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A reversion in property law is a future interest that is retained by the grantor after the conveyance of an estate of a lesser quantum than he has (such as the owner of a fee simple granting a life estate or a leasehold estate).
The ownership of a life estate is of limited duration because it ends at the death of a person. Its owner is the life tenant (typically also the 'measuring life') and it carries with it right to enjoy certain benefits of ownership of the property, chiefly income derived from rent or other uses of the property and the right of occupation, during his or her possession.
A reversion occurs when a granted estate is absolutely vested in the grantor. Example: "O grants Blackacre to A for life." Analysis (O): A is guaranteed to die (eventually), at which point Blackacre returns to O. This future interest is absolutely (indefeasibly) vested in O. Analysis (A): A has a life estate.
A life estate is a form of freehold estate, and the life tenant is guaranteed the use of the property for their lifetime (sometimes called a life estate "pur sa vie," which means "for his own life").
“With a life estate, the baby boomer retains the right to use and reside in the property until their passing, after which the heir assumes ownership,” said Uphomes owner Ryan Fitzgerald, who ...
An enhanced life estate deed, often referred to as a “Lady Bird” deed, is a legal document utilized in some areas to streamline the transfer of property ownership. This deed simplifies the ...
A person, A, conveys (gives) a piece of real property called "Blackacre" "to B for life, and then to C and her heirs". B receives a life estate in Blackacre. C holds a remainder, which can become possessory when the prior estate naturally terminates (B 's death). However, C cannot claim the property during B 's lifetime.
[1] [2] [3] For example, if Bob is given use of the family house for as long as his mother lives, he has possession of the house pur autre vie. A life estate pur autre vie can be created when a contingent remainder is destroyed, in a Doctrine of Merger situation, where one person acquires the life estate of another and thereby destroys a ...