Investor · Stockton, CA · Member since 2008 · 10 posts · 4 votes
I recently bought a Tri-plex. It's got a supply room that's separate from the living units. The previous owner cut a hole in the door and made a drop box for the tenants to leave their rent in so they didn't have to mail it. I was there today doing some work and I found an envelope with an $800 money order made out to the previous owner. It had fallen out of the box and was stuck behind some other things where it was out of sight. My instincts tell me that when I purchased the property this became mine, similar to if I had found a safe or cash hidden the walls, etc., since a money order is essentially as good as cash. Am I right to assume this? And if so, how do I get the money into my account with another person's name on the payee line? Can I just go into the bank and deposit it? Can I cross the name out and put my name there. I want to stay on the right side of the law here so any advice would be appreciated. The property is in California.
Rock Star Extraordinaire · Northeast, TN · Member since 2015 · 10k+ posts · 16k+ votes
9y
If you want to stay on the right side of the law you shouldn't be asking this question. It's not really like finding a safe full of cash. Either way, what you are asking is unethical even if not illegal. Either call the seller and get it to them or tear it up and pretend that it never existed.
Rental Property Investor · Agana, Guam · Member since 2015 · 71 posts · 11 votes
9y
I would be careful with this, or it could come back and haunt you. The right thing to do would be to return it to the Seller. The Universe returns good with good.
Rental Property Investor · East Wenatchee, WA · Member since 2014 · 10k+ posts · 16k+ votes
9y
Of course you should do the right thing and return it.
FYI- it was probably reported lost anyway and will be flagged when processed. Maybe not flagged at the time it is deposited or cashed, but it will be discovered.
In most places, a money order reported lost or stolen can be re-issued after 30-45 days. They are a complete pain when one of your renters declares it was mailed or otherwise submitted but must be lost.