California Due Diligence Information Request
Description
How to fill out Due Diligence Information Request?
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FAQ
Do I have to perform due diligence if the property is valued under $50.00? Due diligence is not required if the property is under $50.00 in value; however, it is required for all safe deposit boxes and shares regardless of value. There is no minimum value for reporting unclaimed property.
You must file a claim with the State Controller's Office. If your claim is eligible, you will be given the option to file electronically after you have entered the requested information for your claim. If a paper claim is required, the site will provide instructions on how to complete that process.
Unclaimed Property Claims Property owner claims that only involve cash may be processed in as little as 30 to 60 days. More complex claims, such as those filed by heirs, those involving multiple owners, or those involving businesses are generally processed within the 180 day period.
To submit the Notice Report, register for and use our Holder Reporting Portal before November 1. For questions about your report, email our Reporting Unit at UCPReporting@sco.ca.gov. Free Reporting Software ? This site includes links to free software that can be used to report unclaimed property.
Common types of unclaimed property include but are not limited to: bank accounts, stocks, uncashed checks, insurance benefits, wages, and safe deposit box contents.
Are negative (Nil) Notice Reports required? Businesses that do not have any unclaimed property to report as of the Notice Report deadline are not required to voluntarily submit a report, although it is recommended that they do so by completing and filing a UFS-1 form.
Due diligence is the process a business with unclaimed property must follow to notify owners with unclaimed property valued at $50 or more (and all securities and safe deposit boxes regardless of value) that their property may be transferred to the State of California.
Post-offer due diligence includes hiring a building inspector, checking zoning laws, researching the title, getting an appraisal, and obtaining financing. If everything continues to check out with the property, the buyer can move to close the deal.
