In the context of properties, what does 'reversionary right' refer to?

A reversionary right refers to the ability of a property owner to reclaim ownership of the property after a certain condition is met or after the expiration of a specific time period. This concept often arises in the context of leases or life estates where the current possessor has the right to use the property for a designated time, but the original owner retains the reversionary right to take back possession once that period ends or the conditions are fulfilled.

For instance, if someone grants a life estate to another person, that person can use the property for the duration of their life. Once they pass away, the ownership reverts back to the original owner or their heirs, reflecting the reversionary right. This legal principle is an essential part of property law, as it ensures that ownership can return to the rightful owner under specified circumstances.