My question involves real estate located in the State of: Arkansas
I am acquiring a small rural unimproved wooded lot from an individual who obtained the property via Limited Warranty Deed from the Commissioner of State Lands in Arkansas through a tax deed sale. He is selling it to me as a LWD as well. From my understanding, anyone obtaining property via tax deed sale should always file a suit to quiet title if they want to built on the land, get title insurance, etc. My situation is a bit different, because the only interest I have in the property will be camping there in my camper. I have checked with county regulations and it's outside of city limits so I shouldn't have any problem legally camping on the land once I obtain the LWD. It will probably take me a weekend to clear a spot off to camp, and I obtained it for basically nothing so that is all I will have invested in the property. From what I understand there will be a cloud on the title, but I would be the current legal owner and taxpayer and if a previous owner wanted to demonstrate higher title to the land they would have to take actions to contact me and file a lawsuit to reclaim the land.
My main questions:
Is there any significant reason for me to get a suit to quiet title if I don't plan to build on the land?
If by chance a previous owner did seek to reclaim the land from me, would it be inexpensive and simple to sign rights back over to them?
Besides having a survey done, are there any actions that I should take before I actually pull up to the property and start clearing a spot?
Beyond that, my understanding is that I can file a suit to quiet title at any point in the future. I've also heard that the act of me clearing off and using the land would make my case to quiet title even stronger in the future. Is that true?
Thank you.
I am acquiring a small rural unimproved wooded lot from an individual who obtained the property via Limited Warranty Deed from the Commissioner of State Lands in Arkansas through a tax deed sale. He is selling it to me as a LWD as well. From my understanding, anyone obtaining property via tax deed sale should always file a suit to quiet title if they want to built on the land, get title insurance, etc. My situation is a bit different, because the only interest I have in the property will be camping there in my camper. I have checked with county regulations and it's outside of city limits so I shouldn't have any problem legally camping on the land once I obtain the LWD. It will probably take me a weekend to clear a spot off to camp, and I obtained it for basically nothing so that is all I will have invested in the property. From what I understand there will be a cloud on the title, but I would be the current legal owner and taxpayer and if a previous owner wanted to demonstrate higher title to the land they would have to take actions to contact me and file a lawsuit to reclaim the land.
My main questions:
Is there any significant reason for me to get a suit to quiet title if I don't plan to build on the land?
If by chance a previous owner did seek to reclaim the land from me, would it be inexpensive and simple to sign rights back over to them?
Besides having a survey done, are there any actions that I should take before I actually pull up to the property and start clearing a spot?
Beyond that, my understanding is that I can file a suit to quiet title at any point in the future. I've also heard that the act of me clearing off and using the land would make my case to quiet title even stronger in the future. Is that true?
Thank you.
Deeds - Limited Warranty: Tax Deed Sales and Limited Warranty Deeds
Aucun commentaire:
Enregistrer un commentaire