What is a reversionary right?
A reversionary right is a registered condition embodied in a Deed of Transfer that on the happening of a particular event, or the non-happening thereof, ownership of the property concerned reverts to the enforcer.
What does reversionary mean in real estate?
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 the difference between a reversion and a possibility of reverter?
Although both result in the return of the land to the original grantor or his heirs, reversions occur upon the natural expiration of the grantee’s estate, while the possibility of reverter actively ends the grantee’s otherwise-indefinite estate as a consequence of the grantee’s failure to comply with the condition …
What is a possessory right or ownership interest in real estate called?
An estate is a possessory right or ownership interest in real property. A person has an estate when he has a possessory right or ownership interest in real estate. Therefore, a person has an estate when he owns or leases property.
What is possessory right?
Primary tabs. Possessory interest refers to the right of an individual to occupy a piece of land or possess a piece of property. A person with a possessory interest does not own the property, but the person has some present right to control it such as a lease.
What does reversionary clause mean?
The provision in a deed transfer where the property transferred is reverted to the grantor if a deed condition becomes violated.
What does accretion mean in real estate?
increase of
accretion. n. 1) in real estate, the increase of the actual land on a stream, lake or sea by the action of water which deposits soil upon the shoreline.
Which possessory estate are linked with the possibility of reverter?
One type of future interest is the possibility of reverter, which can be defined as where the possessory interest automatically reverts back to the grantor or devisor if, and only if, a specific condition happens. It’s related to possessory estate of fee simple determinable.
What is a possessory right?
What is a possessory estate?
Primary tabs. Also known as a present possessory estate. The holder of this has the present or current right to possess the real property. This may be contrasted with a future interest which is a future right to possess.
What is a possessory lien?
An interest that secures payment or performance of an obligation either for services or materials that have been provided with regards to goods by someone in the ordinary course of business. Created by statute or other law. Value of this lien depends upon the individual’s possession of the goods in question.
What are the two main classifications of possessory estates?
There are two kinds of Fee Simple: Absolute or Defeasible.
What does possessory interest mean in real estate?
Possessory interest is similar to future interest where all rights to the property legally are bestowed for a certain amount of time by the owner until an event, such as termination of a life estate (the grantee dying), returns the interest to the owner.
When do you have a reversionary interest in a property?
You have a reversionary interest in the property because you conveyed a smaller estate than you had. In other words, you only conveyed part of your rights to the home to mom, not all of them. When mom dies, her life estate ends and the possession of the property reverts back to you.
What is the meaning of reversion in estate law?
REVERSION, estates. The residue of an estate left in the grantor, to commence in possession after the determination of some particular estate granted out by him; it is also defined to be the return of land to the grantor, and his heirs, after the grant is over. Co.
When do you reappraise a possessory interest?
Generally it is the present assessed value of the possessory interest rights that is considered during the term of possession but the most common valuation method is that of capitalizing economic rent. Reappraisal can occur at particular times or events such as change of ownership or the addition of improvements (construction).