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Unclaimed property in the Alberta residential real estate sector

There are a number of unclaimed properties in Alberta. Some of those properties belong to the residential real estate sector. The province is proposing changes to the Unclaimed Personal Property and Vested Property Act to make it easier for Alberta residents to be reunited with their assets that have been lost or forgotten. 

The law was passed in Alberta in 2008. It allows Albertans to search for property they lost track of due to personal or business reasons. The Alberta Treasury Board along with Finance, Tax and Revenue Administration oversees a central system. This central registry not only provides a searchable database, but also oversees the claims process to hook up owners with their property and establishes a central administration program for property management coming under Crown control.

There are many resources put out by the province to help residents search for unclaimed property. In addition to hard copy booklets, there are official online sites to lend assistance. Other information can be obtained on the government of Alberta website.

Searching for unclaimed property is free of charge in Alberta. However, those searching may do well to enlist the help of an Alberta lawyer experienced in real estate law. A lawyer could advise a client on the legalities associated with any real estate transactions in the province, including any residential real estate uncovered in an unclaimed property search. Using an Alberta firm practicing in real estate law can help residents on the right path when it comes to all real estate issues.

Source: finance.alberta.ca, "Unlclaimed property", Accessed on Oct. 7, 2017

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