Reversionary Interest Lease Meaning Form
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How to fill out Reversionary Interest Lease Meaning Form?
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FAQ
The key difference between a reversion and a remainder is that a reversion is held by the grantor of the original conveyance, whereas "remainder" is used to refer to an interest that would be a reversion, but is instead transferred to someone other than the grantor.
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.
With reversionary interest, the property reverts to the owner after the death of the life tenant. With remainder interest, the title to the property goes to a named third party following the death of the life tenant.
The Reversion Income (Reversion Value) is the value attributable to the property remaining at the time of the property's reversion this may be the end of the lease term, or perhaps the end of the property's Remaining Economic Life.
A reversionary interest is created by a deed that reserves to the grantor a future ownership right upon the occurrence of some condition.