Friday, May 30, 2008

What does Abeyance mean?

The term Abeyance is a french word that when translated means "gaping". An abeyance refers to property where there is an absence of clear ownership or title to a piece of real estate. Abeyance also carries the expectation that the ownership issue will be resolved in a quick and reasonable period of time.

During an Abeyance the property is not allowed to be sold. There must be owner of record for a property to be sold. Once the Abeyance is resolved, the person who is determined to be the owner will be responsible for the taxes.

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