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 does property reversion mean?
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 is a reversion clause in real estate?
A reversionary clause in a deed is a statement that, upon the occurrence (or non-occurrence) of a specific event or events, title to the deeded property returns (reverts) to the origi- nal owner.
What is an example of reversion?
A reversion occurs when a property owner makes an effective transfer of property to another but retains some future right to the property. For example, if Sara transfers a piece of property to Shane for life, Shane has the use of the property for the rest of his life.
What is an accession in real estate?
In property law, it is a mode of acquiring property that involves the addition of value to property through labour or the addition of new materials. … In commercial law, accession includes goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.
What does alienation mean in real estate?
Alienation refers to the process of a property owner voluntarily giving or selling the title of their property to another party. When property is considered alienable, that means the property is able to be sold or transferred to another party without restriction.
Who is reversionary?
A landowner who is concerned about the future use of his land can donate or sell the land on a conditional rather than absolute basis. A reversionary interest is created by a deed that reserves to the grantor a future ownership right upon the occurrence of some condition.
What is an action for reversion?
In an action for reversion, the pertinent allegations in the complaint would admit State ownership of the disputed land. … The real party in interest is not the State but the plaintiff who alleges a pre-existing right of ownership over the parcel of land in question even before the grant of title to the defendant.
When an owner of real estate leases his property he retains a reversionary estate this gives him the right to?
The lessor has a reversionary right to possession after the lease expires. The owner’s interest in the leased real estate is sometimes called a leased fee or a leased fee estate plus reversionary right. The statute of frauds in most states requires that leases with terms longer than 1 year be in writing.
What do you mean by procured?
Definition of procure
1 transitive : to get possession of (something) : to obtain (something) by particular care and effort procure a loan She had managed to procure a hat shaped like a life-size lion’s head, which was perched precariously on her head.— J. K. Rowling.
What’s another word for reversion?
In this page you can discover 28 synonyms, antonyms, idiomatic expressions, and related words for reversion, like: retrogradation, reversing, inversion, rotation, reaction, reverting, regression, throwback, atavism, return and relapse.
What is reversionary interest in land?
Reversion: a reversionary interest generally occurs when a grantor has not expressed a wish in how the remainder of the estate is to be dealt with. Once interest in the primary estate has expired, there is a presumption that title reverts back to the grantor.
What is an example of accession?
The definition of accession is the process of taking one object and placing it with other objects. The acquisition of new paintings by an art museum is an example of accession. … A prince becoming king is an example of the prince’s accession to the throne.
What is the difference between accession and accretion in real estate?
ACCESSION — An addition to property through the efforts of man or by natural forces. ACCRETION — Accession by natural forces, e.g., alluvium.
What is right of accession?
The ownership of a thing, whether it be real or personal, movable or immovable, carries with it the right to all that the thing produces, and to all that becomes united to it, either naturally or artificially; this is called the right of accession.