Cache Hunting Contract?

[kreyson]

Ok, a friend and I have been approached by a land owner to search their property for a suspected LARGE cache. They offered us a % of the find, but need advice on a contract to use. Anyone here have example contracts already done up?

What do you feel is a viable %? I feel ok with the % verbally given to us.

One glaring problem i see, is how to determine the %% of the cache for the fee. Percentage weight of coins? Get everything appraised by a neutral person and split it up (time consuming, thousands of coins?)? Not sure how to put all of this in writing. New territory for us.

[goverton]

A lot of things come into play here.
Does land owner know exact location to search? Or do you have to find it for land owner over a big area?
If land owner points out location for you, then your percentage would be less. 60/40
If you have to search a big area for clues and detect that same area, then I would suggest 50/50 split.
I would make sure you have exclusive rights and no one else can be let in on the property for a least a year.
Spell out who pays upfront expense for dozier if needed.....most big caches are deep. Land owner should pay for equipment.
If owner will pay all expenses for recovering what you detect, then percentage for you could be smaller 70/30

Does land owner have map of cache? Or is there land marks that need to be understood first.

I know there are treasure recovery companies who would do this.....You might contact a few and ask them what they charge,
what they furnish and what they expect land owner to pay for. You might get a copy of their contract as well.....

I think that is what I would do......pretend you are land owner and contact a few treasure recovery companies.

[Frankn]

first off, he has the supposed treasure but doesn't know where it is or he would have it in hand now!
He has the treasure and you have the means to find it. Sounds like a 50/50 split. The division is simple on a 50/50 split. You divide the treasure into two bags or boxes and close them. He then picks one. this way you both know it was a fair split.
As far as a contract, keep it extremely simple, no catch 22s and no loopholes. It should state that he gives you permission to hunt for the treasure on his property in exchange for 50% of the found items. It should state the above method of split. There should be 2 copies,both orginally signed and dated and two witnesses. each of you keep a copy.

[dtpost]

I think you should contact a lawyer and have a contract between you, your friend and the land owner. Everyone has to sign it in the presents of the lawyer for witness purposes, if he refuses to do so, don't do it............... Example: you find the treasure and he says there was no contract, you have the paper work to prove it. Also is he going to help in the search, if not your expenses will be higher than his......Good luck

[Frankn]

Lawyers are expensive. If you don't find anything you are stuck with a big fee. Most states jest require 2 witnesses, some require a notary seal. Check with your county to see what is required. No sense scaring him off with a lawyer fee.

[Tuberale]

Unless you can prove otherwise, landowner (NOT descendants/relatives of person(s) who buried it) own 50% of whatever is found. Go for a 50/50 split, or you may be sorry down the road.

Search/salvage agreement a MUST. Sample agreements have been posted here at TNet, so search for them.

Need more info to advise further: type, age, collectibility, coin/bills, condition, etc. Individual coins/bills can be worth much more than others, so having a proviso in the search/salvage agreement for independent evaluation of anything found is important for both parties. I would want it.

[Connecticut Danny]

Put it in writing, or you have no legal claim to any treasures that you may found, and that is including government land.

[brucebob]

You are definitely smart to get it in writing. People are greedy and if/when you find the cache, he will probably feel that he is entitled to the whole thing since he knew about it.

I agree that you should keep the contract simple and have 2 witnesses that sign it. I was say that 30-40% would be fair for you. As far as splitting it up, you can worry about that when you find it!

[Frankn]

Again on this old post that was dragged up by you know who, Topic #2 is correct. Now I expect a reply so his name will appear in the Right hand column. Frank

[Mackaydon]

I notice the original poster has not made one response to the comments of others in the nearly five months since his original post.

Anyway..........
The "large cache" was never defined. If the cache were of bills wrapped in a paper bag then buried three feet in the ground 25 years ago, what chance would there be to find it in a 'big area'?

The landowner needs to be gently grilled with more questions to understand the nature of the target (location, size, composition, time buried, etc.) and the realiability of the information. For example: How did he hear about this cache? First hand knowledge, family lore, written diary or ??
Do this research first, then decide if "Step 2" is warranted: The creation of a fair contract.
Remember, the more good questions you initially ask will raise your perceived 'value' in any subsequent % negotiations.
Don.......