Closings glossary
Covenant
A recorded promise or restriction that runs with the land and binds future owners. Restrictive covenants limit what the property may be used for or how it may be built on.
What is a covenant on a property?
Quick Answer
The full definition
A recorded promise or restriction that runs with the land and binds future owners. Restrictive covenants limit what the property may be used for or how it may be built on.
Where does covenant come up in a New York City closing?
A Staten Island subdivision from 1926 carries a covenant limiting each lot to one single-family dwelling, which surfaces when a buyer plans a two-family conversion.
What else should you read before closing?
In the glossary
- EasementA right to use part of another owner's property for a specific purpose. Easements appear as exceptions on a title report and generally survive a sa...
- Title exceptionA matter the title policy does not insure against, listed on Schedule B. Some exceptions are removed before closing and others are simply accepted ...
- EncumbranceAny interest in the property held by someone other than the owner, whether monetary such as a mortgage or lien, or non-monetary such as an easement...
- AppurtenanceA right or improvement that passes with the property when title transfers, such as an easement benefiting the parcel, a parking right or a fixture ...
- Right of wayAn easement granting passage across land. Recorded rights of way run with the property and are listed among the exceptions on a title report.
- Zoning lot certificateA recorded declaration combining tax lots into one zoning lot for development purposes. Waivers and consents from affected owners and lienholders a...
Questions this raises
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