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The rule against perpetuities serves a number of purposes. First, English courts have long recognized that allowing owners to attach long-lasting contingencies to their property harms the ability of future generations to freely buy and sell the property, since few people would be willing to buy property that had unresolved issues regarding its ownership hanging over it.
In real property law, the term real covenants means that conditions are tied to the ownership or use of land. A "covenant running with the land", meeting tests of wording and circumstances laid down in precedent , imposes duties or restrictions upon the use of that land regardless of the owner.
A homeowner association (or homeowners' association [HOA], sometimes referred to as a property owners' association [POA], common interest development [CID], or homeowner community) is a private, legally-incorporated organization that governs a housing community, collects dues, and sets rules for its residents.
The Uniform Environmental Covenants Act (UECA) is one of the uniform acts drafted by the National Conference of Commissioners on Uniform State Laws, a non-profit, American unincorporated association. The act is intended to provide clear rules for perpetual real estate interests – an environmental covenant – to regulate the use of brownfield ...
A number of private transfer fee covenant laws require the seller to disclose the existence of the transfer fee and, failing to do so, the buyer can recover the difference between the market value of the real property subject to the private transfer fee obligation and the market value of the real property if the real property were not subject ...
Under the statute of uses, modern real property law disregards this subtle distinction. [ citation needed ] A bargain and sale deed is especially used by local governments, fiduciaries such as executors , and in foreclosure sales by sheriffs and referees .
However, in general, the assignee has privity of estate with a lessor. With privity of estate comes the duty on the part of the assignee to perform certain obligations under covenant, e.g. pay rent. Similarly, the lessor retains the obligations to perform on covenants to maintain or repair the land.
An Anti-alienation clause is a provision in the governing document for an arrangement such as a trust that specifies that the beneficial or equitable owner of the property held in that arrangement cannot transfer the interest to a third party. This rule is an exception to the general rule in property law that favors free alienability.