What does the term escheat refer to in property law?

Escheat refers to the process by which unclaimed or abandoned property reverts to the state. This legal concept comes into play when a property owner dies without a will or heirs, making their estate forfeit to the government. This ensures that property does not remain in limbo and can be managed or utilized by the state for the public good.

In the context of property law, escheat highlights the state's interest in maintaining property records and upholding the rights of citizens over unearthed assets. This principle is rooted in the idea that property should not be left without ownership, thereby allowing the government to reclaim and reallocate resources for community benefit.

Understanding escheat is important for appraisers and assessors, as it influences property valuation and ownership issues when dealing with properties that may have unclear ownership or rights.