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.
Title: North Dakota Agreement to Attempt to Locate Unclaimed Property of Client Introduction: The North Dakota Agreement to Attempt to Locate Unclaimed Property of Client is a distinctive legal document designed to facilitate the search and recovery of unclaimed assets belonging to residents of North Dakota. This comprehensive agreement ensures that individuals or entities, known as locators, undertake the responsibility of diligently searching for and returning unclaimed property to its rightful owners. Key Features: 1. Unclaimed Property: The agreement outlines the nature of unclaimed property, which encompasses various assets such as forgotten bank accounts, unwashed checks, insurance policies, safe deposit box contents, stocks, and more. Locators engage in thorough investigations to locate these unclaimed assets. 2. Locators' Roles and Responsibilities: The agreement delineates the responsibilities and obligations of locators, highlighting how they will execute the search for unclaimed property. It details the methodology of investigation, such as accessing relevant databases, contacting financial institutions, conducting public records searches, and employing other permissible means. 3. Confidentiality: To protect the client's privacy, the agreement emphasizes the locators' commitment to maintaining confidentiality regarding the client's personal information and the specifics of their unclaimed property. This provision ensures the privacy and security of the client throughout the recovery process. 4. Reporting and Documentation: The agreement establishes the locators' obligation to provide regular updates to the client on the progress of the search. It specifies reporting intervals and the type of information to be provided, ensuring transparency and keeping the client informed of all developments. 5. Compensation: The agreement will address the compensation arrangement between the locator and the client, which typically involves a percentage-based fee calculated from the total value of the located assets. This provision ensures a fair and mutually agreed-upon financial arrangement for both parties. Types of North Dakota Agreement to Attempt to Locate Unclaimed Property: 1. Individual Client Agreement: This agreement is tailored for individuals who wish to engage the services of a locator to locate and retrieve their unclaimed property. 2. Corporate Client Agreement: This agreement is specifically designed for businesses and corporations seeking a locator's assistance to locate and recover unclaimed assets related to their operations. 3. Estate Client Agreement: This variation is intended for the estates of deceased individuals, wherein executors or administrators engage the services of locators to identify and secure any unclaimed assets under their management. Conclusion: The North Dakota Agreement to Attempt to Locate Unclaimed Property of Client serves as a beneficial legal instrument to safeguard the rights of residents by facilitating the search and return of their unclaimed property. With its comprehensive provisions and various types catering to different client needs, this agreement ensures the smooth operation of the process while protecting the interests of both locators and clients involved.
