ESTATE IN REVERSION Meaning and
Definition
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An "estate in reversion" refers to a legal term used in property law to describe the ownership interest a person holds in a property that will only be realized upon the expiration of a current possessory interest or upon the death of a life tenant. It represents an expectation or right to possess and enjoy a property in the future, after the termination of an existing tenancy or life estate.
This type of estate can arise in various situations. For example, if a property owner grants a life estate to someone, allowing them to use and occupy the property for their lifetime, the original owner retains the estate in reversion. This means that once the life tenant passes away, the ownership interest reverts back to the original owner or their designated heirs.
Similarly, an estate in reversion can arise when a person leases a property for a specific term, but retains ownership. Once the lease term expires, the ownership interest reverts back to the landlord or their successors.
It is important to note that an estate in reversion is distinct from a remainder interest, which refers to an ownership interest that becomes effective at the end of a particular estate. Rather, an estate in reversion takes effect upon the termination of a possessory interest, whether it is a life estate or a lease.
In conclusion, an estate in reversion represents a future ownership interest in a property that will be realized once a current possessory interest ends or the life tenant passes away.
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