Otherwise known as “squatter’s rights,”  I always thought that this kind of thing only happened in theory.  That is, until somebody sent me the following video…

Here’s the definition of “adverse possession” according to Wikipedia:

Adverse possession is a process by which premises can change ownership. It is governed by statute concerning the title to real property (land and the fixed structures built upon it). By adverse possession, title to another’s real property can be acquired without compensation, by holding the property in a manner that conflicts with the true owner’s rights for a specified period. For example, squatter’s rights are a specific form of adverse possession.

This is the kind of thing that we spent forty-five seconds on during our real estate courses; probably because it happens so infrequently.

The case described in the video is exceptionally rare, but how about a hypothetical…

Say that there is a plot of land – several acres, in the middle of nowhere, that a band of people begin to live on.  And say that these people are completely self-sufficient, almost like a commune.  And say that over the years – maybe even a decade or more, the population grows, and these people build a community.

Now say that some multi-millionaire land-banker owns this acreage, but has never set foot on it, let alone seen it.

One day, this land-banker decides to start drilling for oil, or decides to build a mega-mall.  But there’s 300 people living on the land, complete with trailers, a self-made church, and maybe even a school made out of cardboard boxes.

It’s not out of the question for these folks to claim squatter’s rights, or “adverse possession,” and lay claim to the land.

We can’t imagine something like this happening in Toronto, but think outside the box.  Think about places around the world where “the middle of nowhere” exists, and where you can go unnoticed for long periods of time.

Squatter’s rights make for an interesting legal case!

As for the video above, it’s pretty silly.

Florida real estate isn’t doing so well, and I’m sure there are thousands of million-dollar homes that are sitting vacant.

I’m also sure that the neighbours must have AR-15 rifles next to the cutlery in the kitchen, and I’m surprised nobody has stormed the house…