- How Much Money Is Needed To Invest In Rental Property?
- Should A Real Estate Investor Get An Agent’s License?
- 5 Big Factors That Affect The Costs Of Renovating Your Home
- SIBOR Hike – What You Can Do With Your Current Loan
- 6 Basic Don’ts Of Real Estate Negotiation Tactics
- Will New Condo Relaunches Trigger The Great Property Sale We Have All Been Waiting For?
- 10 Proximity Amenities That Add Value To Real Estate
- How To Get Personal Loans More Easily With Good Credit
Reentry in real estate refers to the owner’s right of entry and retake possession of the property when there is a breach of contract.
It can occur both in the form of:
For example, when a grantor conveys a deed to another party with conditions that the property should be used for a specific purpose, the grantor has the right to retake possession of the property (power of termination) should it be found that the property is used for other purposes.
While the grantor will have this right, whether to act on it is another matter altogether.
It is important to note that even of the grantee has taken a mortgage on the property, resulting in a lender placing a lien on it, in the event of re-entry, the original grantor will regain the property free of liens.
Should conditions be broken and the grantor chooses not to take action, creditors of the grantor cannot enforce his rights of reentry and take possession of the property to repay debts.
In terms of leases, reentry refers to the right of the landlord to enter the premises to retake possession when there is a breach of contract.