Grab A McMansion For 16 Bux!

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Grab A McMansion For 16 Bux!

Post by Admin on Mon Feb 06, 2012 8:23 pm


Adverse possession is a common law concept developed in the 1800s. According to Lucas A. Ferrara, a partner in Newman Ferrara, a New York City real estate law firm, adverse possession was enacted to ensure that property wasn't abandoned and was "maintained and monitored." It requires the posting of a clear, public notice that someone is at the property -- hence the court filing -- and that someone would remain there for a specific period of time, usually 10 years.

After the time requirement is satisfied, the Robinsons of the world have the opportunity to claim clear title to the property. In the meantime, the original property owner could fight the action, but it would be costly. And since the house has already been abandoned, it's not likely the original owner would wage an expensive legal battle to get it back. The mortgage holder would have to fight a court action too.

The growing number of abandoned homes brought on by the foreclosure crisis has produced a small buzz around the idea of adverse possession.

A spokesman for the National Association of Realtors, however, said adverse possession was not common nor on the association's radar screen.

But a quick Google search, however, turned up plenty of websites willing to show anyone how to do what Ken Robinson did.

At AdversePossession.com, for example, for a mere $39.95, "average people" can learn how to "acquire valuable real estate for free." The site takes steps to assure potential Robinsons that adverse possession is not squatting. "Squatter," says the site, "is an unfortunate and negative term used to describe someone who unlawfully occupies a vacant property or other real estate." Nor is occupying abandoned homes for financial gain immoral, according to the site. It's "doing the neighborhood a favor."
Source/More Here!

http://16dollarhouse.net/
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