What Is A Reversion Clause?

What does reversion mean in property?

In property law, the term ‘reversion’ (returning or reverting something to its previous state) refers to the interest a party to whom a property will revert at the expiry of an agreement has in that property.

When a leasehold expires, legal title to the property reverts back to the freeholder..

What are reversion rights?

A right of reversion is a contractual provision that permits authors to work with their publishers to regain some or all of the rights in their books when certain conditions are met. …

Any future interest kept by a person who transfers property to another. Shane’s interest in the property, in this example, is a life estate. … Sara’s ownership interest during Shane’s life, and her right or the right of her heirs to take back the property upon Shane’s death, are called reversionary interests.

What is a freehold reversion?

What is freehold reversion? When the lease term expires on a property, the legal title or ownership of that property reverts to the owner of the freehold.

What’s the difference between reversionary interest and remainder interest in a property?

Remainder interest: The creator of the life estate may name a remainderman as the person to whom the property will pass. Reversionary interest: The creator of life estate chooses not to name a remainderman, in which case the creator will recapture ownership.

What is a remainder interest?

A remainder interest gives the holder the right to take ownership when the life estate has ended. … The IRS has published tables that are used to value the life interest in the property. The difference between the appraised value and the life interest is the remainder interest.

Who holds the future interest known as a remainder?

remaindermanRemainder, in Anglo-American law, a future interest held by one person in the property of another, which, upon the happening of a certain event, will become his own. The holder of this interest is known in legal terms as a remainderman.

What is the meaning of reversion?

1a : the part of a simple estate remaining in the control of its owner after the owner has granted therefrom a lesser particular estate. b : a future interest in property left in the control of a grantor or the grantor’s successor. 2 : the right of succession or future possession or enjoyment.

What is a reversion mutation?

Abstract. Reverse mutation, also called reversion, denotes any mutational process or mutation that restores the wild-type phenotype to cells already carrying a phenotype-altering forward mutation. Forward mutations confer a gene sequence and phenotype different from that conferred by the wild-type gene.

What is a reversion period?

Reversion Period means the period beginning with the “REIT Option Event” or, in the event of a transfer of the Option to a Permitted Transferee, the giving of notice pursuant to Section 33.06(b), and ending on the last day a “Reversion Event” can no longer occur.

What is land reversion?

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). … The testator may retain the reversion in the estate or give it to another individual.

What does Remainderman mean?

A remainderman is a property law term that refers to the person who inherits or is entitled to inherit property upon the termination of the life estate of the former owner. … That person to whom ownership of the property is transferred is the remainderman.