Reversion, in legal terms, refers to the right of a property owner to regain possession of their property after a specific event or condition has occurred. This event or condition typically involves the expiration or termination of a particular interest or estate in the property, such as the end of a lease or the death of a life tenant. Reversionary interests can arise in various situations, such as when a landlord regains possession of leased property after the lease term ends or when a grantor reacquires ownership of property conveyed subject to a life estate upon the death of the life tenant. Reversionary interests are often created intentionally as part of property transactions or estate planning arrangements and are subject to the terms of the relevant legal documents and applicable laws.
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This glossary post was last updated: 29th March, 2024.
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