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godschild

Replacing old escrow check

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I purchased a condo 22 years ago and found a check for $500 that was put in escrow for new windows. I never hired the company to put in the windows. The escrow company (County Abstract) went out of business. The $500 is mine. Am I SOL with getting a replacement check?  Does the money go to the state as unclaimed (Pennsylvania)?

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when did the escrow co go belly up? was the $500 handled by the title company when the sale settlement occurred?

 

inflation adjusted you lost $760 not including any simple interest you could have earned.

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What do you mean you 'found' a check? 

 

If these were funds that were being held by someone and that someone (entity) no longer exists, then they likely were rolled to the State.  If you mean you have a paper check you located in a drawer, then you are likely SOL after all this time...

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When I closed on the mortgage 22 years ago, two checks were written for new windows. One for $1,500 and the second for $500 so that the window company would be paid in stages. I never got the windows.

 

A few moves later when I moved to my current location 5 years ago I found the $1,500 check, contacted the escrow company and they replaced the 17 year old paper check. When I spoke to the co. rep he mentioned that they were closing up shop. Now that I'm moving again I just so happen to find the $500 check. The phone number for the escrow co. is out of service because they're out of business.

 

Aren't unclaimed escrow funds supposed to be turned over to the state? Escrow companies are regulated, no?

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This is regulated at a state level.

 

Look up the escheat laws where you live.

 

In California, for example, the California State Controller is supposed to be the custodian for abandoned or unclaimed property.   An escrow company that has outstanding/uncashed checks is supposed to turn the money over after a certain period of time.
 

I recently found about $100 from an insurance refund that was due to me by searching here:  https://sco.ca.gov/upd_msg.html

 

Keep in mind that one extreme reason an escrow company goes out of business is because its owner has disappeared with a big pile of other people's money.  
 

If they're willing to steal and leave the country, chances are they weren't very diligent with escheat law compliance.

 

Good luck.

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As relates to turnover to the State, much will depend on whether they were absorbed by another entity or just went 'poof' as an ongoing entity.  If they went 'poof,' then funds should ultimately have gone to the State, but that isn't always an overnight transfer.  If they were acquired, you need to figure out who holds their records now...

 

 

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