Surplus funds in Florida are the excess proceeds remaining after a foreclosure or tax deed sale, often available to the former homeowner or subordinate lienholders. You have 120 days to file a claim with the county clerk to recover these funds. Act quickly to avoid losing them to the state, often using a lawyer to assist.
Steps for Recovery
- Verify Funds: Search the Florida’s Treasure Hunt website for unclaimed property, or contact the local county clerk where the property was located.
- Identify Surplus: The amount is the difference between the final sale price and what was owed to the bank/lienholders.
- File a Claim: Submit a notarized claim to the Clerk and Comptroller’s office, usually within 120 days of the sale.
- Identify Property Owner: According to Florida Statute 45.032, the owner of record at the time of the lis pendens filing is presumed entitled to the funds.
Sarasota Clerk and Comptroller
Important Considerations
- Time Sensitivity: If not claimed, these funds can be deemed abandoned or transferred to the state.
- Legal Representation: A foreclosure attorney can assist with the process, often working on a contingency fee basis (often around 20%).
- Avoiding Scams: Be cautious of companies asking you to sign an “Assignment of Rights” or charging excessive fees.
- Process Time: Claiming surplus funds can take four to seven months for processing.