What does the term "defeasible" refer to in real estate?

In real estate, the term "defeasible" refers to something that can be annulled or terminated, particularly in the context of ownership rights or interests in property. A defeasible estate is one that may revert back to the original owner or be terminated upon the occurrence of a specific event or condition. This means that while the holder of the estate has certain rights to the property, those rights can be removed under defined circumstances.

For example, a defeasible fee estate can allow a property owner to transfer ownership with the condition that the property must be used for a specific purpose or the property will revert to the original grantor if that purpose is not met. Because of this potential for termination based on certain events or conditions, the concept of being "defeasible" provides a significant layer of complexity in property transactions and ownership rights, distinguishing it from more straightforward types of property ownership.

The other options do not accurately capture the essence of the term "defeasible." The terms regarding leaseability, enlargement, or sale do not encompass the conditional or terminable aspect that is central to understanding defeasible interests in real estate.