An investigator cannot charge a fee greater than 10% (10%) of the value of the property returned to the owner. The Tennessee Private Investigation and Polygraph Commission decided that a landlord must be a licensed private investigator. If you are not a licensed private investigator, you should contact your office. If you are an individual or business that wants to become a finder or landlord in Tennessee, please read the following information about the rules to follow. The unsolicited landlord will likely ask you to sign a contract. The majority of companies that offer these services work within the framework of the law, but there are also many unclaimed real estate frauds in the United States. If you agree to file your unclaimed property right as a landlord (on behalf of the landlord), you will need additional documents. Many businesses, sometimes called finders or landlords, offer to find legitimate search items for homeowners and inform them of how they can receive it for a fee – normally a percentage of the total discovery. Some states limit the fee to 10 per cent. NOTE: If the contract involves the recovery of property that has not yet been notified to the Treasurer, please read Tennessee Code Ann. § 66-29-176 for specific guidelines and requirements. As a general rule, states require inventors of unclaimed real estate to be registered by third parties within the state and to be licensed as discoverers. Be sure to check with your state to make sure any third party you are considering is registered and legitimate.
It is the landlord`s responsibility to recover their costs from the landlord/applicant. You can pay third-party organizations for research if you want to — and for some, that`s a plus. Keep in mind, however, that all information is accessible free of charge by searching or MissingMoney.com each state`s database of unclaimed property or by focusing on the state`s unclaimed property office. According to tennessee`s Ann Code. § 66-29-176: An agreement between an obvious owner and a person whose primary purpose is to locate, deliver, restore or assist in the location, delivery or restoration of property owned by the Treasurer is enforceable only if the agreement: External organizations may offer to find unclaimed property for a fee, and understanding the laws and processes surrounding this Prax is key. There are legitimate organizations that offer unclaimed property search services for a fee NOTE: The Unclaimed Property Division does not regulate who can be a locator in Tennessee. However, the Tennessee State Department of Commerce and Insurance administers the Tennessee Private Investigation and Polygraph Commission, which has separate regulations. If you are ever concerned about the validity of something you have received regarding unclaimed property in Tennessee, please feel free to call us or send an email. You can also browse our online database. The Division of Unclaimed Property requires a certain amount of documents and supporting documents proving ownership of the unclaimed property….