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LSDefine
Simple English definitions for legal terms
reconversion
Read a random definition: interim-occupancy agreement
A quick definition of reconversion:
Reconversion is when something that was changed before is changed back to its original form. For example, if a toy was turned into a book, reconversion would turn the book back into a toy. Equitable conversion is a type of reconversion where real property (like a house) is treated like personal property (like money) in certain situations. Conversion can also mean taking someone else's property without permission, which is wrong. There are different types of conversion, like taking something, destroying it, or giving it to someone else. Involuntary conversion is when something is lost or destroyed without anyone meaning to do it.A more thorough explanation:
Definition: Reconversion is the process of undoing a previous conversion of property, which means changing it from one form to another. For example, if personal property was changed into real property, reconversion would change it back to personal property. This is also known as equitable conversion.
Examples:
- When a seller agrees to sell their house to a buyer, the buyer acquires equitable title to the property, while the seller retains legal title. This means that the buyer has the right to possess the property, but the seller still technically owns it. If the buyer fulfills their obligations under the contract, they will acquire legal title to the property. This is an example of equitable conversion.
- Another example of reconversion is when a piece of real estate is converted into a condominium, and then later converted back into a single-family home.
These examples illustrate how reconversion works by reversing a previous conversion of property. In the first example, the property is converted from real property to personal property (the right to possess the property), and then back to real property (legal ownership). In the second example, the property is converted from a single-family home to a condominium, and then back to a single-family home.