Reversion – this legal term has got application in several branches of Law:

1) In the context of Probate Law, this legal term refers to future interest left by a transferror towards his (or her) heirs, who are called “reversioners”, because these parties are legally entitled to receive the estate.

2) In real property conveyance means that the property is transferred back to the original owner upon the occurence of a certain event (usually once the rights given to others, have been settled). For example, if you sell a house to the buyer to own it not forever, but for a certain period. So once this agreed period expires, the property goes back in your possession.

3) In the context of Insurance Law, the word participates in the legal term “reversionary annuity”, which details premium, paid to a person once the insured person dies. It is a method of financial support of widows and children, in case of death of the spouse/parent.

A synonym of “reversion” is the legal term “reverter”, which shares the same meaning. The opposite term is “remainder”, which details a right to future enjoyment or ownership of real property.