what does restrictive convenant mean?

Answer 1

Restrictive covenants are deed restrictions that apply to a group of homes or lots in a specific development or 'subdivision.' They are normally drafted and put in place by the original developer, and are different for every area of homes.
Restrictions give a development a more standard appearance because they control some of the activities that take place within its boundaries. Covenants nearly always stipulate the minimum size residence allowed, how many homes may be built on one lot, and what type of construction the homes must (or must not) be. They may include numerous other restrictions. Study covenants carefully before making an offer to purchase property.

Also Known As: Sometimes referred to as "deed restrictions." Restrictive covenants are deed restrictions but deed restrictions are not necessarily in the form of restrictive covenants.

Also this term is used to describe a covenant not to compete or "non-compete agreement". This is a contractual provision - typically found in employment, partnership or sale-of-business agreements - in which one party agrees to refrain from conducting business similar to that of the other party.

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Answer 2

A restrictive covenant is a legal obligation imposed in a deed by the seller upon the buyer of real estate to do or not to do something. Such restrictions frequently "run with the land" and are enforceable on subsequent buyers of the property. Examples might be to maintain a property in a reasonable state of repair, to preserve a sight-line for a neighbouring property, not to run a business from a residence, or not to build on certain parts of the property.

Covenants were originally enforced in equity as servitudes for the benefit of the owners of land affected thereby. Previously the enforceability of covenants and servitudes depended upon compliance with strict requirements having to do with privity of estate between the owners of the affected parcels of land, but these requirements have diminished over time in favor of a general policy of enforcement of any covenants which are reasonable in terms and "touch or concern" the land affected.

Some are very simple and are meant only to protect a neighborhood from homeowners destroying trees or historic things or otherwise directly harming property values. Some go to an extreme and try to dictate absolutely everything a homeowner can do to the exterior, including the number of non-familial tenants one may have, or needing permission to re-paint the home unless it will be exactly the same color. Other extremes include dictating exactly when holiday decorations are allowed up, prohibiting the raising of a hood on any car (even to check it for safety), even prohibiting any car from being parked outside a garage at all. Many communities also forbid amateur radio or outdoor television antennas; however, see discussion below.

Some have accused homeowners associations of selective enforcement of these rules, making a case only when it is something (or someone) another person dislikes. Breaking a rule, even unintentionally, can bring fines or even a lien on the home.

A restrictive covenant differs from a zoning regulation in that its creation and enforcement is a matter of contract between the landowners whose properties are affected by it, rather than an exercise of the governmental police power.

Answer 3

A "covenant" is a promise given in (usually) a deed. Covenants are classed as being "positive" or "restrictive". A positive covenant is a promise to do something (e.g. to keep your house insured). A restrictive covenant is a promise to refrain from doing something (e.g. a promise not to carry on any sort of business in your house, or not to open up a new business in competition with someone to whom yu have sold your existing business).

Where land (including houses and flats) is concerned, positive covenants can only usually be enforced against the person who gave the promise, whereas restrictive covenants can be enforced against future owners of the land they relate to. That's an over-simplification - the rules are very complex.

Answer 4

last time i heard that term it was to do with buying a house... basically the owner of a property sets on a "clause" that states that any work carried out on the exterior of the house or the land sold with the house for example adding a conservatory or extension etc etc will result in u paying the previous owner or infact the owner of the covenant the difference in profit that your addition has made... for example if u buy a house for £150k... and u spend £5k on a conservatory and after the work is done ur house is worth £165k then u need to pay £10k to the owner of the covenant. thats not 100% accurate but its down those lines.

Answer 5

Its an agreement to restrict your activities (usually trading). For example if you train as a hairdresser with a salon and then want to start up your own salon, there will probably be a restrictive covenant in your employment contract to say that you cant set up a business within x miles, and cant canvass your employers clients and other restrictions to prevent you taking their clients. At least that what it means where employment is concerned. It could apply to other things as well maybe.

Answer 6

Dunno but i'm thinking of a nunnery in a carry-on style