Would you like to get a $2.5 million mansion for FREE!?!?!
Need to play the lottery? No. AND no purchase required!!!
It sounds crazy, doesn’t it? But it’s true!
In many states, like Florida (and Colorado, where we practice) there is the principle of law called “Adverse Possession”. Adverse possession is a process through which a property can change ownership – without compensation to the owner.
Often, this statute was to ensure that tracts of property did not sit abandoned (lost through generations / forgotten about) or with an unclear title. However, one of the reasons is to ensure property has its highest and best use. And guess what one of those highest and best uses is? Tax generation. (It’s never about lofty ideals…it’s always about money.)
Adverse possession includes taking:
· Physical ownership (exclusively to the possessor / squatter)
· Notorious ownership (meaning conspicuous – not hidden – but out in the open); this often requires filing notice with the county in which the property resides.
· Hostile to the registered owner – meaning in conflict with the original owner’s rights
· Pay all applicable fees and taxes during the adverse possession AND
· That possession has to be continuous and uninterrupted
Meet those criteria in Colorado, and in 18 years, you own the right to take possession of the property – legally, with no compensation to the owner.
Well, a very crafty Generation-Y buyer – well, it seems inappropriate to call him a buyer – has done just that. http://news.yahoo.com/blogs/sideshow/florida-squatter-claims-ownership-2-5-million-mansion-231034670.html?.tsrc=tmobustoday
Twenty-three year-old Andre “Loki” Barbosa is using this law to squat and cash in. If he does so in Florida for seven years, it’s his. He is using adverse possession. He filed paperwork in July 2012 to make this possession notorious. If he’s successful, the 7,522-square foot property is his!
Time to go shopping…for a free home!
Ya’ gotta give the guy credit! If you’re going to do it, do it RIGHT!!!
We’ll keep you posted on the progress!