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GLOSSARY

Canadian Financial, Real Estate and Mortgage Glossary

How often this word is used
 
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38% - Moderately

Abandonment


Synonyms:desertion, give up, leave, relinquish, surrender
Filed Under: mortgages, real-estate
Tags: legal, realty
 

Definition of abandonment

abandonment
1. The act of giving something up.
2. When the condition of ownership for a property becomes a burden or is troublesome to the owner, he or she may choose to become a non-payer and abandon the property. In the event of "abandonment," creditors can seek to recover their money as the property is no longer part of the estate.


Related Terms and Acronyms:

  • abandonment clause   A clause that allows the insured to abandon damaged or lost property without losing insurance benefits.
  • debtor   A person who has filed a petition for relief under the bankruptcy laws.
  • estate   The ownership interest of an individual in real property.
  • lien   A legal hold or claim of a creditor on the property of another.
  • temporarily obsolete abandoned derelict sites (TOADS)
  • waiver   The intentional and voluntary renunciation, abandonment, or surrender of some claim, right, or privilege.

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