Full question:
Access to empty, bank owned, property. Can I move in and claim 'Squatters Rights'? Have access to empty, bank owned, property. Can I move in and claim 'Squatters Rights'?
- Category: Real Property
- Subcategory: Adverse Possession
- Date:
- State: Colorado
Answer:
Adverse possession allows a person to claim ownership of real estate after possessing it for a certain time. To succeed, the possession must be actual, open, notorious, exclusive, and adverse to any other claims. This means it cannot be hidden and must be obvious to others.
In Colorado, if you claim under color of title, you need to possess the property for seven years. Without color of title, the requirement is eighteen years. Color of title refers to a claim that appears valid but is actually flawed, such as a defective deed or conflicting deeds.
Colorado law also requires that the claimant believes in good faith that they are the actual owner of the property. The new law, effective July 1, 2008, allows judges to require adverse possessors to pay for the land they claim and to compensate original owners for back taxes and interest. The burden of proof now lies with the possessor to demonstrate ownership.
Since a bank-owned property is still owned by the bank, entering without permission may lead to criminal trespass charges. Colorado law requires landowner permission to enter private property, except on public roadways. Trespassing can result in fines and possible jail time, depending on the circumstances (see CRS 18-4-504).
This content is for informational purposes only and is not legal advice. Legal statutes mentioned reflect the law at the time the content was written and may no longer be current. Always verify the latest version of the law before relying on it.