Final Answer:
If an owner of real property dies intestate and has no legal heirs, the property will It will escheat to the state or county. The correct option is 4.It will escheat to the state or county.
Step-by-step explanation:
Escheat to the State or County:
The correct option is 4. When a property owner dies intestate (without a will) and has no legal heirs, the property undergoes a legal process known as escheat. In this scenario, the ownership of the property reverts to the state or county in which it is located.
Escheat Definition:
The term "Escheat" denotes the transfer of property to the state or county when the owner has not claimed or cannot be found. In this context, escheat serves as a mechanism to prevent unclaimed assets from remaining in limbo.
Unclaimed Property:
Unclaimed property can include various assets such as money, real estate, or tangible items that have been left dormant, with no activity or contact from the owner for an extended period.
Legal Process:
Escheat is a legal process governed by state laws. When a holder of the property is unable to locate the rightful owner, they are obligated to turn over the unclaimed property to the state or county's unclaimed property office.