abandonment

Definition

When an owner or renter gives up their property and leaves without passing ownership or tenancy rights to anyone else. The abandoner still owes any debts related to the property, unless the owed party cancels them. Abandoned properties are reclaimed by lenders or other entities with a prior interest.

Use abandonment in a sentence

Related Terms

Browse Definitions by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z
1099-A Form abandon