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.
Puerto Rico Agreement to Attempt to Locate Unclaimed Property of Client is a legal document designed to aid in the process of identifying and locating unclaimed property belonging to individuals or businesses in Puerto Rico. This agreement aims to reunite rightful owners with their assets and prevent the funds from being permanently lost or seized by the government. In this agreement, the "client" refers to the individual or entity that engages the services of a professional unclaimed property locator to conduct a diligent search for any unclaimed assets. The agreement outlines the terms and conditions under which the locator will perform their services and specifies the rights and responsibilities of both parties involved. The Puerto Rico Agreement to Attempt to Locate Unclaimed Property of Client typically covers the following key aspects: 1. Purpose: This section defines the objective of the agreement, emphasizing the client's desire to locate and reclaim any unclaimed property rightfully belonging to them. 2. Parties involved: The agreement identifies the client and the unclaimed property locator as the contracting parties. The locator may be a professional service provider or an attorney specializing in unclaimed property recovery. 3. Scope of search: The agreement should outline the types of assets or properties that will be searched for, such as bank accounts, insurance policies, stocks, bonds, safe deposit boxes, or any other assets specified by the client. 4. Fees and compensation: The agreement establishes the compensation structure for the services rendered by the locator. Typically, the locator works on a contingency fee basis, where they receive a percentage of the recovered assets as payment. The exact percentage and any additional fees should be clearly defined in this section. 5. Efforts and obligations: This section outlines the locator's obligations, including conducting a diligent search for unclaimed property using various resources such as databases, public records, and other investigative methods. The agreement should emphasize the locator's duty to act in the best interest of the client and maintain confidentiality. 6. Reporting and accountability: The agreement should specify the frequency and format in which the locator will provide progress updates to the client throughout the search process. Additionally, it should detail how the locator will handle any funds or property recovered on behalf of the client, including timely remittance. Different types of Puerto Rico Agreement to Attempt to Locate Unclaimed Property of Client may exist to cater to specific circumstances or industries. For example, there could be separate agreements for individual clients, businesses, non-profit organizations, or government entities. Each agreement would be tailored to meet the unique requirements and regulations relevant to the specific type of client. In conclusion, a Puerto Rico Agreement to Attempt to Locate Unclaimed Property of Client is a crucial legal instrument that enables individuals or entities to recover their lost or forgotten assets. By engaging a professional unclaimed property locator, clients can increase their chances of reuniting with their unclaimed property while ensuring compliance with relevant laws and regulations.
