Elderly Owner Deceased - No Relatives
Does anyone know what happens to property if the owner dies & there is no will or relative to give it to? I have 3 of these properties - 2 of them in great areas that I'd love to get my hands on.
Does the state take possession???
I've read some posts about "adverse possession". Some investors have been known to break in change the locks clean the place up and set up residence. I believe this is called openly and notoriously taking possession, or adverse possession. In tennessee without color of title it takes 20 years to get a deed. If you find one relative, even a distant relative and get them to assign their interest over to you for $100, you can do an adverse possession through color of title. Here It takes 7 years to get the deed that way. If you dont acquire the property the state or some saavy investor will!
That's exactly how you must acquire a property like that with adverse possession, but first you must find out how much property taxes are due on it then pay it off, then all you do is move in for the amount of time it takes to take over deed. 8-)
What if I don't want to live there - just want to sell it & take the profit?
Learning first hand on this matter you need to contact the probate office in the county where the person lived they then can tell you who was the excuator of the will if there was no one to assume that postion then they county assumes that postion.
Well said ... excellent post by kfspropertymanagement ... similar to some of my posts on that subject.
Another post on same subject matter this weekend ... and both from Oregon. (See Foreclosure Forum Titled "Deceased Owner" dated 7-11-04)
What is happening in Oregon everyone is dieing without relatives or will?
That sounds like a post idea in the legal forum.
Cheryl Lopez
[ Edited by cheryllopez on Date 07/12/2004 ]
There is almost always someone willing to claim to be a distant relative when there is money involved.
My experience is that if you do a little creative searching, you can find a relative who can help you get title MUCH easier than adverse posession.