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Define real estate covenant?
Answer:
A covenant is a promise in a deed of real property. There are different types of covenants, such as a covenant of warranty, which is a promise to guarantee the title to the property is free of any claims against it, a promise agreeing to joint use of an easement for access to real property, or a covenant not to compete for a certain period of time, which is commonly made by a seller of a business .
Covenants which run with the land, such as permanent easement of access or restrictions on use, are binding on future owners of the property. Covenants can be concurrent (mutual promises to be performed at the same time), dependent (one promise need be performed if the other party performs his/hers), or independent (a promise to be honored without reference to any other promise).
Covenants which run with the land, such as permanent easement of access or restrictions on use, are binding on future owners of the property. Covenants can be concurrent (mutual promises to be performed at the same time), dependent (one promise need be performed if the other party performs his/hers), or independent (a promise to be honored without reference to any other promise).
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Manjufoundation
Manjufoundation
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