The Alabama Association of REALTORS® recently partnered with State Treasurer Young Boozer to successfully recover almost $20,000 in unclaimed property owed to AAR from 15 years ago. 

During his keynote presentation to our members at 2024 REALTOR® Day at the Capitol last month, State Treasurer Young Boozer focused on the Unclaimed Property program that his office oversees, and he urged those present to conduct an online search and determine if they had a claim. 

As a result of the suggestion, Alabama REALTORS® discovered the $20,000 from a defunct insurance policy dating back to 2009, and with the help of Treasurer Boozer and his staff, our Association successfully reclaimed the funds.

Now, we want to help our members do the same. 

Each year, unclaimed or abandoned assets are turned over to the Alabama State Treasury’s Unclaimed Property Division by financial institutions and businesses that lose contact with the owners. These assets may be in the form of cash, stocks, bonds, insurance benefits, or even valuables from safe deposit boxes. The Alabama Treasury serves as custodian of these assets and makes every effort to return them to the rightful owner or their heirs. In the last five years, over $146 million has been returned to the rightful owners.

Given the ever-changing landscape of the real estate industry, there are numerous avenues through which a REALTOR® might have unclaimed property, such as uncollected commissions, forgotten escrow deposits, unclaimed insurance benefits, or other valuable assets.

There are thousands of claims relating to real estate on Alabama Unclaimed Property’s website. A search of the word “realty,” for example, returns 783 unclaimed properties and the word “real estate” returns over 1,000. 

Reclaiming unclaimed property not only unlocks financial resources but also reinforces fiscal responsibility and diligence within the real estate community. By proactively investigating potential unclaimed assets, real estate professionals can safeguard their interests and optimize their financial well-being.

To find out if you or your real estate company have unclaimed property, follow the button below to visit Alabama Unclaimed Property’s website.