Posted by Jimmy on September 19, 2005 at 07:47:37:
I would really like to obtain this property before the frenzy at the tax deed sale.
PROBABLY TOO LATE.
Who would have to sign the deed, any officer of the corporation or the same one who signed originally?
THE COMPANY NEEDS TO BE REINSTATED BEFORE AN OFFICER THEREOF CAN EXECUTE A DEED. YOU MUST FIND THE SHAREHOLDERS. REINSTATEMENT DOES NOT TAKE A LOT OF TIME, BUT IT TAKES SOME MONEY.
Can and officer of a defunct company still sign the deed?
HE CAN, BUT YOU WOULD NOT GET GOOD TITLE. THE TITLE COMPANY WILL KILL THE DEAL. IF YOU TRY TO DO IT WITHOUT A TITLE POLICY, THE COUNTY RECORDER WILL LIKELY NOT CATCH THE PROBLEM. BUT YOU WILL HAVE A CLOUD ON TITLE THAT COULD JUMP UP AND BITE YOU LATER.
Is possible to buy or reinstate the corporation and elect myself the officer and sign the deed myself to obtain ownership of the property?
YES. BUT YOU CAN’T DO IT ALONE. YOU HAVE TO FIND THE SHAREHOLDERS OF THE COMPANY.
I was also considering Adverse Possession.
Does anyone know the repercussions if the owner of the corporation were to resurface after I were to pay the taxes and rent the property out to tenant?
IT TAKES YEARS TO SECURE A PROPERTY BY ADVERSE POSSESSION. AND THE TAX SALE IS LOOMING. FORGET ABOUT IT.