What concept involves a conditional ownership that can be voided upon a specific action?

Defeasible Fee Simple is a type of property ownership that comes with conditions attached to it, meaning the ownership can be terminated if a certain event occurs or a specific condition is not met. This concept allows a property owner to retain rights to the property, while also imposing limitations on how the property can be used or under what circumstances it can remain under the current ownership.

For example, a common scenario involving a defeasible fee simple might require the owner to use the land for a specific purpose, such as maintaining it as a park. If the owner fails to meet that obligation, their ownership can be terminated, and the property may revert to the grantor or a designated third party. This unique characteristic of conditional ownership emphasizes the importance of complying with stipulated conditions or facing the potential loss of ownership.

The other concepts relate to different legal principles. For instance, salient refers to a prominent or noticeable feature, patent ambiguity involves unclear terms in a contract or legal text, and laches pertains to an unreasonable delay in pursuing a right or claim, which can negate it. Each of these plays a role in property law but does not specifically embody the conditional ownership characteristic illustrated by the defeasible fee simple.