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A couple of older ladies would like to deed me a parcel of land for $25 consideration. She told me the land has been in the family forever, and they don’t need it for anything. The land cost about $190/year on taxes. They just want to get ride of it. This is in the California mountains somewhere. The parcel is zoned for a single family home.
I was thinking I could use this land to trade for something in the future. However, I know nothing about the land. Do I have any liability or anything? They were thinking about using the quitclaim and change of title to give me the land.
Do I need to watch out for anything? Please help.
Peter
Thank you for your input. I know nothing about the land. What happen if I don’t like the land and simply stop paying taxes? Any issues?
Peter,
In CA you have 5 years before your land will be auctioned off to pay the property taxes. Maybe you can figure out what to do with it in that time. In some areas, lots may be completely unbuildable, but due to the limited number of permits given, you can sell/trade the ‘rights’ to build on your lot to someone else who needs those rights for their lot.
I.e., in some highly sensitive park areas where construction permits are drawn by lottery, builders often buy/trade/move the construction rights from one lot to another. When doing your due diligence, you have to watch out to make sure some group hasn’t put a permanent non construction provision on the title where someone has traded their rights to build with someone who didn’t have the rights.
HTH,
Robert
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