Property and mortgages easements and restrictive

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Unformatted text preview: y. At the expiration of the life estate, the property and all rights will usually pass to some other person designated in the deed or will that created the life estate. PROPERTY AND MORTGAGES Easements and restrictive covenants Easements An easement is a right attached to one particular piece of land, entitling its owner to use the land of another person in a particular manner or to restrict its use by the other person to some specified extent. Common forms of easement include right of ways and drainage easements. Restrictive covenants ‘Restrictive covenant’ is a term often found in a contract for the sale of land. It is a restriction upon the use of the land, agreed to by the purchaser of the land for the benefit of land retained by the vendor. An example would be a fencing covenant in which the vendor is released from liability to contribute towards the cost of a dividing fence while the vendor still owns the adjoining land. Other restrictions can include the size of future buildings and...
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This document was uploaded on 04/23/2012.

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