What does reversionary right typically refer to in a lease agreement?

Reversionary right in the context of a lease agreement specifically refers to the return of rights to the property owner once the lease has expired or is terminated. When a tenant leases a property, they obtain certain rights to use and occupy that property for a designated period; however, at the end of that period, those rights revert back to the landlord or property owner. This concept is fundamental in lease agreements as it highlights the temporary nature of the tenant's rights relative to the overarching ownership that the landlord retains.

The other options do not accurately describe the essence of reversionary rights. Renewal pertains to extending the duration of the lease, purchasing relates to a transaction outside of lease rights, and changing the terms implies an alteration to the current agreement rather than the return of rights at the conclusion of the lease. Thus, reversionary right succinctly encapsulates the notion that ownership rights revert to the landlord after the tenant's occupancy rights cease.