The transfer of a lease by the tenant (assignor) to another person (assignee). Leases are generally transferable at common law, although restrictions may apply.
Conditions, Covenants, and Restrictions (CCRs) refer to the rules and regulations set forth in condominium or subdivision deeds or bylaws that dictate how properties can be used. These regulations ensure aesthetic and functional uniformity, preventing changes that could negatively impact the community.
A non-ratio covenant is a form of covenant in a loan agreement that includes conditions relating to the payment of dividends, the granting of guarantees, disposal of assets, change of ownership, and a negative pledge.
Quiet Enjoyment refers to the right of a tenant or property owner to use and enjoy their premises without significant disruption or interference. It is usually guaranteed by a covenant whether explicitly stated in a lease or implied by law.
A title report provides a detailed depiction of the current state of a property title, including easements, covenants, liens, and any other defects. It does not, however, describe the chain of title.
