What is Adverse Possession? How can I obtain title to real estate?
In a nutshell adverse possession is a process where a person or an investor can obtain the ownership or title of real property from another person because the owner has abandoned the property. This is done by simply taking possession of that property in the manner prescribed by state law.
In doing so, you can, literally acquire ownership or title of the real property for just paying the back delinquent real estate taxes and the cost to file a quiet title lawsuit establishing that you obtained title to the property through adverse possession. In other words, you can take title of valuable property for a incredible discount.
The Law of Adverse Possession
The laws governing adverse possession is local state (or, in Canada, territorial law); consequently an Abandoned property investor must look into the specific laws of a specific state or Canadian territory where the real property is located. Since the laws are different dramatically from jurisdiction to jurisdiction and can often be confusing, anyone wishing to take title to real property through adverse possession should contact a knowledgeable attorney before attempting to do so.
In order for you to begin understanding the requirements of Adverse Possession let’s look at a specific example. Below is a closer look at th California Adverse Possession law. We will use this law to identify and explain some of the more common terms used in Adverse Possession.
California Adverse Possession Law
Briefly, California state law states that Real Estate investors wanting to obtain title to another person’s real property through adverse possession MUST satisfy all the following Requirements:
1.That the Abandoned property investor’s possession was held under either (1) a claim of right or (2) under color of title:
2.That the Abandoned property investor’s possession was actual, open and notorious;
3.That the Abandoned property investor’s possession was hostile, adverse an exclusive;
4.That the Abandoned property investor’s possession was continuous and uninterrupted for a period of five years;
5.That the Abandoned property investor paid th real property taxes during that five-year period.
Possession must be held under either (1) a claim of right or (2) under color of title.
The California statutes governing adverse possession and as well as the statutes of most other states make a distinction between claiming adverse possession based upon a “claim of title founded upon a written instrument or judgment or decree” (often referred to as a claim under color title) and claiming adverse possession based upon “a claim of title exclusive of any other right, but not founded upon a written instrument, judgement, or decree” (often referred to as a claim as either a claim of right, see California Code of civil procedures Section 322 and 323. As to such claim under claim o right, see Code of Civil Procedures Section 324 and 325.
Basically a claim of adverse possession based upon color color of title is one where the claimant(Abandoned Property Investor) took in good faith …