In a deed, a grantee may agree to do something or refrain from doing certain acts. This agreement will become a binding contract between the grantor and the grantee. An example would be an agreement to maintain fences on the property or that the property will only be used for residential purposes. This kind of covenant is binding, not only between the grantor and the grantee, but also runs with the land. This means that anyone acquiring the land from the grantee is also bound by the covenant of the grantee. A covenant that provides that the grantee will refrain from certain conduct is called a restrictive or protective covenant. For example, there may be a covenant that no mobile home shall be placed on the property.
A restrictive or protective covenant may limit the kind of structure that can be placed on the property and may also restrict the use that can be made of the land. For example, when a tract of land is developed for individual lots and homes to be built, it is common to use the same restrictive covenants in all of the deeds in order to cause uniform restrictions and patterns on the property. For example, the developer may provide that no home may be built under a certain number of square feet. Any person acquiring a lot within the tract will be bound by the restrictions if they are placed in the deed or a prior recorded deed. Also, these restrictive covenants may be placed in a document at the outset of the development entitled "Restrictive Covenants," and list all the restrictive covenants that will apply to the tracts of land being developed. Any subsequent deed can then refer back to the book and page number where these restrictive covenants are recorded. Any person owning one of the lots in the tract may bring suit against another lot owner to enforce the restrictive covenants. However, restrictive covenants may be abandoned or not enforceable by estoppel if the restrictive covenants are violated openly for a sufficient period of time in order for a Court to declare that the restriction has been abandoned.
Guam Agreement Creating Restrictive Covenants
Instant download
Description
Free preview
How to fill out Agreement Creating Restrictive Covenants?
Are you in a position where you require documentation for both organizational and personal purposes almost every day.
There is a multitude of valid document formats available on the web, but locating ones you can trust can be challenging.
US Legal Forms offers thousands of document templates, including the Guam Agreement Forming Restrictive Covenants, designed to comply with state and federal regulations.
When you find the appropriate form, click Purchase now.
Choose a convenient payment plan, provide the necessary information to create your account, and process the payment using your PayPal or Visa/Mastercard.
- If you are already familiar with the US Legal Forms website and have an account, simply Log In.
- Afterward, you can download the Guam Agreement Forming Restrictive Covenants template.
- If you do not have an account and wish to start using US Legal Forms, adhere to these steps.
- Select the form you require and ensure it matches the correct city/state.
- Utilize the Review option to scrutinize the document.
- Examine the description to confirm that you have selected the correct form.
- If the form does not meet your needs, use the Search field to find the form that aligns with your requirements.
Form popularity
FAQ
As the name implies, a restrictive covenant is an agreement that restricts one of the parties in a contract from taking specific actions. For example, a restrictive covenant may limit how much public companies pay their shareholders in dividends. It may also place a cap on executive salaries.
Covenants are either personal, restricting only the party who signs the agreement, or they "run with the land," passing the burden along to subsequent property owners. A restriction is simply a limitation on the use of the land.
A Declaration of Covenants, Conditions, and Restrictions (CC&Rs) is a legal document that outlines the rules for a planned community. If you buy a home in a planned community, you generally must become a member of the homeowner association and follow the CC&Rs.
The most common type of restrictive covenants are limitations on what you can do with your property. These restrictions are set in place to keep homes in the development looking uniform. This uniformity can help maintain property values.
If there is a restrictive covenant on your property you may be able to remove it. The first step would be to negotiate with the original developer or landowner to enter into a formal agreement to remove the covenants from the title.
As part of the agreement to purchase the property, you have to agree to use the property as a residence only; you may not operate a business from the home. You agree to do so and purchase the property. The agreement you made to refrain from using the home as a business is an example of a restrictive covenant.
If there is a restrictive covenant on your property you may be able to remove it. The first step would be to negotiate with the original developer or landowner to enter into a formal agreement to remove the covenants from the title.
The most common type of restrictive covenants are limitations on what you can do with your property. These restrictions are set in place to keep homes in the development looking uniform. This uniformity can help maintain property values.