Definition
Abeyance
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Abeyance is a banking and legal terms which describes the act of suspending title to property before the real legal owner of a property can be clearly established.
This can be a critical process for a bank as they don’t want to finance a house and only have a claimant to the property turn up years later.
The legal team would also be of interest as they are hired by buyer and seller to close a real estate transaction properly. A cloud on title that is left undiscovered can badly damage their credibility in the industry.
When a process is in the stages of completion such as closing in real estate, the term abeyance can be used to refer to a hold on the process until certain issues are rectified.
This can be sometimes observed when HDB steps in to ensure proper transfer of property is done as per procedure.
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