I bought a street ; now what - Posted by Randy R. Cox

Real Estate Investing Real Estate Law
1

Posted by Randy R Cox on February 06, 2003 at 11:45:12:

Thanks John,

I’m feeling pretty foolish about now. You give some hope, and a place to start. My Daddy used to say, “Do something even if it’s wrong!” Well, Daddy would be proud :slight_smile: Thanks again

2

I bought a street ; now what - Posted by Randy R. Cox

Posted by Randy R. Cox on February 06, 2003 at 06:59:18:

Having missread the plots, I purchased two lots at a tax sale. These end to end lots are under a city street. Can I get tax exemptions so I will not be liable for taxes? What happens if I just fail to record the Sherrif’s deed? Is this sort of thing common?

3

Re: I bought a street ; now what - Posted by Long Beach Ed

Posted by Long Beach Ed on February 12, 2003 at 07:34:05:

Randy,

If you haven’t spoken to the area’s surveyor yet, you should. Surveyors know a whole lot about this stuff, including what is actually on the ground and where it is. The plots may be in the bed of a street, but perhaps houses are too.

See what the local surveyor can tell you.

Long Beach Ed

4

Re: I bought a street ; now what Toll Booth? - Posted by tyler, nc

Posted by tyler, nc on February 06, 2003 at 15:09:45:

Can you put a toll gate on it -and charge a fee to let car go through? Just kidding!! Please post follow up to advise of outcome.

5

“All that glitters…” - Posted by John Merchant

Posted by John Merchant on February 06, 2003 at 09:53:49:

Sounds like you were just given a “free” elephant! But maybe not.

Suggest you go over to city BALD (bldg and land dept. and find out from them what you can DO with it! And what your obligations are should you finally get full fee interest title.

This could turn out to be a boon or burden and the sooner you learn, the better.

I know of a case or two where owners of streets learned the street had never been dedicated or condemned and they actually made money with them because they hadn’t yet entered the public domain by any legal process.

Doesn’t Rockefeller Plaza, NYC, contain its own private street or avenue? I seem to remember that it’s closed off one day a year just to keep adverse possession from running. Maybe you’ve got the same kind of rights.