The term 'carve out' refers to the separation of a specific interest, such as the current income stream of a property, from the property itself. For instance, an owner might sell a portion of future mineral production from a property for a set number of years, creating a carved-out interest in that mineral property.
A legal notice indicating that there is a pending lawsuit involving the property or its title, which serves to alert potential buyers or encumbrancers of the legal claim. The term means 'suit pending.'
Reversion in real estate law refers to the future interest that the grantor retains when they transfer property rights to another party but stipulate that the property will return to them upon the occurrence of a specific event or the expiration of a certain term.
