This past weekend, the Fort Worth Star-Telegram published an article highlighting rampant squatting this year in the north Texas County of Tarrant. County records show that over $8 million worth of property was been claimed by squatters in 2011 when owners were away for long periods or bank owned properties from the housing crisis were vacant. Among the audacious take-overs were a transplant from Memphis who took over a $2.7 million mansion with an elevator and a five car garage, career criminals who leased squatted homes to tenants, and people citing the Bible as legal justification for their actions.
Unfortunately, the struggle to oust these unlawful tenants is more complicated than it may seem. There is a loophole in a state law, which allows people to claim abandoned portions of property if there is no owner to dispute the claim. The original intent of the law was to assist ranchers in claiming vacant land that they had tended to for years. This law, though, doesn't distinguish between a section of sod worth a few dollars and a mansion worth millions of dollars. To stake a claim even a court could have a hard time disputing, one need only complete the proper paperwork for a $16 filing fee, maintain the property taxes, and live in the residence for over three years. Affidavits of possession at the Tarrant County Clerk's office have created a real estate nightmare, making the houses nearly impossible to sell because of the now confused titles of the homes.
While it may not be a situation applicable to most homeowners, the squatting in Tarrant highlights the importance of guarding your assets. Be mindful that scams are prevalent and planning always adds predictability.
No comments:
Post a Comment