Legal Definitions - inchoate interest

Definition: An inchoate interest is a legal term that refers to a person's potential or incomplete interest in a property or asset. It is a right that has not yet fully developed or vested.

Example: A person who has signed a contract to purchase a property but has not yet completed the transaction has an inchoate interest in that property. They have a potential interest in the property, but until the sale is finalized, their interest is not fully vested.

This example illustrates how an inchoate interest is a potential or incomplete interest that has not yet fully developed or vested. The person has a right to purchase the property, but until the sale is completed, their interest is not fully realized.