Define: Reverter

Reverter refers to a legal principle that allows the transfer of property back to the original owner or their heirs if certain conditions or restrictions are violated.

Reverter applies when a property is subject to a condition or restriction, such as a use restriction or a time limitation, and that condition or restriction is violated.

Common examples of reverter include situations where land is donated to a municipality with the condition that it be used as a public park, or when land is given to a religious organisation with the condition that it be used for religious purposes.

Reverter is triggered when the condition or restriction attached to the property is violated. This violation can occur through non-compliance, abandonment, or any other action that goes against the specified condition.

The original owner or their heirs typically have the right to enforce reverter if the condition or restriction is violated.

In some cases, reverter can be waived or modified through a legal agreement between the parties involved. However, this usually requires the consent of the original owner or their heirs.

If reverter is triggered, the property reverts back to the original owner or their heirs, and they regain full ownership and control over the property.

Reverter rights can be sold or transferred to another party, similar to other property rights. However, this transfer is subject to any conditions or restrictions attached to the property.

The concept of reverter may vary in different jurisdictions, and its applicability depends on the specific laws and regulations of the jurisdiction in question. It is important to consult local legal experts for accurate information.

Reverter can be extinguished in certain circumstances, such as when the condition or restriction is removed or when the property is sold with the condition or restriction explicitly waived. However, the process of extinguishing reverter rights can be complex and may require legal proceedings.