Registered: 1360835812 Posts: 23
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Abandoned and Unclaimed Property Web Page . You must place the abandoned property in a storage unit and charge the responsible party .
Registered: 1169270040 Posts: 3,748
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Not in all areas. Not all state laws require this. Please consult your state law.
Registered: 1419284453 Posts: 3
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The worst practical thing you can do is move a former tenants abandoned personal property to a public storage unit. The law allows you to do that but I am an auctioneer / appraiser in California specializing in abandoned personal property. Since you are a landlord you can't just hire dude with a truck to move everything has to be: 1) Inventoried & photographed in place 2) Moved by a professional licensed, insured moving company at a cost usually $3,000 to $6,000 or more 3) You now become a paying tenant for your old tenants abandoned personal property on the hook for $75 to $350 a month in storage fees 4) The costs of notices and abandoned property auctioneering services are usually the same regardless of location It's expensive to move someone else's "stuff" and 99 times out of 100 the stuff does not sell for the moving expense, let alone storage and auction expenses plus Here is a secret the cash auction value drops by 50% to 90% once the stuff has been moved to a storage locker because nobody can see it and it's usually not professionally inventoried & cataloged. Having an independent 3'rd party auction contractor reduces the landlord liability and a good experienced auctioneer will just handle everything from Soup-to-nuts creating a level of indemnification. California recently raised the auction threshold from $300 to $700 value eliminating the need for sold at a loss junk auctions. The cost of sale is reimbursable to the landlord from the auction proceeds and the State does not allow you to keep the overage against back rent unless you had a good eviction attorney who got you a cash judgement. Every state has different laws on abandoned property after tenancy, some treat it different on an eviction than a good tenant moving after notice. No state requires abandoned property be moved and it's much cheaper to let it sit in the unit for 21 to 45 days rather than spending over $3,000 for a small professional move, then months of paying the mini-storage bill. __________________ _______________________________ Billy Burke, CAI - AARE - GPPA Auctioneer Graduate Personal Property Appraiser 818-583-7384