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.
Indiana Agreement to Attempt to Locate Unclaimed Property of Client The Indiana Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that establishes a comprehensive understanding between the client and a representative or company in Indiana, regarding the search and recovery of unclaimed property. Unclaimed property refers to assets, funds, or valuables that have been left inactive or forgotten by their rightful owners, and are held by the state until they are claimed. By entering into this agreement, the client authorizes the representative or company to act on their behalf and conduct diligent searches, investigations, and inquiries, utilizing various databases, resources, and established protocols, in order to locate and reclaim any unclaimed property that may belong to the client. The Indiana Agreement to Attempt to Locate Unclaimed Property of Client typically includes the following key components: 1. Parties Involved: Clearly identifies the client and the representative/company, including their legal names, addresses, and other pertinent contact information. 2. Authorization: The client grants the representative/company the authority to act as their agent for the purpose of locating, recovering, and collecting any unclaimed property. 3. Scope of Services: Describes the specific services and efforts that the representative/company will undertake to locate and recover unclaimed property. This may include performing thorough database searches, engaging in correspondence with relevant entities, submitting claims on behalf of the client, and representing the client in any legal proceedings, if necessary. 4. Fee Structure: Outlines the agreed-upon compensation terms, including any upfront fees, contingent commissions, or a percentage of the recovered property that the representative/company may be entitled to upon successful recovery. 5. Responsibilities of the Client: Defines the client's responsibilities, including providing accurate and updated information related to their identity, potential unclaimed property details, and promptly responding to any requests or inquiries from the representative/company. 6. Term and Termination: Specifies the duration of the agreement and the conditions under which it may be terminated, either by mutual agreement or for cause. Types of Indiana Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Client Agreement: This type of agreement is tailored for individual clients who wish to engage a representative/company to search and recover unclaimed property specifically on their behalf. 2. Business/Corporate Client Agreement: Designed for businesses or corporate entities seeking assistance in locating and claiming unclaimed property, this agreement addresses the unique needs and considerations of such clients. 3. Mutual Release Agreement: This type of agreement is utilized when the client and representative/company have successfully concluded the search and recovery process, and both parties mutually agree to release each other from any further obligations or liabilities. Note: It is essential to consult with a qualified attorney or legal professional when drafting or signing the Indiana Agreement to Attempt to Locate Unclaimed Property of Client, to ensure compliance with state laws and regulations.
