Possibility Of A Reverter Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Possibility Of A Reverter, written in plain English, along with examples of how it is used.
What is Possibility Of A Reverter?
The possibility of the ownership of the land or property being returned to the grantor/giver of the the same or to his/her heirs.For eg, a grantor of the land can have a condition in the deal that if his land is not used for a purpose of scientific research, in future, its ownership will be returned to him or his heirs. Here, there is a possibility of future interest in property unless his heir die without futher heirs.
History and Meaning of Possibility Of A Reverter
Possibility of a Reverter is a term that stems from the feudal era of English property law. During this time, land was commonly granted by the king to his nobles in exchange for military service. The grant would include a condition or limitation that the land would revert back to the king or his heirs if certain conditions were not met. This condition or limitation is known as the "possibility of a reverter."
Today, possibility of a reverter is a legal term that is commonly used in property law to describe the interest retained by a grantor in property when he or she conveys it to a grantee subject to a condition. If the condition is not met, the property ownership reverts to the grantor or his or her heirs.
Examples of Possibility Of A Reverter
A mother grants her son a plot of land on the condition that he uses it to build a library. If the son fails to build the library within a certain period of time, the property will revert back to the mother.
A city sells a public park to a private company on the condition that the park remains open to the public. If the company later decides to close the park to the public, ownership of the property reverts back to the city.
A university grants a professor a piece of land on the condition that it is used as a research facility. If the land is not used for this purpose, ownership reverts back to the university.
Legal Terms Similar to Possibility Of A Reverter
Right of Entry: Similarly to a possibility of a reverter, the right of entry gives a grantor an interest in property that enables them to retake ownership if a condition is not met.
Fee Simple: A fee simple is a type of property ownership that gives the owner the right to use the property for any legal purpose during their lifetime, and allows them to pass the property on to heirs upon death.
Eminent Domain: The government’s right to seize private property for public use, with payment of just compensation to the owner.