California Law For Abandoned Property
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Under Section 1530 of California's unclaimed property law, holders who fail to timely report, pay or deliver unclaimed or abandoned property shall pay interest at a rate of 12% per year on the property or value thereof from the date the property should have been reported, paid or delivered.
How do I claim my property? You must file a claim with the State Controller's Office. Click here to locate your property and start a claim. Call us at (800) 992-4647 with any questions.
Another option to buy an abandoned house legally is to use an adverse possession claim. This is a legal doctrine that allows a non-owner to claim ownership of a property if they have occupied it openly and continuously for at least five years, paid the property taxes, and improved or maintained the property.
Unclaimed Property is generally defined as any financial asset that has been left inactive by the owner for a period of time specified in the law, generally three (3) years.
Unclaimed property is generally defined as any financial asset left inactive by its owner for a period of time, typically three years. California unclaimed property law does not include real estate. The most common types of unclaimed property are: Bank accounts and safe deposit box contents.