Real Property for Dummies....me included Part V (Reversion)

Okay, so now you're rich cause you discovered a sea of oil the size of Montana under your grandmother's Azaleas, which must be on your cone of space also known as your yard. However, you still have no idea what "Real Property" is. Here is the next line in context again:

real property n. 1) all land, structures, firmly attached and integrated equipment (such as light fixtures or a well pump), anything growing on the land, and all "interests" in the property which may be the right to future ownership (remainder), right to occupy for a period of time (tenancy or life estate) the right to drill for oil, the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall), use of airspace (condominium) or an easement across another's property. Real property should be thought of as a group of rights like a bundle of sticks which can be divided. It is distinguished from the other type of property, personal property, which is made up of movable items. 2) one of the principal areas of law like contracts, negligence, probate, family law and criminal law.

The line stating:

"the right to get the property back (a reversion) if it is no longer used for its current purpose (such as use for a hospital, school or city hall)"

Again this is piggybacked on another definition. A Reversion.

A Reversion is:essentially...

Any future interest kept by a person who transfers property to another.

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 I transfer a piece of property to Bubba Gump for life, Bubba Gump has the use of the property for the rest of his life. Upon his death, the property reverts, or goes back, to me, or if I die, it goes to my heirs. Bubba Gump's interest in the property, in this example, is a life estate (see last blog...part IV). My ownership interest during Bubba Gump's life, and my right or the right of my heirs to take back the property upon Bubba Gump's death, are called reversionary interests.

WHEEW!

So, following our definition, the right to have the abilty to create a reversion, is by definition "real property"! Blah

More to follow....