Definition of "Escheat"

Earline  Lawrence real estate agent

Written by

Earline Lawrenceelite badge icon

Berkshire Hathaway HomeServices Florida Realty

The right of local government to take property when no person are legally entitled to inherit or make claim to a deceased' property.

Comments for Escheat

Samuel Irby Samuel Irby said:

When the administrator of an LLC dies and leaves abandoned properties properties. How can a member of of the LLC get the deeds to the properties?

Aug 06, 2023  07:25:13

 
Real Estate Agent

Hello Samuel! Thank you for contacting us!

If you’re a member of an LLC and you need to obtain the deeds to properties owned by the LLC, here’s a general outline of the process:
Determine your role and authority within the LLC. Different members have varying levels of decision-making power and responsibility. Ensure you have the necessary control to request and handle property deeds.
Consult the LLC’s operating agreement! This document defines the inner workings of the LLC, including roles, responsibilities, and procedures for property-related matters. It may include provisions related to obtaining and managing property deeds.
Contact the LLC Manager (in your case, the interim or substitute manager) to express your wish to obtain the property deeds. The manager might be responsible for handling such matters on behalf of the LLC.
Suppose you’re authorized to request property deeds as a member. In that case, the LLC might require a formal member resolution, like drafting a resolution document that specifies the property, purpose, and individuals involved in obtaining the deeds. Depending on the operating agreement, other members or managers might need to approve this resolution.
The deed is in the Register of Deeds or County Recorder’s Office. Contact the appropriate office in the county where the property is situated to inquire about their specific process for obtaining property deeds.

For more detailed assistance, don’t hesitate to get in touch with an expert real estate attorney! We wish you the best of luck!

Aug 14, 2023  04:43:55
 
 
image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Real Estate Terms

The equity in property because of work in it by the buyer or holder which directly increases its value. ...

Also called earnest money. Money deposited with an individual for security for the performance so some contract. This is intended to show his/her willingness to follow through with the ...

Individual or business to which all rights (usually intangile) to property have been transferred. ...

The logical definition of both words is almost enough to understand what is earnest money. Money is a form of exchange between people to assert value to something and Earnest equals ...

Properties that about and actually touch and share a common border. Properties B and C are contiguous. Property A is adjacent to properties B and C, but it is not contiguous. ...

If you’re looking for the real estate agent definition, you’re in the right place. So, in the following paragraphs, we will try to examine the complex job of a real estate ...

Medium price for a new second home. Medium is the middle value between the lowest and highest figures. ...

Loan that allows the borrower to pay only the interest for the first few years of the loan. ...

Post-like components of wood that comprise a building frame. For example, a building code in a locality might require that studs measuring two-up-six be used for the exterior part of the ...

Popular Real Estate Questions