Unclaimed Escrow Money Can Increase Personal Funds
Lost escrow amounts are one of the largest sources contributing to the unclaimed money piles
. Escrow is generally an amount deposited with the third party when an agreement takes place between the two parties. The third party keeps the amount separate, assuring both the parties involved in the agreement that the either party does not default on the payment or the project. The amount between the parties remains unpaid until all the conditions given in the agreement are met properly, or the amount is paid partially in every step of the project. The escrow amount is involved in the agreement of the interest of the participants. In most of the cases escrow amounts are kept safe with banks or financial agencies until all the parties come to consensus of withdrawing the money.The requirement of keeping escrow amounts arise in conditions of legal cases, real estate deals and projects bidding. Online transactions and projects also need escrow amounts for keeping both the parties safe from losses. At times, due to some inevitable reasons, projects remain incomplete and the amount becomes unclaimed escrow and stays as it is with the depositor.
If the money stays with the depositor for more than three years and address and contact numbers of both the parties are unknown, the funds will be transferred to the government. Until both the parties are found, the money will remain unclaimed. There is a huge list of such types of escrow amount with the state treasure department. Here are tips for how a person can claim their unclaimed escrow money.
A claimant should examine the internal controls over escrow funds for filling the form for claiming it.
Get detailed information about accounting procedures used to maintain escrow funds along with policies related to depository procedures and agreement.
Find information related to documents required to determine escrow ownership.
Search for owners escrow funds once the contract is over.
Confirm the escrow fund payment is made as per defined in the agreement.
How escrow amounts become unclaimed?
The amount deposited for big projects as a security deposit takes a long time for completion. Until completion of the project, the amount stays in a bank account. At times, legal disputes and technical problems leave the project incomplete.
Disputes between the parties remain unsettled for years, thus resulting in unclaimed escrow amounts. As per government statistics, money worth over $32 billions is generated only from unclaimed escrow.
Claiming escrow money requires more than one party; it is difficult to trace both the parties and determine whom it belongs to. In most cases the amount is sent back to the depositors.
To get the unclaimed escrow money, a person should get in touch with the bank or financial institution to find out if there is any lost escrow money left behind. Searching through the Internet is one of the easiest ways to search unclaimed cash. This makes the state governments' and other financial agencies' task of returning unclaimed escrow easy easier
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