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.
Maine Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the terms and conditions under which a party agrees to help a client locate any unclaimed property that might be owed to them. This agreement is particularly relevant in the state of Maine, where unclaimed property laws require businesses, financial institutions, and organizations to report and remit any unclaimed property to the state treasurer's office. The Maine Agreement to Attempt to Locate Unclaimed Property of Client typically includes the following key elements: 1. Parties involved: The agreement identifies the client, who is the individual or organization seeking assistance in locating their unclaimed property, and the party (often a service provider or attorney) responsible for performing the search. 2. Scope of services: The agreement should clearly outline the specific services to be provided by the party undertaking the search. These services may include researching and identifying potential sources of unclaimed property, contacting relevant institutions, submitting necessary documentation, and facilitating the recovery process. 3. Client obligations: The client is usually required to provide accurate and complete information about themselves, including previous addresses, bank accounts, insurance policies, or any other relevant details that may assist in locating unclaimed property. 4. Compensation and fees: The agreement should state the compensation structure, including any upfront fees, contingency fees, or a combination of both. Details regarding the payment terms, fee percentages, and any additional expenses, such as postage or administrative fees, should be clearly defined. 5. Limitations of liability: The agreement may specify the limitations on the party's liability in case they are unable to locate the desired unclaimed property, or if the property has been previously claimed or forfeited due to legal issues. Different types of Maine Agreement to Attempt to Locate Unclaimed Property of Client may include: 1. Individual Client Agreement: This type of agreement is designed for individuals who want to recover their unclaimed property from various sources like old bank accounts, insurance policies, or inheritances. 2. Business Client Agreement: This agreement is tailored for businesses that may have unclaimed property, such as uncollected accounts receivable, outstanding checks, or abandoned customer deposits. 3. Estate Client Agreement: When an individual passes away, their estate may require assistance in locating and recovering any unclaimed property on behalf of the heirs or beneficiaries. This agreement sets out the terms between the estate representative and the party responsible for the search. In conclusion, the Maine Agreement to Attempt to Locate Unclaimed Property of Client is a crucial legal document that establishes the terms under which a client seeks assistance in recovering any unclaimed property that might be rightfully theirs. It is essential to customize the agreement based on the specific client's needs, whether they are an individual, business, or estate.
