14:16
@lilypadfrog: wow more recent than i would have wagered
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LSDefine
Simple English definitions for legal terms
present covenant
Read a random definition: cum communi pastura
A quick definition of present covenant:
A covenant is a formal agreement or promise, usually in a contract. It can be an absolute covenant that is not limited by any condition, or a conditional covenant that is qualified by a condition. There are different types of covenants, such as affirmative covenants that obligate a party to do something, negative covenants that require a party to refrain from doing something, and restrictive covenants that restrict the use or occupancy of real property. Covenants can be present or future, and can run with the land or be personal. To covenant means to promise or undertake in a covenant.A more thorough explanation:
A present covenant is a type of covenant that can only be breached at the time of conveyance. This means that the covenant is only applicable at the time of transfer of ownership of the property. Examples of present covenants include:
- Covenant against encumbrances: A promise made by the grantor that the property being conveyed is free from any visible or invisible encumbrances.
- Covenant of right to convey: A promise made by the grantor that they have the right to convey the property being transferred.
- Covenant of seisin: A promise made by the grantor that they have the estate or right to convey the estate of the quality and size that they purport to convey.
For example, if John sells his property to Jane and makes a present covenant of right to convey, he is promising that he has the right to sell the property to Jane at the time of transfer. If it turns out that John did not have the right to sell the property, Jane can sue John for breach of the covenant.