What does the term 'escheat' refer to in real estate law?

The term 'escheat' in real estate law specifically refers to the state's claim to property when an individual dies without a will or any identifiable heirs. This legal process allows the state to take ownership of the property, ensuring that it does not remain unowned or abandoned. The purpose of escheat is to provide a systematic way of dealing with property that has no clear owner, thereby preventing any potential disputes or claims over the property.

In this context, the other choices do not correctly define escheat. For instance, the transfer of property to surviving relatives pertains to inheritance laws rather than escheat. Selling a deceased person's assets involves probate and administrative procedures, which are separate from the state's claims. Meanwhile, the division of property among joint tenants speaks to property law and ownership rights, again distinct from escheat. Therefore, recognizing escheat is crucial for understanding how property is managed when no heirs are available.