From a real estate perspective, an Absentee Owner is someone who owns a residential property and does not occupy that property.
Although this can refer to landlords and owners of rental properties, the term "absentee owner" is typically used to refer to owners whose does not live in that property. An absentee owner can fall into several categories:
1. Someone who inherited a property(s) either through a Will or through Probate: In some cases, individuals may inherit a property from a family member or loved one who has passed away. These individuals may become absentee owners if they choose not to live in or sell the inherited property immediately.
2. Someone who has moved but has not sold their property yet: People who have relocated to a different area or have purchased a new home may still own their previous property but have not yet sold it. These individuals become absentee owners as they are physically absent from the property they own.
3. Someone who purchased a property as a potential rental but has not yet found a tenant: Some individuals invest in real estate with the intention of renting it out. However, if they have not yet found a tenant, the property may remain vacant. These owners are considered absentee owners as they do not reside in the property and it is not generating rental income.
4. Someone who purchased a property as an investment but does not live in it: Investors often buy properties with the goal of generating profit through appreciation or rental income. If the investor does not live in the property and it remains unoccupied, they are classified as absentee owners.
In summary, an absentee owner refers to individuals who own a property but do not reside in it or have it occupied by tenants. They can include those who inherited a property, individuals who have moved and have not sold their property yet, those who purchased a property for rental purposes but have not found a tenant, and investors who do not live in the property they own.