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| How To Get Your Surplus Funds |
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When a property is sold through a tax-sale or tax-foreclosure process, the sale proceeds may sometimes exceed the amount required to satisfy the taxes, costs, and other amounts that have priority under applicable law. In some circumstances, those remaining funds, often called surplus funds, may be available to the former property owner or other parties with a legal claim. The Rules are Different from State to State, and Sometimes from one Local Jurisdiction to Another. That's Why it's Important to Determine Exactly what Rules and Deadlines Apply to your Property.
How Does the Process Work? There isn't one nationwide procedure for claiming surplus funds. The government office handling the tax sale may have specific requirements for.
Here is a List of Requirements: - Determining whether surplus funds exist
- Identifying who may be entitled to them
- Filing a claim
- Providing identification or supporting documentation
- Meeting applicable deadlines
- Resolving competing claims
- Receiving the funds
Because the process varies by location, information that is correct in one state may not apply in another. The Safest Place to Start is by Identifying the Government Agency Handling Your Particular Tax Sale and Learning what Requirements and Deadlines Apply to Your Property.
How Much Time Do I Have? There is no Single Deadline that Applies Everywhere. Depending on the jurisdiction and circumstances, the deadline to claim funds can range from a relatively short period to several years. Some deadlines may be measured from the sale, while others may be tied to a notice or another event. And some jurisdictions have additional requirements that can affect the process. Do Not Assume You Have a Year, or any other Particular Amount of Time. Confirm the Deadline that Applies to your Property. If you believe there may be surplus funds from a recent tax sale, The Sooner You Find Out What the Deadline is, the Better. Missing a deadline or failing to follow the required procedure can potentially result in the loss of your ability to claim funds.
Can We Help? Yes! We can help you understand where your property is in the process, what information may be needed, and what steps may be involved in pursuing a claim. We are transparent about how we are compensated: If You Choose to Hire Us to Assist with a Surplus Funds Claim, We Charge a Percentage of the Funds Recovered, Subject to the Terms of Our Agreement and Applicable Law. You should understand our fee and the services we will provide Before You Agree to Anything. You may also have the right to pursue the funds yourself, without hiring us. Depending on your circumstances, you may also wish to consult the government agency handling the funds or an appropriately licensed attorney or other professional.
Our Role is to Help Make a Complicated Process Easier to Understand, Not to Make You Believe you have to Hire Us.
What Do You Need From Me? Start by Contacting Us as soon as you can.
We'll first try to determine: - Where the property is located
- When the tax sale occurred
- Which agency handled the sale
- Whether surplus funds appear to exist
- What the applicable claim deadline may be
- What documentation may be required
- Whether we are able to assist you
We will then explain what we believe the next steps are. There is No Need to Guess About the Process or Wait Until the Deadline is Approaching.
If your property has already gone through a tax sale and you believe there may be surplus funds, Contact Us Promptly so You Can Understand the Process and the Deadline that Applies to Your Situation. You can also begin by contacting the government office responsible for the tax sale and asking whether surplus funds exist and what procedure applies to claiming them.
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