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 North Carolina Agreement to Attempt to Locate Unclaimed Property of Client is a legally binding document that outlines the terms and conditions under which a party undertakes to locate and return unclaimed property to its rightful owner in the state of North Carolina. This agreement is essential for individuals or businesses who specialize in locating and recovering unclaimed property on behalf of clients. The purpose of this agreement is to establish a clear understanding between the client and the property locator regarding the identification, location, and retrieval process of unclaimed assets. It ensures that both parties are aware of their rights, obligations, and responsibilities throughout the entire process. In North Carolina, there are various types of agreements related to unclaimed property that can be customized to suit different circumstances. Some of these agreements include: 1. Individual Unclaimed Property Locator Agreement: This agreement is entered into between an individual locator and a client, typically an individual seeking assistance in locating their own unclaimed property. 2. Business Unclaimed Property Locator Agreement: This agreement is designed for businesses offering unclaimed property location services to clients ranging from individuals to corporations. 3. Estate Unclaimed Property Locator Agreement: This agreement is specifically tailored for estate executors or administrators who need assistance in locating and recovering unclaimed property on behalf of a deceased person's estate. 4. Corporate Unclaimed Property Locator Agreement: This agreement is applicable when a corporation or organization hires a property locator to recover unclaimed assets related to their business. The North Carolina Agreement to Attempt to Locate Unclaimed Property of Client includes crucial elements such as the scope of services, fees and compensation structure, dispute resolution mechanisms, confidentiality clauses, termination provisions, and governing law. Keywords: North Carolina, Agreement to Attempt to Locate Unclaimed Property of Client, unclaimed property locator, estate, corporate, individual, business, scope of services, fees, compensation structure, dispute resolution, confidentiality, termination provisions, governing law.
