Top Questions About Surplus Funds in Sarasota County — Answered
Top Questions About Surplus Funds in Sarasota County — Answered
1. What Are Surplus Funds?
Surplus funds are the remaining proceeds from a foreclosure or tax deed sale after all debts, such as unpaid taxes and liens, have been satisfied. For instance, if a property sells for more than the amount owed, the excess is considered surplus and may be claimed by eligible parties.
2. Who Is Eligible to Claim These Funds?
Eligibility to claim surplus funds typically includes:
Former Property Owners: Individuals who owned the property at the time of the sale.
Heirs: Legal heirs of a deceased property owner.
Lienholders: Entities with a recorded lien on the property prior to the sale.
Assignees: Parties who have been assigned the rights to claim the surplus funds.
It's important to note that proper documentation and, in some cases, probate proceedings may be required to establish eligibility.
3. How Do I File a Claim for Surplus Funds in Sarasota County?
To file a claim for surplus funds in Sarasota County, follow these steps:
Obtain the Appropriate Form: Download the "Statement of Claim to Surplus Funds from Tax Deed Sale" form from the Sarasota Clerk and Comptroller's website.Sarasota Clerk
Complete the Form: Fill out the form with accurate information, including details about your claim and your relationship to the property.
Notarize the Form: Have the completed form notarized to validate your claim.Sarasota Clerk
Submit the Form: Send the notarized form to the Sarasota County Clerk and Comptroller's office within the specified timeframe.Sarasota Clerk
For detailed instructions and access to the claim form, visit the Sarasota Clerk and Comptroller's official website.
4. What Is the Deadline to File a Claim?
Under Florida Statute §197.582, claimants have 120 days from the date the Clerk issues a notice of surplus funds to file a claim. Failing to file within this period may result in forfeiture of the right to claim the funds.
5. How Long Does It Take to Receive the Funds After Filing a Claim?
The processing time for surplus fund claims in Sarasota County can vary. Generally, if the claim is uncontested and all documentation is in order, it may take several weeks to a few months for the funds to be disbursed. However, if there are disputes or additional legal proceedings required, the process may take longer.
6. Do I Need Legal Assistance to Claim Surplus Funds?
While it's possible to file a claim without legal representation, consulting with an attorney or a surplus funds recovery specialist can be beneficial, especially in complex cases involving multiple claimants, probate issues, or contested claims. Professional assistance can help ensure that your claim is properly filed and that you meet all legal requirements.
Navigating the process of claiming surplus funds in Sarasota County involves understanding eligibility criteria, adhering to strict deadlines, and completing necessary documentation accurately. If you require assistance or have further questions, consider reaching out to a legal professional or a surplus funds recovery expert to guide you through the process.
