What is a reversion?

Jul 14, 2021

Kiritsis Law Group 212 922 0005

By: John Kiritsis, Esq., CPA, MBA, MS, JD, LL.M

Generally a reversion may refer to a conveyance reversion, that returns the land to grantor, or his heirs, upon the happening of an event or a contingency. Typically, a reversion, is usually possible when the grantor has conveyed a lesser interest than the one he possessed. Reversions issued in real property transactions, could be found in a number of legal arrangements, such as: leases, wills, trusts, estate planning, and intestacy proceedings. A reversion, is not he same thing as a possibility of reverter, which comes from a fee simple determinable grant. Usually a reversion is totally alienable.   Unlike a possibility of reverter, a reversion contains stronger  (depending on jurisdiction and the drafting language used) enforcement mechanisms for the grantor to take back his property (or a part there of). Although, American courts have generally treated reversions as alienable (i.e. they can pass by will), there may be other statutes or agreements that may dampen alienability (an example could be a mortgage agreement on a large commercial real estate that may restrict alienability without approval from the independent director). 

 

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