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 Washington Agreement to Attempt to Locate Unclaimed Property of Client is a legal agreement entered between a client and a company or individual aiming to help the client locate and reclaim any unclaimed property. Unclaimed property refers to assets, funds, or tangible items that have been abandoned by their rightful owner for various reasons, such as forgotten bank accounts, unwashed checks, or abandoned safe deposit boxes. This agreement outlines the responsibilities and obligations of both parties involved in the process of locating and recovering unclaimed property. It provides a framework for how the company or individual will conduct extensive research and investigations to uncover any unclaimed assets belonging to the client. The Washington Agreement to Attempt to Locate Unclaimed Property of Client aims to ensure transparency and fair treatment throughout the process. It typically includes the following key components: 1. Client Authorization: The agreement starts by obtaining the client's consent and authorizing the designated company or individual to act on their behalf in locating and recovering any unclaimed property. 2. Information Disclosure: The client agrees to provide comprehensive and accurate information about themselves, including personal details, previous addresses, employment history, and any relevant documentation that might assist in the search process. 3. Search and Recovery Efforts: The agreement outlines the steps the company or individual will take to locate the unclaimed property. This may involve conducting searches through public databases, contacting financial institutions, and engaging with relevant government authorities or agencies responsible for handling unclaimed property. 4. Reporting and Collaboration: The agreement stipulates how the company or individual will communicate the progress and results of their search efforts to the client. It also highlights the importance of the client's cooperation throughout the process, including the provision of additional information if required. 5. Compensation: The agreement may address the compensation arrangement between the client and the company or individual. This may involve a percentage share of the recovered property or a fixed fee for the services rendered. Different types of Washington Agreement to Attempt to Locate Unclaimed Property of Client may include variations in terms, conditions, and specific requirements tailored to meet the needs of different clients or circumstances. For example, agreements may differ based on the type of unclaimed property being searched for, such as financial assets, real estate, or personal belongings. Additionally, the agreements may vary depending on whether the company or individual adheres to specific industry regulations or operates within a niche market, like estate planning or asset recovery.
