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.
Delaware Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding document that outlines the terms and conditions under which a company or individual agrees to search for and locate unclaimed property on behalf of a client. This agreement is specifically designed for companies operating in Delaware or dealing with Delaware unclaimed property laws. The purpose of the Delaware Agreement to Attempt to Locate Unclaimed Property of Client is to establish a clear understanding between the client and the finder (the company or individual performing the search) regarding the scope, responsibilities, and compensation related to the locating process. By entering into this agreement, the client authorizes the finder to act as their agent in locating and recovering any unclaimed property that rightfully belongs to them. Typically, there are no specific types of Delaware Agreement to Attempt to Locate Unclaimed Property of Client. Instead, this agreement serves as a general framework that can be customized to meet the specific needs and requirements of each client. However, it is essential to consider the following key elements when drafting this agreement: 1. Parties involved: Clearly identify the client and the finder, stating their full legal names and contact details. 2. Scope of services: Describe the services the finder will provide, such as searching databases, contacting relevant institutions, and making efforts to locate and recover unclaimed property on behalf of the client. 3. Representations and warranties: Include statements confirming that the client has the legal right to claim any located unclaimed property and that they will provide accurate information to the finder for the search process. 4. Compensation: Specify the fees or commission structure that the finder will receive upon successful recovery of unclaimed property. This may be a percentage of the recovered property value or a fixed fee. 5. Term and termination: Define the duration of the agreement and the conditions under which either party can terminate it. 6. Confidentiality: Establish the obligation of both parties to maintain the confidentiality of any sensitive client information encountered during the search process. 7. Governing law: Specify that the agreement will be governed by the laws of Delaware, ensuring compliance with the state's regulations regarding unclaimed property. 8. Indemnification and limitation of liability: Address the responsibilities and potential liabilities of each party in case of any errors, omissions, or claims arising from the search or recovery process. It is important to consult legal professionals familiar with Delaware unclaimed property laws when drafting or entering into a Delaware Agreement to Attempt to Locate Unclaimed Property of Client. This will help ensure compliance with the specific requirements and regulations of the state.
