It sometimes happens that for various reasons such as death or change of address, bank account holder “forgets” that keeps the balance in favor of it. In this circumstance raises the question: What happens to the money left by their owner in the bank account?

The truth is that as regulated by Article 18 of Law 33/2003 of November 3. Heritage of the Public Administrations, the balances in a bank account abandoned become the property of the state when you go 20 years without “has management practiced by some stakeholders that involve the exercise of their right of ownership “. I.e. without the owners have made any movement, except charges for maintenance fees was able to perform the bank.

The financial institution is required, three months before the expiry of the legal limitation period of 20 years, to communicate by registered mail to last known address of the holder of the account, the existence of it and the fact that it takes 20 years (less than three months) without movement. This communication is the last opportunity for owners to recover the money before finally passing the state funds.

You might have met someone who wanted to make money but did not want to try real estate investing. There are a lot of people who fear this business because of misconceptions about it. Even you probably are hesitating to venture into real estate because of these “fatal illusions” about the market. Here’s a short list of things about real estate investing that are merely illusions:

* Formal education is the key to success in this business. That is not correct. There are a lot of successful real estate investors who did not even finish high school. Having a college diploma is not a guarantee that you will make a fortune in real estate. What you need to do is help yourself to learn about the ins and outs of the industry. Hire a mentor. That will significantly cut your learning curve. A mentor is someone who not only knows what you should do, but also wants to see you succeed. You must read books and other educational materials. If you want to learn online, you can visit websites likes REIwired.com and watch informative videos. (more…)