What does retained land mean when buying a house?

What is a retained property?

Retained Real Property means all real property owned or leased by Seller that is not included in the Purchased Assets and that is not purchased by Buyer.

What is a land retained agreement?

Senior solicitor Julian Spence, in our Commercial Property team, explains restrictive covenants and the meaning of “retained land”. A restrictive covenant on the title to a property is effectively an agreement to refrain from doing something for the benefit of a neighbouring plot of land.

Can Neighbours enforce restrictive covenants?

Can a neighbour enforce a restrictive covenant? A neighbour can only enforce a restrictive covenant on a property or land if they are the landowner that benefits from the covenant. A neighbour that has no direct connection to the restrictive covenant cannot enforce it in any way.

How long are covenants valid for?

The last significant amendment to Code Section 44-5-60 was passed in 1993 to state that restrictive covenants in subdivisions of fifteen or more lots shall be valid for an initial period of twenty years and shall then automatically renew for successive periods of twenty years each, unless a majority of at least fifty- …

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What does being retained mean?

1a : to keep in possession or use. b : to keep in one’s pay or service specifically : to employ by paying a retainer. c : to keep in mind or memory : remember. 2 : to hold secure or intact.

What does retained for rental mean?

Retained Lease means to each lease or rental agreement with a customer of the Company retained by the Company and not disposed of pursuant to the DLL Agreement or other arrangement of the Company with a third party. Sample 2. Retained Lease means a lease of Real Property that is listed on Schedule 2.5.

What does restrictive covenants by the transferee mean?

Restrictive covenants are binding conditions that are written into a property’s deeds or contract by a seller to determine what a homeowner can or cannot do with their house or land under particular circumstances.

How long can a restrictive covenant be enforced?

Typically, courts tend to enforce restrictions of between 6 and 12 months, depending upon the seniority of the employee concerned and their access to confidential information and clients. This is subject, of course, to the covenants being reasonable and necessary to protect a legitimate business interest.

Does planning permission override restrictive covenant?

Whilst planning permission does not override a restrictive covenant, it’s existence can be used as a negotiating tool with the adjacent landowner. Particularly if you simply require their consent.

What to do if a Neighbour breaks a covenant?

If a neighbour threatens to breach a restrictive covenant binding on them you will probably want to obtain an injunction to prevent breach rather than simply claim monetary compensation. An injunction is a discretionary remedy which a court is more likely to grant if it is applied for promptly.

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Are old covenants enforceable?

The age of a covenant doesn’t necessarily affect its validity. Very old ones can still be enforceable, though often this isn’t straightforward. … If you breach a covenant you can be made to undo it or pay a fee for it, says Rudolf.

Can you challenge a covenant?

There are many ways in which a restrictive covenant can be challenged. It may be possible to negotiate and agree their release, but sometimes will require an application to Court or a Tribunal. … To be enforceable, covenants must “touch and concern” land owned by the person seeking to enforce it.

Can I remove a covenant from my property?

If it is not enforceable then an application can be made to the Land Registry to remove the covenant from the deeds. … If a landowner feels a restrictive covenant is unreasonable, they may have a case for having it removed altogether or, if that’s not appropriate, possibly varying or amending the covenant.