The Israel government has specific rules and regulations regarding the handling of abandoned properties. Every year, abandoned properties worth a huge amount is turned to the government and these generally consist of unclaimed bank accounts, real estate, etc.
If a property is found to be dormant for a particular period, it will be turned to the government. There will be specific departments for managing unclaimed property in Israel which deals with listing the abandoned properties and returning them to their owners or heirs.
There will be websites maintained by the government for listing abandoned properties. You can find your unclaimed properties using this site and might be able to submit applications for reclaiming this property.
If there are no websites maintained by the government for this purpose, then you can contact the department that handles the abandoned properties for initiating the procedures to reclaim your property.
If the property is not claimed by the owner or heirs even after the dormancy period, then they might be absorbed by the state and will be used as operating expenses.
The dormancy period is the time period between when a property is reported to be unclaimed and when the state deems it as abandoned. The dormancy period can vary between 2-5 years.
When a property is deemed as abandoned, the state will acquire it using a process called escheatment. Here, the state will assume the ownership of the property until the owner reclaims it.
During the dormancy period, the department that handles abandoned properties might take initiatives to locate the owner. This includes mailing notifications to the last known address of the owner. However, state agencies are usually prohibited from making phone calls to the owner, as it can lead to the possibility of fraud.
This is the process through which a state acquires the ownership of abandoned property. Based on the escheatment laws, a private company or institution that handles the abandoned property should turn it to the government.
Owners will be able to reclaim their properties by filing an application with the government agencies that deal with the unclaimed properties.
Types Of Unclaimed Properties
Types of abandoned properties include uncashed payroll checks, court funds, inactive stocks, bank accounts, dividends, land, and other real estates. If these properties remain inactive for a prolonged period, then they will be considered abandoned.
Each state has different rules regarding the handling of abandoned properties. Hence, for reclaiming your unclaimed property in Israel, you should contact your state agencies.