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 West Virginia Agreement to Attempt to Locate Unclaimed Property of Client is a legal document that outlines the responsibilities and obligations of an individual or entity, referred to as the "Finder," who agrees to undertake efforts to locate and secure unclaimed property on behalf of a client. This agreement is governed by the state laws of West Virginia and serves as a binding contract between the Finder and the client. Keywords: 1. West Virginia: Refers to the specific state where the agreement is being executed and where the laws of the state will apply. 2. Agreement: Emphasizes that this document represents a formal understanding and agreement between the Finder and the client. 3. Attempt to Locate: Highlights the primary objective of the Finder, which is to diligently search for and identify unclaimed property belonging to the client. 4. Unclaimed Property: Refers to any financial assets, tangible belongings, or dormant accounts that have been abandoned by the rightful owner and are now considered "lost" or "unclaimed." 5. Client: The individual, business, or organization that engages the services of the Finder to assist in the identification and recovery of their unclaimed property. Types of West Virginia Agreement to Attempt to Locate Unclaimed Property of Client: Although there may be variations, there are typically two common types of West Virginia Agreement to Attempt to Locate Unclaimed Property of Client: 1. Individual Client Agreement: This type of agreement is entered into between the Finder and an individual client who wishes to retrieve their unclaimed property. It outlines the specific terms and conditions, including how the Finder will search for the property and what compensation they will receive upon successful recovery. 2. Business/Organization Client Agreement: This type of agreement is designed for businesses or organizations seeking assistance in locating unclaimed property. The terms may vary from the individual client agreement, accounting for the specific needs and requirements of the entity involved. In both types of agreements, important provisions may include: — Definitions of key terms related to unclaimed property and the responsibilities of the parties involved. — Obligations of the Finder, including undertaking thorough searches, contacting relevant authorities, and complying with applicable laws and regulations. — The client's responsibilities, such as providing accurate information, cooperating with the Finder, and disclosing any previous attempts to search for the unclaimed property. — Compensation terms, including any finder's fees, contingency fees, or other forms of compensation to be paid to the Finder upon successful recovery. — Confidentiality and privacy provisions to protect the client's personal information and the sensitive nature of the unclaimed property being sought. — Dispute resolution mechanisms, including jurisdiction and venue for resolving any disagreements or conflicts arising from the agreement. — Termination clauses, outlining the circumstances under which either party may terminate the agreement. It is essential to consult with legal professionals or use trusted templates to ensure that the West Virginia Agreement to Attempt to Locate Unclaimed Property of Client adheres to the specific requirements and regulations of the state.
