How to Buy Abandoned Property in Florida?
Are you interested in buying abandoned property in Florida? If so, you’re not alone. Many people are intrigued by the idea of purchasing abandoned properties, but they don’t know where to start. In this article, we will provide a comprehensive guide on buying abandoned property in Florida.
What is Abandoned Property?
Abandoned property refers to any real estate left vacant and unused for an extended period.
This may be a residential or commercial property that has been neglected, and the owner is no longer interested in maintaining or leasing it.
There are several reasons why one might be interested in purchasing abandoned property. One of the most common reasons is to renovate and sell the property for a profit.
Abandoned properties are often sold at a lower price than other properties, making them an attractive investment opportunity.
Additionally, some people are interested in buying abandoned property for their residence or business location.
Steps to Buy Abandoned Property in Florida
Step 1: Identify the Property
The first step in buying abandoned property in Florida is identifying the property you want. You can search for abandoned properties online or through a real estate agent. You can also drive around the neighborhood and look for properties that appear to be abandoned.
Step 2: Research the Property
Once you have identified the property, it’s essential to do your research. You will want to find out who the current owner is, whether there are any liens or back taxes owed on the property, and whether there are any zoning or code violations. You can obtain this information through the county property appraiser’s office or by hiring a title company.
Step 3: Contact the Owner
If the property is not listed for sale, you must contact the owner to express your interest in purchasing the property. You can do this by sending a letter or calling the owner directly. Be prepared to negotiate the price, as the owner may be willing to sell the property for less than the asking price.
Step 4: Make an Offer
Once you have negotiated a price with the owner, it’s time to make an offer. You can do this through a real estate agent or directly with the owner. Include any contingencies in your request, such as the property passing a home inspection.
Step 5: Close the Deal
If the owner accepts your offer, closing the deal is time. You will need to sign a purchase agreement and provide a deposit. You will also need to hire an attorney to handle the closing process.
How To Buy Delinquent Tax Property?
Can I take ownership of an abandoned house in Florida?
Here are the steps you can take to claim ownership of an abandoned house in Florida:
Research the property records to determine the legal owner. Check the county property appraiser’s website or contact the property tax office for ownership information. This will confirm if the property is truly abandoned or just vacant.
Make attempts to contact the legal owner. Send letters, emails, or phone calls to track down the owner and determine if they intend to retain ownership of the property. If they do not respond, document your attempts to contact them.
Register as an adverse possessor. If you cannot locate the owner after diligent efforts, you can register as an adverse possessor with the county clerk of courts. This tells others that you intend to claim the property through adverse possession.
Take possession of the property. Move onto the property, make repairs, pay property taxes, and demonstrate open, continuous, and exclusive control for the required period. In Florida, you generally need to possess the property for 7 years to claim ownership through adverse possession.
File an adverse possession lawsuit. If, after 7 years, the legal owner has not asserted their ownership rights, you can file a lawsuit in circuit court to obtain full ownership title through adverse possession. You will need to prove the required elements to the court’s satisfaction.
Obtain a deed. If your adverse possession lawsuit is successful, the court will issue a judgment transferring title to you. You can then record the decision with the county recorder’s office to obtain a deed for the property in your name.
How long is property considered abandoned in Florida?
There is no set period for a property to be abandoned for someone to claim adverse possession in Florida. Instead, what matters is whether the legal owner of the property has demonstrated neglect of the property for at least 7 consecutive years. During those 7 years:
The owner has not personally used or occupied the property.
The owner has not maintained the property (e.g., repairs, lawn care, securing the property).
The owner has not paid property taxes for at least 2 years.
The owner did not intend to return to, reclaim, or sell the property during those 7 years.
So even if a property has been vacant for less than 7 years, if the owner has neglected it in the ways described above, it could theoretically be considered abandoned enough for someone else to make an adverse possession claim.
Only a court can determine if a property has been abandoned and an adverse possession claim is valid.
So just because a property appears abandoned does not guarantee that someone else can legally claim it – they need to prove all elements of adverse possession to the court’s satisfaction.
The critical factors for the court to determine will be whether the valid legal owner has truly abandoned or neglected the property for at least 7 years, not just how long it has been physically vacant.
What happens to an abandoned property in Florida?
There are a few things that can happen to abandoned property in Florida:
It remains abandoned – If no one claims the property through adverse possession or the government, it simply sits vacant and unused. This can lead to deterioration of the property and issues like overgrowth, pests, and squatting.
The government can seize it – After a property has been abandoned for some time, the local government (city or county) can take ownership of it through eminent domain or tax deed sale. This often happens if property taxes go unpaid for several years.
Someone can claim it through adverse possession – After 7 years of open, exclusive, and continuous control of the abandoned property, a person can claim legal ownership through adverse possession, as I outlined in my previous response. They have to prove the required elements to a court.
The mortgage lender repossesses it – If an abandoned property still has a mortgage, it can initiate foreclosure proceedings and ultimately take ownership of the property through foreclosure.
It is sold to a new owner – Occasionally, an abandoned property will attract a new buyer willing to purchase it “as is” and deal with making any needed repairs. This can require a significant discount on the purchase price.
The property is abandoned indefinitely – This is the worst-case scenario, where the property falls further into disrepair with no legal owner claiming or maintaining it. This can have negative impacts on the surrounding neighborhood.
What is the abandoned law in Florida?
Florida has a law known as the “Lost or Abandoned Property Act” that governs how property that has been abandoned or lost can be claimed or disposed of. Here are some critical points about Florida’s abandoned property law:
• Property is considered abandoned if left on public or private land without apparent ownership for at least 30 days. This includes personal property and vehicles.
• The owner of the property where the abandoned property is found (like a business or landlord) can take possession of it after notifying local law enforcement and making a diligent effort to find the owner.
• If the valid owner cannot be located within 30 days, the owner can sell the abandoned property and keep the proceeds. They must first store and care for the property for at least 30 days.
• Abandoned property valued over $250 must be advertised for public sale for at least 10 days. Property under $250 can be sold privately.
• Local law enforcement can immediately seize abandoned property that poses a danger, hazard, or obstruction. They can then dispose of the property following the same process.
• Found property (without an apparent owner) is treated separately. The finder must notify law enforcement and make efforts to locate the owner. If the owner is not found within 6 months, the property vests with the finder.
• Claims for abandoned or found property can be made within 4 years after disposal. Owners have to prove ownership to recover the value of the property.
FAQs
Here are some frequently asked questions about buying abandoned property in Florida:
Q: What should I look for when buying an abandoned property?
A: You should research the property’s ownership, back taxes, liens, zoning, and code violations. You should also inspect the property for any damage or repairs that need to be made.
Q: How much does abandoned property cost in Florida?
A: The cost of abandoned property in Florida varies depending on the property’s location, condition, and size. However, abandoned properties are often sold at a lower price than other properties.
Q: Can I get a loan to buy abandoned property in Florida?
A: You can get a loan to buy abandoned property in Florida. However, the process may be more complex than getting a loan for a traditional property.
Q: What are the risks of buying abandoned property?
A: The risks of buying abandoned property include the possibility of hidden damages, liens, and back taxes. Additionally, the parcel may be in a state of disrepair or require significant renovations.
Conclusion
Buying abandoned property in Florida can be a great investment opportunity but requires careful research and negotiation. By following the steps outlined in this guide and being aware of the risks, you can become a successful abandoned property investor.
