Land Use & Zoning
A 'restrictive covenant' in a residential subdivision runs with the land, meaning:
AIt expires when the original developer sells all lots
BIt is binding on all future owners of property within the subdivision✓ Correct
CIt can be waived by any individual property owner
DIt applies only to commercial properties
Explanation
A restrictive covenant that runs with the land binds all future owners of the property, not just the original buyer. It continues in force regardless of how many times the property is sold.
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Key Terms to Know
Eminent Domain
The power of government to take private property for public use, with the requirement to pay the owner just compensation.
Comparable Sales (Comps)Recently sold properties similar in size, condition, and location used by appraisers and agents to estimate a property's market value.
Chain of TitleThe sequential record of all transfers of ownership for a piece of property from the original patent holder to the present owner.
Joint TenancyCo-ownership where two or more people hold equal, undivided interests with the right of survivorship — when one owner dies, their share passes to the surviving owners.
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