Unclaimed Property (Escheating) Procedure

State Requirements

Great American Title Company follows all procedures and rules for Unclaimed Property as required and set forth by the state of Texas and the Texas Comptroller of Public Accounts.

These procedures include:

1.Holders are required to review their records by March 1. Most property is considered abandoned three years after the last successful contact with the owner.

2.Holders have until May 1 to perform due diligence for property valued at $250 or more.

3.July 1 is the deadline for reporting property abandoned as of March 1 of the current year.

4.The abandoned property is remitted to the Comptroller's office.

5.Holders must retain records of unclaimed property for 10 years after the property has been reported.

With the exception of state depositories, holders do not file a report if there is no abandoned property to send.