Abandonment in real estate refers to the voluntary surrender of property, owned or leased, without naming a successor. Such property often reverts to an entity holding a prior interest or, if no owner is apparent, to the state. Abandonment does not negate obligations unless acknowledged by the obligee.
The neighborhood life cycle represents the generalized pattern of physical and social changes that residential areas undergo over time. This cycle can be influenced by various factors including economic conditions, demographic shifts, and policy interventions.
