Runs with the Land financial definition of Runs with the Land
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Run with the Land
Informal; describing rights that are conveyed with the transfer of real estate
. For example, the owner of real estate is permitted to build a house on the property. Rights that run with the land are relatively all encompassing, though they generally exclude mineral rights
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run with the land
Passes with the transfer of the land. Covenants and easements run with the land.They are binding on the land—and through the land,binding on the owners.This is true even if subsequent owners do not agree or have no knowledge of the easement or covenant.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
References in periodicals archive
Cllr Jones said: "I can assure the people of Nuneaton and Bedworth that the outstanding debt owed by the club to the council is secured by a legal charge against the ground at Liberty Way and that the council's position is not affected by the club's liquidation as the debt runs with the land
and not the club.
In addition, the co-owners may enter into a limited co-ownership agreement that runs with the land
. For example, a co-ownership agreement may provide that a co-owner must offer its co-ownership interest for sale to the other co-owners at fair market value (FMV) before exercising its right to partition.
The legal expression is that a restrictive covenant "runs with the land