What is escheat in the context of property law?

Escheat refers to the legal process by which a government assumes ownership of property when there are no designated heirs or claimants to a deceased person's estate. Essentially, when an individual dies without a will (intestate) and has no relatives to inherit their property, the state steps in to take control of that property. This ensures that properties do not remain in limbo and can be reallocated or utilized by the state for public benefit.

Understanding escheat is vital in property law because it pertains to the rights of the state regarding unclaimed property. It reinforces the principle that property must ultimately benefit the community or government, and if a property is abandoned or lacks a rightful heir, the government can redirect its use.

The other options describe different aspects of property law but do not encapsulate the definition of escheat.