Question About Trust For Public Land Tax Default
There are several lots at the Tax sale where the deed is a Corporation Grant Deed from The Trust for Public Land, a charitable non profit Corp, to Pearmin Land Trust, a non profit Cal. Corp.
In this Tax sale, it appears the Land Trust has faile to pay it's taxes and thus the forced sale. The question is can the new owner develop the property after winning it at the sale? The Trust for Public Land (TPL) is an organization dedicated to preservation of land. The deed specifically said the Land Trust is to used the land as a park, garden, ..etc only.
Any comments/answers regarding what can be done to the lot are greatly appreciated. Thx.
AWE--(CA)-------------------
That is a legal question. It seems to me that to get an answer to that question, it would be wise to consult with an attorney.
Deed restrictions like that can "run with the land" and prevent other uses for the property in the future. It might be that the restriction is not enforceable. I don't know.
If I were in your shoes, I'd call up the planning or zoning office for the city or county that has justidiction over that proeprty and ask them if you would be able to get a building permit were you the owner.
Why don't you try that an report back on the results.
Good Investing************Ron Starr************
ron,
i'll check w/the city tommorrow and report back. thx
-peter
I talked to the folks at Trust for Public Land (TPL) and also reread all the conditions on the Corporation Deed of Trust from TPL. The conditions on the trust states that the land is to be used for parks, gardens, and other public uses. These conditions may or may not be enforceable as Ron indicated. The folks at TPL also indicated that they deed out the land to non-profit organization who holds the Land Trust. Because they are non-profit organizations, the Land Trust are exempt from property taxes. The organization either failed to filed the necessary paperwork or the County screwed up. In any case, the Tax sale for these properties will be defective. TPL is well aware of these cases.
-peter