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That's terrific. I remember the first time one of my players bought a piece of real estate. The character didn't like to carry around a lot of "liquid assets" and decided to purchase an investment property. He bought the inn they stayed at and intimidated the old owner into running it for him.
Anyway, as to your question, there are a couple things:
1. I don't think the Lucky Monkey is abandoned. The owner was just recently killed. His estate should pass through his will or the laws of intestacy to his other family members. They would probably be interested in selling their interest to the PCs, particularly if they do not live in the area. However...
2. Does the proprietar of the Lucky Monkey actually own the land, or is Cauldron sufficiently feudal that he just works the land for someone else. If the latter, then ownership should revert back to the lord.
3. Assuming that the Lucky Monkey is owned in a sort of fee simple modern arrangement, the creditors (i.e., his suppliers, his employees, etc) will probably come after the assets. The sheriff would arrange the sale and the characters could bid on the assets. It's possible that the liabilities were personal and died with the owner, but I'd bet at least some of them were secured with assets.
4. Even if there are no creditors and this is not a strong feudal system, the Monkey is much more likely to go to the state than the first person to call "dibs." If it were the later, you'd have a huge incentive to murder someone, cover it up, and call dibs on their property. This sort of thing is called mugging when it concerns personal property, but no legal system allows you to do this with real property (barring a war or such).
5. As to other abandoned property (particularly property in areas not governed by your local feudal lord such as, presumably, the Malachite Fortress), the usual rule is that if you claim it and protect it for a fixed period of time (usually 20 years) you get it through adverse posession. But really, being in a dangerous area not governed by a legal entity, the ability to retain control is the only form of legal title.
Anyway, the point is that the legal system is probably not cooperative to your character's desires, so do what you think is fun/interesting. Have the land escheat back to the feudal lord who in turn grants it to the characters.

matt_the_dm |

I had the property annexed by the city and then it was bought by a player for a hefty sum. I think I let him buy it at triple the price of a mansion from the DMG. Then he died shortly afterwards, allowing the party rogue to forge an ownership deed in one of the other player's names. After the mayor disappeared, no one was able to dispute the new owner's claim and since the forgery check was so good, it stayed in said PC's name until he also died, at which time the Striders moved in and took over.
M@

Solomani |

My players blackmailed Ghelve into giving him his shop to not turn him in. Which he readily agreed to. After he got his rat the players made him go to the town hall to sign over the deed. He then did the runner.
The players were drooling in anticipation at having the shop, Jzidirune and the Malachite Hold. But they didnt finish their job in the Malachite Hold. They found the kids but didnt clear it. So they missed out on the big treasure hall (which they later kicked themselves over). Then the Stormblade went in, found the treasure and the rest of the kidnap victims - who were dead. The Stormblades then took a lot of the credit and spread foul rumours about my player characters.
Under order of the mayor they also sealed the entrance between Jzidirune and the Malachite Hold. Jzidurune is cursed so I currently have no issues with the players holding it. One of the players is turning it into his personal trophy room. He collects the heads of his enemies which he then stores and displays here.
I am sure they will want the lucky monkey as well but I wont let them have it. Dont forget the inn is partially funded by the striders. If the owner has no next of kin then they would have the greatest legal right to it.