Property Ownership
In New Mexico, a 'covenant running with the land' binds:
AOnly the original parties to the agreement
BAll subsequent owners of the burdened property✓ Correct
COnly commercial property owners
DOnly owners within the same HOA
Explanation
A covenant running with the land (also a deed restriction) is a promise regarding land use that binds not just the original covenantor but all future owners of the property, so long as the requirements for running are met.
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Key Terms to Know
Deed
A written legal instrument used to transfer ownership of real property from one party (grantor) to another (grantee).
Deed of TrustA security instrument used in many states instead of a mortgage, involving three parties: borrower (trustor), lender (beneficiary), and a neutral trustee.
EasementA non-possessory right to use another person's land for a specific purpose.
EncumbranceAny claim, lien, charge, or liability attached to real property that affects its value or limits its use.
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