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Too Good to be True?
Too Good to be True? July 1st, 2010 by admin
Ask the Pink Realtor: Hollywood Real Estate Q&A Thursday, 01 July 2010 08:32 Rochelle Le Cavalier Dear Pink Realtor,A friend of mine says we can take over abandoned houses in Broward County by moving in and paying the taxes because of a law called adverse possession. It sounds too good to be true, but I Googled it and the opportunity seems legit. If this is legal, I could make millions this way!Sincerely,Too Good to be True?
Dear True,In investing, as in life, if it sounds too good to be true, then it probably is.The “law” you described dates back to 16th century England. Adverse possession allowed people to take over abandoned cottages and farmland, provided they were willing to live there and pay the taxes. The purpose was to prevent abandoned properties from sitting idle with no one paying taxes on them.In modern times, adverse possession has been used primarily to take over abandoned farmland or settle boundary disputes, such as a fence or building encroaching on a neighbor’s property. Florida law allows non-owners of a property to eventually take ownership if they pay the taxes, occupy, maintain and improve the land for ... more

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