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.
Louisiana Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines an agreement between a client and a company specializing in locating unclaimed property. The purpose of this agreement is to authorize the company to search for and locate any unclaimed property that may belong to the client. Here are the key points to consider when understanding this agreement: 1. Louisiana Unclaimed Property: Louisiana holds unclaimed property that belongs to individuals or businesses. This can include forgotten bank accounts, stock dividends, insurance proceeds, unwashed checks, and more. The state law requires companies that hold such property to report and remit it to the Louisiana Department of the Treasury. 2. Locating Unclaimed Property: A company specializing in locating unclaimed property assists clients in finding and recovering assets that may have been forgotten or lost. They use various resources such as databases, public records, and investigative techniques to uncover any unclaimed property that belongs to the client. 3. Agreement with the Client: The Louisiana Agreement to Attempt to Locate Unclaimed Property of Client establishes a contractual relationship between the client and the company. It outlines the terms and conditions under which the company will undertake the search and recovery process. 4. Terms and Conditions: The agreement clearly defines the rights and obligations of both the client and the company. It covers aspects such as fees, payment terms, exclusivity, confidentiality, and the scope of the search. 5. Fee Structure: The agreement specifies how the company will be compensated for its services. It may involve a contingency fee, where the company receives a percentage of the recovered property, or a flat fee structure. 6. Exclusivity: Some agreements may grant the company exclusivity, meaning that the client cannot hire any other service providers to search for their unclaimed property during the agreement's duration. This ensures the company's dedicated efforts in locating the property. 7. Confidentiality: The agreement emphasizes the importance of maintaining confidentiality regarding the client's personal and financial information. It may include confidentiality clauses and safeguards to protect sensitive data during the entire process. Types of Louisiana Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Client Agreement: This agreement focuses on an individual's unclaimed property search and recovery, allowing them to authorize a company to act on their behalf. 2. Business Client Agreement: This type of agreement is tailored for businesses that want to locate and recover any unclaimed property that may belong to their organization. In conclusion, the Louisiana Agreement to Attempt to Locate Unclaimed Property of Client is a legal contract that allows a company to search for and recover unclaimed property on behalf of a client. It outlines the terms, fees, and obligations for both parties involved, ensuring a transparent and mutually beneficial business relationship.
