A possibility of reverter is a legal concept that refers to the right of a grantor to regain ownership of a property if certain conditions are not met. This concept is commonly used in real estate transactions, where a grantor may include a possibility of reverter clause in the deed to ensure that the property will revert back to them if the grantee fails to fulfil certain obligations. The possibility of reverter provides a form of protection for the grantor and helps to ensure that the property is used in accordance with the agreed-upon terms.
A possibility of reverter is a legal term that refers to a future interest in property that automatically reverts back to the original owner if a specific condition is not met.
The purpose of a possibility of reverter is to ensure that the original owner retains control over the property and that it is used in accordance with their wishes.
An example of a possibility of reverter is a deed that grants land to a city for use as a park, but stipulates that if the land is ever used for any other purpose, it will automatically revert back to the original owner.
A possibility of reverter lasts for as long as the condition specified in the deed is not met.
Yes, a possibility of reverter can be transferred to another person through a legal instrument such as a deed or will.
Yes, a possibility of reverter can be waived by the original owner through a legal instrument such as a deed or contract.
If the condition specified in the deed is met, the possibility of reverter is extinguished and the original owner no longer has any interest in the property.
Yes, a possibility of reverter can be enforced by a court if the original owner or their heirs seek to reclaim the property.
If the original owner dies before the condition specified in the deed is met, their heirs or beneficiaries may inherit the possibility of reverter and have the right to reclaim the property.
No, a possibility of reverter can only be created for real property (land and buildings).
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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