Alaska Abandoned Property

According to U.S. law, property that is left behind by a tenant is typically assumed to be abandoned after a specific timeframe. This timeframe can be anywhere between one week and one year. If the property remains unclaimed during this timeframe, it may be disposed of, or sold in order to recoup storage costs.

An abandoned house is a vacant property due to foreclosure, bankruptcy, and financial or legal reasons.This makes abandoned homes attractive properties for investors, flippers and wholesalers because they sell lower than market price.

Property is considered abandoned only after a lease is terminated. Termination occurs when the lease is up and the tenant moves out, or if the tenant is legally evicted.

Inventory and store the tenant's abandoned property in a safe location. Best practice is to photograph items left behind. Store the abandoned property. Notify the tenant of the abandoned personal property and your intention to dispose of it if they do not claim it.

While a landlord has a right of entry, this is balanced against your right to privacy as a tenant. Landlords are not entitled to go through your unit and belongings at will. They generally must have a valid reason to enter the unit and give you proper notice, unless you gave them permission in advance.

Property remaining on premises is considered abandoned after (1) a tenant has been absent for at least 30 days without explanation or (2) at least 15 days have passed since the tenant was supposed to pay rent and it appears to the landlord that he has vacated the premises.

Abandoned property is an asset that has been turned over to the state after several years of inactivity. State laws determine when an asset is legally considered abandoneddeadlines vary, though usually property must be unclaimed for at least two years to qualify.