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Abandonment 1

Definition

It is either giving up your rights to a property or asset.

Example

Example 1: Tunde bought a piece of land in Abuja years ago but never built on it or paid his ground rent. After several warnings, he stops responding to the authorities entirely. By his silence and inaction, he has effectively committed abandonment, surrendering his rights to the land, which the government can now reclaim and reallocate. Example 2: A Canadian property investor owns an old warehouse in Toronto but stops paying property taxes and maintenance fees for years. He makes no effort to sell or develop it. The city legally declares it an abandonment, takes over the title, and converts it into affordable housing.

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