Monday, December 08, 2008

had an interesting call today from a lady who didn't know where else to turn....

She was the executrix of an estate and had sold real estate in 2005 to a buyer who used a now closed title agent.  Follow?

Anyway, I recognized the name of the agency as one of the regional multi-ABA machines.  You know the kind - one address - and fifteen million so-called title agencies under one roof?

So, she has to file a revised inheritance tax return for reasons unrelated to the real estate transaction and she is wondering how she can find out how much inheritance tax this now defunct title agency paid to the state.  Luckily, she had in hand a copy of the HUD-1 which showed an escrow.

It's always interesting to me that folks allow money to go into escrow and never follow-up.  Yes, large sums are abandoned, especially inheritance tax escrows.

Anyway, I suggested that the title agency might have remitted the entire sum to the PA Dept. of Revenue if she had not resolved the escrow and that she might check with the Department.  If they had not received payment, she might check with the title company which we were able to identify from the HUD-1 as First American.  I gave her the phone number of the Pittsburgh First American office just in case.

Lastly and again, just in case, I gave her the toll-free hotline for the PA Dept. of Insurance....just in case.

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