State of Michigan Unclaimed Property Website3/28/2019
"The Michigan Department of Treasury has millions of dollars in lost or forgotten assets from dormant bank accounts, uncashed checks, valuables left in safe deposit boxes and stock certificates."
Some of this money may also be un-returned earnest deposits for real estate transactions that “fell through”
When you write an offer to purchase a home, you include an earnest deposit that demonstrates your good faith to the seller. Sometimes, a real estate transaction is cancelled and that deposit is returned to the buyer.
Why would a real estate transaction be cancelled? – If the home inspection didn’t go well and the buyer and seller couldn’t agree on repairs, or if the appraisal came in low and no resolution could be achieved, or if the buyer’s lender rejected the loan for a reason that was no fault of the buyer’s, the transaction could be cancelled and the seller would typically agree to release the deposit back to the buyer.
BUT – if our office sends that check back to the buyer at their last known address and they never cash it and we are unsuccessful at locating that buyer to return their money, we are required to “escheat” that money to the State of Michigan who then holds on to it until the person claims it.
Try this: Go to https://unclaimedproperty.michigan.gov/ and under “CLAIMING PROPERTY” enter your last name. (Consider using your maiden name, too). A list of names will come up of people who have unclaimed property with the State. The number of people you recognize from your family might surprise you.
What do you do if you see your name?
Once you’ve found the properties that may belong to you, click the CLAIM button, and then click the gray VIEW CLAIMED PROPERTIES button to begin the claims process. I just recently received a $100 check for an old refund from a cancelled insurance policy!
If you have any trouble with the process, call our offices: Battle Creek 269-968-6101 or Marshall 269-781-8966 and an agent would be happy to help you through it.