What does the term "covenant running with the land" refer to?

The term "covenant running with the land" refers to a type of promise or restriction associated with the property that is not only binding on the current owner but also binds future owners when the property is transferred. This legal concept ensures that certain conditions or obligations related to the use, maintenance, or development of the property are upheld by all subsequent owners, providing continuity in the usage rights or restrictions of the land.

This is particularly important in real estate as it can help maintain neighborhood standards, ensure compliance with community rules, or uphold agreements regarding shared resources. Covenants that run with the land are typically recorded in property deeds or titles, ensuring that they are enforceable against future buyers who may possess or develop the property in line with the initial agreement.

The other options do not accurately capture this legal principle. A promise that only applies to current property owners and a temporary agreement for property use do not encompass the binding nature of a covenant that extends to future owners. Similarly, a restriction that affects only part of the land does not refer to the broader implication of a covenant running with the land, which applies universally to the entire property and all subsequent owners.