Unowned property is those objects which are not yet under the ownership of any individual. The reason can be probably sovereign nations have agreed to the rule that no one can own them. Another reason can also be no person, or another entity has made a claim of ownership.

Let’s talk about an example of the above-mentioned property type.

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UNOWNED PROPERTY EXAMPLE

The most common type of unowned thing is asteroids. The UN’s Outer Space Treaty does not address the private ownership of natural objects in space. All asteroids remain unowned things until some person or entity makes a claim of a property right to one of them.

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CLAIMING OWNERSHIP

At first, you have to locate the unowned property. We called this step “Targetting”. After you do that, you will ensure the targetted property is really unowned or not. The Land Registry is available for inspection and should give information on the targeted land or property.

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What Constitutes Unowned things?

Property which is empty for decades is considered to be unowned property. We can also generalize this for the abandoned property. Land Registry will require a postal code and will charge minimal fees. On the contrary, it doesn’t prove that if a property is vacant, it is unowned. There can be legal consequences for anyone who decides to simply occupy an abandoned plot of land or property.

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Searching Out Unowned Property

Tracing or targeting the above-said property may be one of the most strenuous tasks.Despite this in most cases, it will involve simply searching in person around a city or town. If the land does look abandoned or property looks old and vacant then it may be unregistered. There are usually properties that look as if they have been sitting vacant for many years. But this does not mean that the property is unregistered. For this purpose, we recommend you use Land Registry so that you can get your desired information.

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Spotting Unowned Property

There are a few signs that may help when trying to find this property type. We can’t say surely that the signs are proof of an unowned thing. The signs are undoubtedly just a guide that goes along the land registry.

Signs to look out for will include:

• Boarded up windows and doors
• Gardens that are unkempt and overgrown
• The property has been uninhabited for many years and neighbours are unaware of tenants living there
• The garden is often used for people tipping rubbish
• The property is in great need of repair
• There have been previous reports of squatters in the abandoned property
• Vermin can be seen in the property gardens

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Conclusion

Indeed, claiming and buying an unowned property is a smart way to get an income property in a good location for less. You might even be able to restore it and turn it into a top rental property, driving the prices of the neighborhood up.