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How Does Texas Handle Unclaimed Property

How Does Texas Handle Unclaimed Property

In accordance to state laws, unclaimed property in Texas is defined at any kind of property or financial asset that has either been abandoned by the proper owner or has not been considered active. Texas unclaimed property can be considered as such within as little as one years time of inactivity or abandonment. 
Upon being stated as unclaimed, these financial assets will be turned over to the state. The Texas Comptroller of Public Accounts is the state’s office that is responsible for administering and overseeing unclaimed property in Texas. The current Texas Comptroller of Public Accounts for the state of Texas is Susan Combs.
There are certain types of property that can be considered to be Texas unclaimed property. Among these assets, unclaimed property in Texas can be bank accounts, trust funds, stocks, mutual funds, and insurance proceeds. Even though it may be commonly mistaken as such, real estate and land is currently not recognized to be unclaimed property in Texas. 
Currently, there is about two billion dollars worth of unclaimed property in Texas. Typically speaking, the amounts that are returned to individuals in regards to Texas unclaimed property will usually be about one thousand dollars. However, in recent years, there was one particular case in which a person claimed and received over four million dollars.

Galveston Real Estate

Galveston Real Estate

Galveston, Texas is located in the county with the same name and is considered to be in the Houston-Sugar Land-Baytown metropolitan area. Galveston is actually located on Galveston Island, just off shore of the Texas mainland. It is considered to be one the United States’ major sea ports, which provides for the core of the economy for the city. Its main resources revolve around tourism and shipping.
Due to the city’s tourism, much of the Galveston real estate activity will usually be centered on properties that are located near the beachfront, proving to be great investments as vacation homes and possibly even timeshares. The city attracts about five million tourists each year, allowing for Galveston real estate property to be a highly wanted commodity. 
Average listing prices for Galveston real estate is about $300,000, with areas located within the tourists’ areas or regions listed at slightly higher prices. However, the actual sales price average is much lower, only at about $85,000. These relatively low prices for property on a tourist location, particularly those situated near the beachfront, will prove to be a very worthy investment for many, either as a business opportunity or simply as a secondary or vacation home. 
Furthermore, Galveston real estate, such as condominiums and smaller houses on near the tourists’ areas can prove to be relatively cheap when considering their location, with average asking prices between $40,000 and $80,000. Larger homes may prove to have higher prices, though these homes will go for higher prices in similarly designed homes in other parts of the country. 

The Truth About Texas Real Estate

The Truth About Texas Real Estate

Boasting the second largest population in the United States, Texas may prove to be a great area when it comes to the real estate market. Even though most of the population in centered on the major metropolitan areas, the real estate market has great potential, particularly in suburban areas.

Texas Unclaimed Property
Texas has millions of dollars in unclaimed property. Such property, which consists of financial assets such as bank accounts and bonds, can be considered as unclaimed property in as little as one year due to abandonment or inactivity of the assets. By law, Texas does not recognized real estate to be eligible to become unclaimed property.

Austin Real Estate

Austin Real Estate

Austin, Texas is the capital city of the state, and is also the fourth largest city in the state as well. Ever since the turn of the century in 2000, Austin has had an increasing population, as was considered to be the third fastest growing in the United States during that period. Currently, Austin has a population of approximately 786,000 people.
Austin is also known to be the home to many companies and businesses, making it one of the more economically viable cities in the state. Furthermore, this factor, coupled with increases in population, have made Austin property quite a valuable commodity. Currently, the current listing price for Austin, Texas real estate is about $425,000, on average. However, the actual sales price average is at about $140,000 to $180,000. 
The increases in population have helped this figures regarding Austin property gradually every year since 2003. Furthermore, aside for the many businesses that are in the area, the city of Austin is also considered to be one of the three cities safest cities in the United States in accordance to its per capita population. In accordance to the current trends in population increases and stable economy, it can only be predicted that the Austin, Texas real estate market is bound to keep its current prominence and continue to grow.

Dallas Real Estate

Dallas Real Estate

Dallas, Texas is the third largest city in the state and ninth largest in the country, with a population at approximately 1.3 million people. Furthermore, Dallas is considered to be one of the larger commercial centers in the country, with the economy largely based in banking and energy. Due to being one of the economic centers in the United States, Dallas, Texas real estate has been on the rise in recent years.
With a diverse population and economic possibilities, Dallas property will prove to be highly touted due to being in one of the major cities in the United States. Dallas, Texas real estate is currently being listed at an average of approximately $470,000. However, the actual sales price for Dallas property is significantly lower, with median sales prices in the $80,000 range. With the sales price of Dallas property being relatively low when compared to other metropolitan areas in the country, it can be deemed that the Dallas, Texas real estate market provides for great investment opportunities. 
Some of the more popular neighborhoods and areas in Dallas, such as Preston Hollow, North Dallas, and Oak Lawn, have much higher asking prices the sales average for the city, ranging from $500,000 to $700,000. However, there is one major deterring factor that may affect how the Dallas, Texas real estate market will progress, which are the crime rates. Dallas crime rates are higher than the state average, which can have a negative impact on Dallas property values.