Hi,
I learned the meaning of covenant recently when my father was looking to buy a property, so I can explain what is a covenant to you.
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Basically, a covenant is a type of contractual arrangement that’s enforceable by a court. Now you know what is the meaning of covenant. There are both restrictive covenants and positive covenants – a covenant that acts as a legally binding promise to do something is referred to as a positive covenant and one not doing something is referred to as a restrictive covenant.
Restrictive Covenant in Property Transactions:A restrictive covenant is specified in the title deed. It’s a legal obligation imposed in a deed upon the buyer by the seller of the property to do or not to do something.
Such a restriction is usually associated with “run with the land”, i.e. the covenant is annexed to the estate and can’t be separated from the land or the land transferred without it. Such covenants exist if the property’s original owner as well as successive owners are either entitled to its advantage or subject to its burden and are enforceable on the property’s subsequent buyers.
Some Common Restrictive Covenants:If you’re staying in a flat in a society, then there are some common points you’ll see in Restrictive Covenants in a residential sale agreement. They’re:
Not to store or keep any offensive, obnoxious, hazardous, or combustible articles in the common areas, apartment, or the parking lot as they may be obnoxious or injurious to residents of the building.
Not to keep any object or article in the common areas.
Clauses related to fees for amenities or maintenance
Some restrictions limit you from painting the exterior walls of your home.
Read more:
What are the documents required to make sale agreement?
How can I make sale agreement in Pune?
How to do sale agreement in Mumbai?
I hope now you have a clear understanding of what is a covenant.
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What is a covenant?
Yara
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2022-08-11T18:57:59+00:00 2022-08-11T19:21:45+00:00Comment
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