My parents property which was acquired 40 years ago was put into a corporation name. The corporation has never done any business what so ever. The property is located in Wyoming. The corporation has never been dissolved or reinstated as I called the Secretary of State in Cheyenne and they have no listing of the corporation. Since both parents are deceased can this property be sold by the children? The person who is President of this corporation is still around so what happens to the property now.
Hi,
The first thing you need to look for are any documents from the property and the corporation?
The property will have a tax record and will have information on who pays the property taxes each year and when the property was conveyed to the owner of record.
It is not unusual for an investor to buy a property and convey it to another party after being paid, IE Mom and Dad invest for example $20,000 dollars, except $4,000 per year with interest and convey the property to ABC Development Corporation upon receipt of payments.
You can not sell something which is not yours, I would never assume a property still belongs to my parents 40 years later as I know my parents did hundreds and hundreds of investment deals spanning 55 years.
Who pays the property taxes as they are required to be paid each year or the property will be sold as a tax lien sale a few years after default by non payment?
My bet is the corporation conveyed the property to some private person who has the documents and deed and has never recorded the properly conveyed and notarized paper work. My bet is that this was a investment by Mom and Dad and they were either paid or just decided the property was not worth much and walked away without collecting.
Someone is paying the property taxes once in the spring and once in the fall, this person is the legal owner and certainly has the paper work conveying the property to them before the corporation became inactive and was removed from state records.
My parents have 5 (4 drawer) file cabinets full of investments they made and if they did not collect statute of limitations expired and it’s a thing in the past!
GR
You can easily find the exact property owner by finding out who pays for the taxes and by calling city hall and finding out who is the owner.