement, Attempt to Locate, Unclaimed Property, Client. There are typically two types of Alabama Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Client Agreement: This type of agreement is for individual clients who choose to engage the services of a professional unclaimed property locator to search and recover any unclaimed property in the state of Alabama that may belong to them. The agreement entails specific terms regarding fees, responsibilities, and conditions for the locator to perform their services. 2. Business Client Agreement: This type of agreement is designed for businesses or organizations that want to utilize the services of an unclaimed property locator to identify and retrieve any unclaimed assets that may belong to their organization. The agreement outlines the terms, fees, and responsibilities of both parties involved in the process. The Alabama Agreement to Attempt to Locate Unclaimed Property of Client typically includes the following key elements: 1. Parties to the Agreement: Identifies and provides details about the client and the unclaimed property locator. It includes the complete legal names and contact information of both parties. 2. Purpose: Clearly states the purpose of the agreement, which is to engage the unclaimed property locator to locate and recover any unclaimed property held by the state of Alabama on behalf of the client. 3. Scope of Services: Details the specific services to be performed by the unclaimed property locator, including searching databases, filing necessary documentation, and contacting relevant authorities, as required. 4. Client's Authorization: Confirms that the client is authorizing the unclaimed property locator to act on their behalf and grants necessary permissions to access and obtain information from relevant sources. 5. Client's Obligations: Outlines the obligations and responsibilities of the client, such as providing accurate information, responding promptly to requests, and paying the agreed-upon fees for the services provided. 6. Fees and Payment Terms: Clearly states the fees associated with the unclaimed property locate services and the payment terms, including any contingency fee arrangements, which often involve a percentage of the recovered assets. 7. Confidentiality: Includes provisions to ensure the confidentiality of client information and the proper handling of any sensitive or personal data obtained during the process. 8. Termination: Sets out the conditions under which either party can terminate the agreement and explains the consequences of termination, such as the obligation to pay for services performed up to that point. 9. Governing Law: Specifies the governing law of the agreement, which is typically the state of Alabama, and any dispute resolution mechanisms, such as arbitration or mediation if a dispute arises. 10. Entire Agreement: States that the agreement represents the entire understanding between the parties and supersedes any prior agreements or understandings. In conclusion, the Alabama Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding document that establishes the terms and conditions for a client to engage the services of an unclaimed property locator in Alabama. This agreement helps protect the rights and interests of both parties involved and ensures a clear understanding of the services to be provided and the fees associated with these services.
