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LSDefine

Simple English definitions for legal terms

reverter guarantee

Read a random definition: lawful condition

A quick definition of reverter guarantee:

A reverter guarantee is a clause in a mortgage that protects the lender from losing money if a certain event happens that would cause the property to revert back to the original owner. This event is called a possibility of reverter, which is when the owner of the property has a future interest in the property that will automatically take effect if a specific condition is met. This interest is often called a reverter and is attached to a special limitation that benefits the original owner.

A more thorough explanation:

A reverter guarantee is a clause in a mortgage that protects the lender from losing money if a terminating event occurs under a possibility of reverter. A possibility of reverter is a reversionary interest that is subject to a condition precedent. This means that if a certain event happens, the property will automatically revert back to the original owner.

For example, if a property owner sells a piece of land to a developer with the condition that the land must be used for a specific purpose, such as building a park, and if the developer fails to use the land for that purpose, the property will revert back to the original owner. In this case, the original owner would have a possibility of reverter.

The reverter guarantee in a mortgage protects the lender from losing money if the property reverts back to the original owner. This is because the lender would no longer have a claim on the property and would not be able to recoup their investment.

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BulbasaurNoLikeCardio
18:23
Ill just keep arguing for more money off until I get it or they end up paying me to take it lmao
18:24
what other guns ya got
are we losing hope for gtown lol
yeah i dont think gtown does A's this late unfortunately
18:25
it is like 630 on a friday there bud
18:25
think it is safe to say it aint happenin today\
damn it was a slow day today
BulbasaurNoLikeCardio
18:26
I got a custom built Leftie ar15 I run suppressed, a regular ar15, a .270 axis savage bolt gun, xd9, xd40 and have my AR10 I run suppressed.
BulbasaurNoLikeCardio
18:26
I do not think we will see a wave until after thanksgiving. Adcoms will be nice and not ruin someones thanksgiving with an R
18:28
ruin my thanksgiving law schools uwu
PerpetualCheerfulBeaver
18:53
I really thought a texas schools wave was going to hit today...guess it will be December 1
7Rings
19:00
No news is good news 😜
PerpetualCheerfulBeaver
19:10
the mentality im embracing
ClassyPleasantHeron
19:23
You will see some A waves next week, just before Thanksgiving. Schools like to give people things to talk about over the holidays.
19:26
my predict monday berk from earlier td
snow
19:33
Oregon decision rendered…
snow
19:33
Bro why don’t they just tell me lol
damn ive been under review for a month and no movement, when did u apply snow?
snow
19:39
The day apps opened. I still don’t know what the decision is tho lol
Dang. Crossing my fingers for you!!
snow
19:41
Thank you!!
shaquilleoatmeal
19:44
Snow dude wtf you been
snow
19:46
Working! I was prepping for a trial but it got reset!
snow
19:47
Have you don your gulc interview?
JumpySubsequentDolphin
19:47
@snow: snow!!!! I’m in Oregon should I break into admissions office and demand your decision be sent
shaquilleoatmeal
19:49
Better to be prepared than not, otherwise it always happens when you don’t prep
shaquilleoatmeal
19:50
Yea did it a week and half ago, told us we won’t hear anything until end of December if we’re lucky, most likely first week of jan
shaquilleoatmeal
19:50
Said no one works after Monday this week and no one works week of Christmas
shaquilleoatmeal
19:50
So holiday takes time away from app review
snow
19:54
True @shaq and do it jumpy!!
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