RealTown Words
A phrase describing rights or covenants that bind or benefit successive owners of a property. An example is a restrictive building covenant in a recorded deed that would affect all future owners of the property. Unlike an easement in gross, an easement appurtenant runs with the land and thus passes to a succeeding owner even if it is not specified in the deed. For example, the covenant will not run with the land if the grantee Shoshanna agrees, as part of the consideration to a transaction, to repair a building located on land owned by grantor Leonard. This is because it merely places a duty on the grantee Shoshanna. The promise does not touch and concern the land granted from Leonard to Shoshanna—it is only a personal covenant for the grantor’s benefit.
|
This "Word of the day" is excerpted from
The Language of Real Estate, 6th Edition
by John Reilly
(published by Dearborn Real Estate Education, 2006 copyright). To
purchase the complete book, with over 2800 key terms and definitions,
or to browse through Dearborn's hundreds of other professional real estate
titles, including Real Estate Technology Guide by Klein, Barnett, Reilly,
click here.
|

















