<--Back to Wiki Home

Define Escheat in Real Estate

Escheat: 

"Escheat" is a term that describes what happens when someone dies without a will or any relatives to inherit their property. In this case, the property goes to the government. It's like when you find an abandoned item, and since no one claims it, the person in charge takes it.

Example: 

For example, let's say Mr. Smith, who has no family or friends, passes away and owns a house. Since he didn't leave a will, and no one is there to inherit it, the house will "escheat" to the state government. The government then takes over the property and might sell it, using the money for public purposes.

"Wit & Whimsy with the Dumb Ox: Unlocking Knowledge with Rhyme:"

In the world of houses and land,
"Escheat" is a term you should understand.
When someone's gone, with no heirs to be found,
The government steps in, and takes the ground.

Old Mr. Smith, with no family in sight,
Passed away, leaving his house without a fight.
No will was left, to guide the way,
So escheat happened, the state's here to stay.

The government took the property, oh my!
They'll sell it and use the funds, reaching for the sky.
For schools and parks, the money will flow,
Thanks to escheat, the state can grow.