Scenario:
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Verify that there actually is a corporation.
Verify that this corporation actually owns the real estate.
Holding real estate in an S Corp structure is probably the worst way to do this; you should be able to check on the Title of that property, as well as how the property taxes were being paid. Even if there is no other activity, there would be something documented for legal assignment purposes.
Specifically, most states have a website where you can check the current status of a corporation. My guess is that it was dissolved many years ago, and the assets now belong to the shareholder. @qbteachmt Raises a good point -- who has been paying the real estate taxes?
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