abandoned property

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abandoned property

n. property left behind (often by a tenant) intentionally and permanently when it appears that the former owner (or tenant) does not intend to come back, pick it up, or use it. Examples may include possessions left in a house after the tenant has moved out or autos left beside a road for a long period of time, to patent rights of an inventor who does not apply for a patent and lets others use his invention without protest. One may have abandoned the property of contract rights by not doing what is required by the contract. However, an easement and other land rights are not abandoned property just because of non-use. (See: abandon, abandonment)

References in periodicals archive ?
EGLE grants and loans pay for environmental investigation and cleanup on brownfields, which are vacant or abandoned properties with known or suspected environmental contamination.
As well as restoring abandoned properties to a modern and comfortable state, it enabled families who could not otherwise afford a home to get on the housing ladder.
It is designed to address leftover impact of the 2008 foreclosure crisis, which left many communities in Illinois with abandoned properties.
According to a report in the Business Insider , some of the villages as well as the rural hamlets in the country are selling of the abandoned properties for as less as 1 Euro (Dh4.16).
According to councillors, the abandoned properties create an unsafe environment in residential neighbourhoods with rodent infestations, environmental hazards, immoral activities and even crimes.
There, the Department of Financial Services posts a "Zombie Property Database" website, relating to vacant and abandoned properties. It also has an expedited "Zombie Property Foreclosure" homepage, which alludes to a new law to expedite foreclosures and sales.
The Coppell, Texas-based mortgage servicing company has agreed to donate USD5m in addition to the fine to local non-profit organisations working to rehabilitate abandoned properties.
Under the consent order with DFS, Nationstar will also donate $5 million in residential real property or first-lien mortgages to one or more non-profit organizations to assist in the rehabilitation of vacant and abandoned properties. DFS uncovered numerous deficiencies and violations of Banking Law during examinations of Nationstar's servicing and origination operations.
Many of these organizations are forced to deal with the unsightly reality of vacant and abandoned properties, which not only sit idle and devalue surrounding properties, but also break down community relationships and pride.
The committee also discussed the financial fraud related to Abandoned Properties Organisation (APO) amounted to Rs1.925 billion.
For example, while abandoned properties turned into breeding habitats in poorer neighborhoods, excess water from residential lawn care created breeding habitats in richer areas.
The officials of Cabinet Division, Ministry of Law and Justice, Pakistan Telecommunication Authority (PTA), Oil and Gas Regulatory Authority (OGRA), National Electric Power Regulatory Authority (NEPRA), Public Procurement Regulatory Authority (PPRA), Intellectual Property Organisation, Bait-Ul-Mal, Abandoned Properties Organization (APO) and Frequency Allocation Board (FAB) briefed the committee regarding their rules, regulations and acts.