Posted by JoeKaiser on November 06, 2000 at 03:12:20:
Paul,
It’s a little more complicated than that. You don’t “apply for quiet title”, you sue.
Joe
Part ownership & missing owner - Posted by clay catoe
Posted by clay catoe on November 05, 2000 at 22:01:33:
I purchased 2/3 interest in a lot. The other 1/3 owner has not ben heard from in over 2 years. I will put a mobile home on the lot to rent out. What could happon if the other owner shows up and wants to cause problems latter?
Partition - Posted by Bud Branstetter
Posted by Bud Branstetter on November 06, 2000 at 11:21:54:
If you initiated a quiet title action you would luckey to succeed. Just because the owner hasn’t been heard from is not a reason to take his interest from him. Two years of maintaining or paying taxes isn’t even enough to be adverse possession.
You have right of possession, no one is stopping you. He may claim his interest in the improvements to the land. He may claim part of the rent. Make sure the land rent is separate and minimal while the mobile rent is maximized. When he resurfaces he could file a partition suit and ask for his share and the property to be sold. Is it worth a couple hundred to consult with an attorney?
Re: Part ownership & missing owner - Posted by TRandle
Posted by TRandle on November 06, 2000 at 07:53:40:
Clay,
I would definitely speak with an attorney regarding the laws specific to your state. I’ve not been in that situation, but a fellow investor I know is and he was advised to put the other owner’s prorata share of rents into an escrow account.
Re: Part ownership & missing owner - Posted by Paul_MA
Posted by Paul_MA on November 06, 2000 at 02:05:13:
Hi Clay,
I believe you can apply for “quiet title”. This is a process where, through legal notices published in the local newspaper (and probably in the newspapers of the area of the last known address of the other owner) and mailings to the last known address of the other owner. Then, after waiting a certain amount of time for a response, the courts may grant you the remaining 1/3 of the ownership.
This was a solution offer to me to either 1) settle a lot size on a tax parcel that we couldnt find the title to OR 2) because a tax auction parcel had a lien from long ago.
I don’t remember the specific reason as you can see. But I do remember that you must use an attorney and it will cost about 2 thousand dollars.
Hope this helps.
Re: Part ownership & missing owner - Posted by Lynn
Posted by Lynn on November 05, 2000 at 22:42:59:
Do you have some type of agreement with the other owner? If the other owner is missing then you should have no problem with renting the property out. If you ever want to sell the property is when you will have a problem.