If a contractor find money in your walls, who gets the money: Contractor or the homeworker?

Question

As he was ripping plaster from bathroom-wall studs, Kitts found bundles of bills totaling $182,000 wrapped in pre-World War II Plain Dealer news pages and tucked into boxes. The money is in such good condition, and some of the bills are so rare and collectible, that one currency appraiser valued the treasure at up to $500,000, Kitts said.

But there's a hitch:

The walls from which Kitts pulled the money aren't his walls. The house isn't his house. Nobody knows for certain whose money it is.

When Bob Kitts and Amanda Reece first tallied the 70-year-old currency that Kitts found hidden in Reece's bathroom walls, they were gleeful. Now, they're feuding.




http://blog.cleveland.com/pdworld/2007/12/he_found_182000_in_her_bathroo.html

Answer 1

There is absolutely no question about it - it belongs to the homeowner. Kitts certainly, absolutely, and plainly has no claim whatever to it. He was hired to do a specific job. He was not given title to whatever he might find in the house.

Answer 2

OK i will just say one thing. Everyone keeps giving these hypothetical situations like, "If someone was cleaning out my car and someone found a $100 dollar bill in the car they wouldn't keep it." OK that is not the same situation here. This is like comparing apples to oranges. You are assuming the money is the homeowners in the first place, which it is not. It belongs to the the person who put it there. Just because you "Left" something at a house doesn't mean it belongs to the new owner. If i left some pots in pans in a cabinet i forgot to clean, i would assume the new owner would contact me to pick up my belongings. I would think that the same applies here. It is no different if you found this money on the street. You take it to the authorities and say you found this money, and if no one claims the money i.e. the former owner then it belongs to the current owner.

And one extra thing i will say that the contractor is greedy for wanting money. What will happen is that he will get squat, when if he would have just been an honest man and said i found this, and not demand something in return, he might have gotten a nice tip.

Finders fee?!?!?!? More like a Stumbled upon fee.

Answer 3

Any money/article discovered, which cannot be identified is the property of the state. The house owner unless he has some sort of lien with it is dis-entitled to claim the same. The contractor is a trustee for every money or article and cannot claim dominion over the same. His basic obligation is to report the matter to the owner and if the owner can not ascertain and identify the money or articles that money/article has to be handed over to the state. It is not a usufruct derived from the property. However it all depends upon the local laws how the things discovered are to be dealt with. The person in whose house the money is found at the most can claim possessory rights but he cannot be owner of the same unless he legally justify his control and dominion over it.

Answer 4

I think that the money should go to the homeowner. The contractor is not being very nice about this find. Also, I think it most standard deeds, that it is said something like, "house is sold, as is" which would mean to me that anything left in the house by previous owners would become the property of the new owner. Interesting story though, I want to see what is going to happen.

Answer 5

The contractor has no rightful declare to this funds. whilst the Reece's bought the homestead, they bought each thing in it and on the valuables. Finder's keeper's regulation can not observe to interior somebody's homestead. My husband and that i very own a remodeling company. He stumbled on a diamond ring wedged between the carpet he became removing and the baseboard. He gave it to the homestead proprietor and he or she started freaking out with exhilaration. It became her wedding ceremony ring that were lacking for 2 months. So, in simple terms because of the fact somebody famous something at your residence, would not advise that is theirs to maintain. that could desire to be rediculous. The contractor won't in any respect win this subject.

Answer 6

If there is no clause that says the contractor gets the salvage rites to the demolition phase of the construction, the money and all contents of the house belong to the owner of the house. He is however entitled to a finders fee or a pretty nice tip for the find.

Answer 7

It was found in the house. The homeowner is the rightful owner of the money. A "finders fee" or some other show of appreciation would be in order though. Some people would have just taken the money and not notified the owner.

Answer 8

If I bought the house I would feel like the money belonged to me .
If I was the contractor I most likely would have keep my mouth shut .
Maybe it should be in the contract that if any valuables are found behind walls, floors etc. they belong to the owner of the property

Answer 9

It is the property of the Homowners. Now, when they "cash it in" they will have to pay capital gains tax on it.

That being said, an old standing code amonst people is to tip 10% when you got a bag of cash dropped off to you (if you make a big hit on a ticket that is not state ran). I would exercise this, if it was worth 500k, after all of my tax bills, I would write a check for 50k. He was an honest guy, so that is what should be done.

Answer 10

I am doing this as a persuasive essay(coincidence). Amanda has right to the money because of course it is her house. BUT if you research the finders keepers law it states that when something is unowned or abandoned, whoever finds it can claims it. So Bob has rights too. So the only logical thing to do is to share it.
Hope I helped ^-^