What is a reversion of property?
reversion, in Anglo-American law, interest held by a prior owner in property given to another, which, upon the happening of some future event, will return to that prior owner. A reversion is itself specific property, and it can be sold or disposed of as property by the reversion owner.
What is the reversion stage of property ownership?
A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum that he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
What is a fee simple determinable?
a determinable fee simple estate is one that automatically terminates upon the occurrence of a specified event or the cessation of use for a specified purpose and will revert to the grantor without any entry or other act…
What is the difference between reversion and remainder?
The key difference between a reversion and a remainder is that a reversion is held by the grantor of the original conveyance, whereas “remainder” is used to refer to an interest that would be a reversion, but is instead transferred to someone other than the grantor.
What is a Reversioner in possession?
Reversioner in possession: a reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property.
What is an example of reversion?
The definition of a reversion is a turn around, reversal or return to a prior condition. An example of a reversion is a couple getting married again after being divorced. A return to a former condition, belief, or interest.
How do you calculate reversion?
Present Value Calculations The Reversion factor is based on the Yield rate plus the Effective Tax Rate (in this case, 12%+1%=13%), for the Holding Period, six years.
Can you sell a fee simple determinable?
Note that a fee simple determinable can be transferred. In other words, in the above example, Barney can sell the land to whomever he wants. However, whoever buys the land still owns it subject to the condition that existed when Barney owned the land.
What is the most significant difference between a determinable estate and condition subsequent estate?
There is no reversion of ownership in determinable estate. There is no reversion of ownership in condition subsequent estate. Reversion of ownership is automatic in the determinable estate.
What is a Reversioner in law?
Legal Definition of reversioner : one that has or is entitled to a reversion broadly : someone having a vested right to a future estate.
What is the meaning of Reversioner in possession?
What does the word Devisees mean?
Historically speaking, a “devisee” is someone who receives real property (as opposed to personal property) from an estate. In modern times, though, a devisee usually refers to anyone who receives property by being named in a decedent’s will whether they are related or not—like a friend, as described above.