What happens to property if the owner dies without any relatives or will?

Study for the New York Real Estate Institute (NYREI) Exam. Get ahead with flashcards and multiple choice questions, each accompanied by hints and explanations. Equip yourself with the knowledge to pass your exam confidently!

When a property owner dies without any relatives or a will, the property is considered to have no rightful heirs. In such cases, the legal principle of escheat comes into play. Escheat refers to the process by which unclaimed property reverts to the state. This legal doctrine ensures that property does not remain in limbo indefinitely without an owner.

The state takes possession of the property and is responsible for managing or disposing of it according to state law. This process may involve attempts to locate any potential claimants, but if none exist, the state will ultimately retain ownership. This mechanism is essential for maintaining an orderly system of property ownership and ensuring that unclaimed assets are properly handled.

Thus, the answer regarding escheat to the state accurately reflects the legal outcome when an individual passes away without a will or identifiable heirs.

Subscribe

Get the latest from Examzify

You can unsubscribe at any time. Read our privacy policy