A law in Florida from 1869 states that if a person takes over a home and the real owner doesn't claim it back within 7 years, then it belongs to the person who took it over. (See: Squatters' Rights).
With all of the home foreclosures all over the country, there are literally thousands of abandoned homes and businesses have sprung up to take possession (without paying a dime to anyone) while hoping they can ride out the 7-year period. These businesses are even renting the homes to tenants...homes they do not own.
Shady practices is an understatement.
Here's the full piece.
Opportunistic? Maybe. Shady? I don't think so.
ReplyDeleteThe law is totally consistent with a centuries old common law doctrine of adverse possession. The underlying policy is that we want property to be put to use and not abandoned. Why should some feudal lord get to maintain title over some obscure highland property when William Wallace and his band of patriots have been settled there undisturbed for 50 years with no knowledge of the lord's claim?
People should have an opportunity to make use of land. So if an individual or a bank has a claim to this property, they need to assert that right. In other words, use it or lose it.