A covenantis a promise in a written contract or a deed of real property.
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What is a property covenant?
In essence, a property covenant (sometimes referred to as restrictive covenants or a deed of covenant) can guide or restrain how you build or alter your property.
What is a restrictive covenant in a real estate contract?
In real estate contracts, restrictive covenants are frequently utilized. What does a covenant mean in property? A covenant is a provision, or promise, contained in a deed to land.
What are the different types of real estate covenants?
Real Estate Covenants Law and Legal Definition. 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).
What are the benefits of a covenant?
Land may be subject to a covenant which affects or limits its use. This is known as the burden of a covenant. A covenant may give a landowner some say over what is permissible on neighbouring property. This is called the benefit of a covenant.