Tax leins and abandonded property
I currently hold a tax lein on an abandonded property in Colorado. I hope to assume this property free and clear in the 3-year time frame of purchasing tax leins on it.
What rights do I have to go in a protect this property from damage, (i.e. padlocked to keep out transients, tree removal from foundation, minor roof patching) I realize that I may lose my "sweat equity" if the owner reclaims this property - but can I be found liable for tresspassing? I do hold the only known lein on this house. I am trying to protect my investment.
well, because no one here seems to have the answer, the only information I can find is that "trespassing" is a civil matter and if the property is truly abandonded (unlocked, no signs indicating "No Tresspassing"
I am considered a squatter. I still can lose my sweat equity if the owner reclaims the property. However, after three years of Tax Lein Certificate purchase, A quit claim deed is issued to the TLC's owner. -- any comments???
What part of the state are you working in? How long have you been buying TLC's?
I only ask because I am interested in doing the same in Weld county.
Thanks - Stormy
I work all over colorado. I have not had the pleasure of Weld county - but all I can say is BEWARE IN COLORADO. Three years is a long time to wait for your TLC's and some leins are not waived by the quit claim deed. Do your research on specific law and the property itself!!!
Quote:
On 2003-06-13 13:22, ecolgic wrote:
I work all over colorado. I have not had the pleasure of Weld county - but all I can say is BEWARE IN COLORADO. Three years is a long time to wait for your TLC's and some leins are not waived by the quit claim deed. Do your research on specific law and the property itself!!!
Hi ecolgic,
Just wondering. What liens are NOT wiped off? Did you ask the Treasurer about them?
Steve
Quit claim deeds do not eliminate previous tax leins. There are others as well - the big thing is - Know your property!
My Initial Question Remains.
First thing is are you the first tax lein holder? If you are you'll have to aquire the next two years tax leins as they come up. Is there a Mortgage on the property? If there is then the lender has first right of redemption, if they are'nt trying to take the property then you might try to figure out why. Iit's possible they know something that would cost more to remedy in the property than they'll lose by writing it off. Very seldem has a structured property ever been given to a tax lein person in CO. I'd start with the due diligence now before it's too late.
On the trespassing issue, I would think someone would have to a) catch you and b) call the police. I would think this would have to be someone with a vested interest in the property.... I don't believe legally you can lock the property, but would anyone have a problem with you patching the roof? I wouldn't think so....
I just had a thought, if it's not posted "No Trespassing" maybe you should post it yourself... it might help protect it after you fix it....
Anyone else have an opinion???
Well ecolgic,
I think you need to check with the statues and laws of your State. In Alabama after the tax sale when we receive a certificate, we are allowed immediate posession. So if we had a house that was vacant we could dwell in it, rent it, make valuable improvements(except cut timber & things like knock down walls etc.), insure the property etc. without the fear of being a tresspasser UNTIL the default owner redeems & start the eviction process!
So I would say check with an atty.
Hi,
Owning/buying a tax Cert in Colorado gives you no rights to secure the property. You need to get the deed to have legal rights.
Steve