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Updated about 7 years ago,
Granting access rights to recreational land via Quit Claim in FL
I have an opportunity to pick up some acreage that is currently being used for recreation(camping, 4 wheeling, etc). The lots are cut into just over 1 acre parcels. In order to access the area, you must have a deed to one of the lots. As long as you have a deed with your name on it, you can roam the land....all of it(except for a few spots that are apparently off limits). I have done a lot of research on these parcels and it seems that the folks that are active on the property, have found a way to make a bit of money off of their land.
The owners are selling an interest in the property for just under $1,000 which gets the buyer's name on the deed via QC. I have identified at least 2 properties where there are 36 and 53 owners listed on the deeds. Checking the sales histories, these folks have made ~$24,500 and ~$38,000, respectively. Many others have anywhere from 3-10 people listed as Owners.
I know this is not a conventional way to do things but it does seem like it works, at least as far as the county is concerned. So, I have a few questions if there is anyone that cares to comment :)
- Is anyone familiar with this procedure? Can you offer any advise if so?
- If someone is listed as an "Owner", can they sue the other owners?
- If I want out of the deal after I've made my money, can I sell my share via QC to one of the other "Owners"?
- I thought of setting a storage container on a lot and offering it for storage, for a fee. Any thoughts on this one?
- Would a FL Land Trust allow me to add names to the deed in the same way with less liability?
A little history on the property, it sits about 7 miles outside of a small town and the parcels were defined back in the 70's and sold off to individuals, most of which are not even in the country to care what is happening on their property. There are no improvements on the land but there are dirt roads still cut in line with all property lines. The folks that are using the land are "good ol boys" that have no intention of letting the land go, unless the right price comes along, I'd bet. There isn't much notable growth in the area so I do not anticipate that a developer would come in any time soon, therefore, the land is not worth very much. They have formed a Property Owners Association to keep the county happy.