How One Texas Man Got A McMansion For $16
It's called 'adverse possession' and it's also happening in Tuscon in a big way, by an independent mayoral candidate no less.
The neighbors are angry, but we imagine the bank is not upset as the property is being managed and kept properly for free. They will probably move to evict him before the required 3 years are up.
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Kenneth Robinson lives on Waterford Drive in Flower Mound, Texas, but he doesn't own or rent the home he claims he has a right to live in.
The home was in foreclosure, and the owner abandoned the property. That's when Robinson swooped in and, after submitting a $16 filing fee at the local courthouse, claimed the law of "adverse possession" gave him the right to occupy the home.
Adverse possession is a common law concept developed in the 1800s. According to Lucas A. Ferrara, a partner in Newman Ferrara, a New York City real estate law firm, adverse possession was enacted to ensure that property wasn't abandoned and was "maintained and monitored." It requires the posting of a clear, public notice that someone is at the property -- hence the court filing -- and that someone would remain there for a specific period of time, usually 10 years.
After the time requirement is satisfied, the Robinsons of the world have the opportunity to claim clear title to the property. In the meantime, the original property owner could fight the action, but it would be costly. And since the house has already been abandoned it's not likely the original owner would wage an expensive legal battle to get it back. The mortgage holder would have to fight a court action too.
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Jul 22, 2011 at 3:43 PM
Reader Comments (9)
http://www.marketwatch.com/column/bond-report
In his first confirmation hearing before the Senate Agriculture Committee, Democratic staffer Mark Wetjen told the committee that his experience in the private sector positioned him well for the job.
http://www.marketwatch.com/story/cftc-nominee-spars-with-republicans-2011-07-21?link=MW_story_latest_news
http://www.marketwatch.com/story/us-stocks-lifted-on-optimism-for-financials-2011-07-21?link=MW_story_latest_news
Most likely the crackers will burn him out.
@$^*!#%&(+
http://www.businessinsider.com/bp-liberty-artificial-island-alaska-2010-6