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What to do with Unclaimed Deposit?

Why would anyone want to leave money on the table? This might sound odd, but it does happen.

If the tenant didn’t leave a forwarding address and you can’t reach them anymore, there is a process that you must follow according to VRLTA § 55.1-1226 (B)

First, you must hold the funds for one year past the 45-day disposition end date.

After the waiting period, you are then allowed to remit the funds to the State Treasurer as unclaimed property. To remit the funds, head to Virginia Treasury’s Unclaimed Property Program. Their website contains information on how to send the funds and the form the VRLTA references.

If you are holding Security Deposit dispositions for a tenant and the above conditions apply, visit the State Treasurer’s website and remit the funds.

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