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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 positive covenant is a kind of agreement relating to land, where the covenant requires positive expenditure by the person bound, in order to fulfil its terms. Unlike a restrictive covenant, a covenant to perform a positive act does not "run with the land" and therefore does not bind the covenantor’s successors in title.
Covenant of warranty: Covenants that represent seller's promise to protect the buyer against anyone who comes along later and claims paramount title to the property. [ 1 ] [ 5 ] Covenant of further assurances: The covenant of further assurances requires the seller to take affirmative steps to cure any defects in the grantor's title.
In real estate, a restrictive covenant is a rule or condition placed on a property that outlines what homeowners can and cannot do with their land. These covenants are legally binding and often ...
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.
Covenant in Mormonism, a sacred agreement between God and a person or group of people; Covenant of allegiance in Ahmadiyya Islam, which requires followers to fulfill the Ten Conditions of Bai'at; Covenant of Bahá'u'lláh, in the Bahá'í faith, two separate binding agreements between God and man
In property law, it refers to a covenant by the grantor of a deed. [2] In insurance law, it refers to a promise by the purchaser of an insurance about the thing or person to be insured. [3] In contract law, a warranty is a contractual assurance given, typically, by a seller to a buyer, [4] for example confirming that the seller is the owner of ...
Under the common law such restraints are void as against the public policy of allowing landowners to freely dispose of their property. Perhaps the ultimate restraint on alienation was the fee tail , a form of ownership which required that property be passed down in the same family from generation to generation, which has also been widely abolished.