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 Massachusetts Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that establishes a professional relationship between a client and a company, organization, or individual hired to locate and recover unclaimed property on their behalf. This agreement outlines the terms and conditions under which the property will be sought and any compensation arrangements. Keywords: Massachusetts, Agreement, Attempt to Locate, Unclaimed Property, Client. There are different types of Massachusetts Agreements to Attempt to Locate Unclaimed Property of Client, including: 1. Individual Client Agreement: This type of agreement is entered into between an individual client and a firm specializing in locating unclaimed property. The agreement specifies how the firm will search for the client's unclaimed property, the efforts it will undertake, and the remuneration terms. 2. Corporate Client Agreement: This agreement is designed for corporate clients who wish to reclaim their unclaimed property. It outlines the obligations and responsibilities of both parties, including any disclosure requirements, fee structures, and confidentiality clauses. 3. Estate Client Agreement: This agreement is specifically tailored for clients who are authorized to handle the unclaimed property of a deceased person's estate. It includes provisions for conducting searches, submitting claims, and distributing any recovered property among the rightful heirs or beneficiaries. 4. Government Agency Agreement: This type of agreement is entered into between a government agency and a specialized firm or organization tasked with locating unclaimed property on behalf of the state or municipality. It outlines the scope of work, standards, and procedures to be followed, and any reporting requirements. 5. Non-Profit Organization Agreement: This agreement is designed for non-profit organizations that assist individuals or groups in locating and recovering their unclaimed property. It covers the terms and conditions under which the non-profit will provide its services, the fee structure (if applicable), and any collaborative efforts with other parties involved in the process. In conclusion, the Massachusetts Agreement to Attempt to Locate Unclaimed Property of Client is a comprehensive legal document that lays out the terms and conditions for the search and recovery of unclaimed property on behalf of clients. The various types of agreements listed above cater to different entities, including individuals, corporations, estates, government agencies, and non-profit organizations.
