A reversion is the estate left in the grantor or his heirs after the preceding estate or estates have been granted away. A reversion is the residuary estate and always exists where the full fee has not been granted away.

If the estate reverting to the grantor or his heirs depends upon a contingency, the estate is then known as a possibility of reverter. Thus, there will be a reversion after a life estate, or after an estate for a term of years, but a possibility of reverter after a fee-tail or an estate on condition subsequent.