Adverse Possession Process and Requirements
An investor interested in taking possession of land must fulfill certain requirements dictated by the jurisdiction in which the land is located. The requirements can vary from state to state and country to country. Generally speaking, adverse possession laws require the interested party to fulfill certain obligations. Usually, they must take possession of the property openly and publicly. Additionally, they must make improvements to the existing structure and prevent others from entering the domain. Taking possession of a property requires the investor to treat the desired space as if it was their own in many cases.
Once an interested party takes possession of a location, they must use it in the fashion to which it was designed. For example, it would not make sense to take possession of an apartment building and use the apartments as a retail space. If an interested party takes possession of land they intend to build on, all of the required building permits should be acquired before they begin construction and are relatively certain they own the land. Land ownership in various jurisdictions is usually tied to the amount of time the possessor has attached themselves to the property. Typically, land possession timeframes can range from four years to as many as twenty years depending on the country of origin, type of land, and previous owner’s history.
Additionally, courts like to grant adverse possession in cases where continuous use is shown. When an investor moves towards the acquisition of land there are other factors involved that may help the investor display they are entitled to the property. The cultivation of crops, building a place of worship, or enclosing an area that had been previously exposed all include actions that could be taken in order to ensure a successful adverse possession
In Summary
Adverse possession can be a complicated form of acquiring land. A working knowledge of the legal system is required to successfully obtain a desired parcel. If you are interested in acquiring land through adverse possession it is recommended to consult a knowledgeable attorney who can assist you in navigating the waters.
RISKS RELATED TO THE REAL ESTATE INDUSTRY
An investor’s performance and the value of their properties are subject to general economic conditions and risks associated with our real estate assets.
There are significant expenditures associated with an investment in real estate (such as debt service, real estate taxes, and insurance maintenance costs) that generally do not decline when circumstances reduce the income from the property. Income from and the value of the properties acquired may be adversely affected by many factors.