Home Buying in Orlando>Question Details

Trulia Orlan…, Other/Just Looking in Orlando, FL

How can one take over a building that has been abandoned?

Asked by Trulia Orlando, Orlando, FL Thu Nov 15, 2012

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I think what you are referring to it's what it's called "Adverse possession". You would have to be in possession and use of the property for 7 years. Pay the property taxes for those 7 years and maintain the property for that time. If at year six the rightful owner or the bank that owns it show up. You are out and you just lost your money. It could also land you in jail if done incorrectly. I would definitely consult a lawyer familiar with real estate law prior to attempting anything like that. Also just because the property looks abandoned it does not mean it is. It could be in foreclosure, probate, bankruptcy court, etc... In Florida, the adverse possession statutes are on the books as Florida Statutes 95.16 – 95.18.
1 vote Thank Flag Link Fri Nov 16, 2012
Wow, thank you Oscar for sharing your expertise. Would you be able to possibly answer a few of the questions I have about buying foreclosure homes?
Flag Fri Nov 16, 2012
what do you mean by 'take over ' ? take ownership ? move in a squat ?
0 votes Thank Flag Link Thu Nov 15, 2012
You will need to find out who owns the building thru public records. Also a local Real Estate agent can assist you if you need help with that.
0 votes Thank Flag Link Thu Nov 15, 2012
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