Successor Ownership

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January 1, 1 5 min read Definitions

Abandonment Property Ownership Leased Property Delinquent Taxes Legal Responsibility Successor Ownership Real Estate Law

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.