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Tax, SDIRAs & Cost Segregation

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Michael McDaniels
  • Real Estate Investor
  • North Syracuse, NY
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20
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Adverse possession laws.

Michael McDaniels
  • Real Estate Investor
  • North Syracuse, NY
Posted Aug 3 2008, 10:47

I know of a property that the owner has died. Their is no next of kin. The home had a small fire in the living room and so the house needs work. The town has placed deficiencies notices on the property and I am told that the house is in probate with the state. I was talking to someone and they mentioned taking adverse possession. They said to pay the back taxes on the property do the repairs and if no one comes to claim the property within 10 yrs. you would somehow gain vested rights somewhat like squatters rights from long ago. I know this all sounds nuts but I know how old laws never get removed from the books and can defend some crazy action like this. Can anyone speak to this.

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