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When the property that is the subject to a life estate returns to the grantor at termination of the life estate, the grantor has reversionary rights


The return of the land to the original grantor is called a reversion


Reversion actually means "the estate remaining in the grantor".
Reversion also refers to the rights of a landlord in property that has been rented.  The landlord has reversionary rights when the lease terminates.  In other words, the landlord gets possession when the lease terminates.
In the income approach to value, reversion refers to the sale price of investment property after a holding period and is treated as a cash flow

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