What does reversionary rights mean?
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 does reversionary clause mean?
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 does reversionary title mean?
In trust law terms, a reversionary interest is an interest that reverts back to the settlor of a trust once a beneficiary’s interest has come to an end. For example, Bob gives a life interest in Rose Cottage to his mother Judy, and on Judy’s death the cottage is to revert back to Bob.
What is a reversionary transfer?
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 the covenant of Seisin?
The covenant of seisin (also seizin) is a promise that the grantor owns the property and has the right to convey title. The covenant of seisin states that the property is free from liens or other encumbrances except as noted in the deed.
What is reversion land law?
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 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.
What is reversionary interest in property law?
A reversionary interest happens when the owner of an asset grants an interest in the asset to another person for life or for a specified length of time. Ownership of the asset is NOT transferred. When the other person’s interest in the asset expires, the interest is returned (reverts) to the owner.
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 happens if the covenant of seisin is broken?
In an action for breach of the covenant of seisin and for quiet enjoyment, in a deed, aplaintiff can recover only the consideration money paid, with interest, and the costs in ejectment. However, s/he cannot recover damages for the improvements s/he has made, nor for the increased value of the land.
