Oops…We Gave Your Money to Someone Else!

 I read an alarming article in the Register this week. 


Apparently the City of Newport Beach failed to update its list of homeowners…for twenty-six years!  Due to this large error, royalties from fifteen city-owned municipal oil wells were sent to the wrong Newport Beach residents.  These royalties amount to over $25,000!  That is a big “Oops!”


Here’s the kicker:  The reason the error went unnoticed for so long was because the checks sent to undeserving recipients were still cashed!


My question is, with homes changing owners as often as they do, especially in Orange County, why are the records not updated more frequently?  Shouldn’t this be a monthly activity for someone who works for the city?


Your comments are welcome.


And thank you for making me Your Orange County Real Estate Connection.

Best regards.

Michael Caruso, Broker ABR ABRM CRB CRS GRI

2007 President, Orange County Association of Realtors