Saturday, October 24, 2009

Learn Real Estate Words With A Realtor

Runs With The Land

Related words: appurtenance

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).

Presented by Rita Legan ASP Staging Realtor and eagent. In my twenty three years of second generation real estate consulting, my guiding principle is "your success is my #1 priority". My background in corporate relocation, new construction, marketing and interior design arm my client's for making smart and timely decisions weather buying, selling or investing in real estate in the Greater Cleveland Ohio Southwest Suburbs. I am ready to earn your business.

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