Foreclosure
questions & answers
Question: I came across an abandon/foreclosed home and I would like to find out more about taking adverse possession of the property. What do I need to know about doing this? I need the pro's and con's, please! M
Answer: "Adverse Possession" permits trespassers who openly inhabit and improve an otherwise abandoned piece of property to gain title to that property after certain conditions are met. To be eligible, the person acquiring the property must do so publicly and pay property taxes or otherwise act as though he or she already has the right to possess it.
Otherwise known as "squatters' rights," adverse possession laws are frequently invoked by squatters who inhabit land or structures otherwise left unused. The term "adverse" refers to the fact that those claiming land are doing so against the interests of the actual title holders.
Arizona makes it fairly easy for squatters to take possession of property. Unlike some states that require two decades of occupation, Arizona permits a squatter to take possession after two years (under certain circ*mstances).
Arizona's adverse possession laws require an individual to occupy an otherwise neglected property publicly for at least 2 years. The Arizona statute (ARS 12-523) states:
When a party in possession claims real property by right of possession only, actions to recover possession from him shall be commenced within two years after the cause of action accrues and not afterward. In such actions defendant is not required to show title or color of title from and under the sovereignty of the soil as against the plaintiff who shows no better right.
This is specifically differentiated from "color of title" adverse possession (meaning he or she has reason to believe they have the right to possess the property). The Arizona statute sets out the three-year limitation:
An action to recover real property from a person in peaceable and adverse possession under title or color of title shall be commenced within three years after the cause of action accrues, and not afterward.
"Title" means a regular chain of transfer from or under sovereignty of the soil.
Review the Adverse Possession Arizona Revised Statutes for further information at:
http://www.azleg.gov/SearchResults.asp?SearchedFrom=%2FArizonaRevisedStatutes.asp&SearchPhrase=adverse+possession&x=13&y=11&Scope=%2Fars
State laws are constantly changing, contact an Arizona real estate attorney relating to your specific legal situation.
Question: I came across an abandon/foreclosed home and I would like to find out more about taking adverse possession of the property. What do I need to know about doing this? I need the pro's and con's, please! M
Answer: "Adverse Possession" permits trespassers who openly inhabit and improve an otherwise abandoned piece of property to gain title to that property after certain conditions are met. To be eligible, the person acquiring the property must do so publicly and pay property taxes or otherwise act as though he or she already has the right to possess it.
Otherwise known as "squatters' rights," adverse possession laws are frequently invoked by squatters who inhabit land or structures otherwise left unused. The term "adverse" refers to the fact that those claiming land are doing so against the interests of the actual title holders.
Arizona makes it fairly easy for squatters to take possession of property. Unlike some states that require two decades of occupation, Arizona permits a squatter to take possession after two years (under certain circ*mstances).
Arizona's adverse possession laws require an individual to occupy an otherwise neglected property publicly for at least 2 years. The Arizona statute (ARS 12-523) states:
When a party in possession claims real property by right of possession only, actions to recover possession from him shall be commenced within two years after the cause of action accrues and not afterward. In such actions defendant is not required to show title or color of title from and under the sovereignty of the soil as against the plaintiff who shows no better right.
This is specifically differentiated from "color of title" adverse possession (meaning he or she has reason to believe they have the right to possess the property). The Arizona statute sets out the three-year limitation:
An action to recover real property from a person in peaceable and adverse possession under title or color of title shall be commenced within three years after the cause of action accrues, and not afterward.
"Title" means a regular chain of transfer from or under sovereignty of the soil.
Review the Adverse Possession Arizona Revised Statutes for further information at:
http://www.azleg.gov/SearchResults.asp?SearchedFrom=%2FArizonaRevisedStatutes.asp&SearchPhrase=adverse+possession&x=13&y=11&Scope=%2Fars
State laws are constantly changing, contact an Arizona real estate attorney relating to your specific legal situation.
