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We at Cavell Leitch have considerable experience in both acting for developers creating land covenants as part of their subdivision, as well as acting for the ultimate purchasers of sections subject to land covenants.
We would be very pleased to assist you with any queries you may have in this area.
Many land covenants contain a clause providing for liquidated damages (i.e.
an amount of money) to be payable for every day you are in breach of the covenants.
On rare occasions, however, there may be a separate bond registrar for an issue.
usually, the indenture trustee performs the function of bond registrar.
These are effectively rules that the land owner must abide by when owning the land.
Many covenants relate to how and what you can build, with a view to keeping up the value of the subdivision.
Most subdivisions contain a covenant that states that the developer must approve the plans for the dwelling prior to building commencing.
What is a covenant and what does it mean for land owners?
Most modern subdivisions now include land covenants which are registered against the titles.
After registration, the newly issued certificates are sent to the registered owners or their representatives and appropriate disposition (destruction, return of canceled certificates to the issuer, or cancellation and retention in a safeguarded area) is made of the canceled certificates.
This involves only an in-house transmittal when the institution acts as transfer agent and registrar.
It maintains ownership records, transfers shares, and ensures the number of shares is kept in balance.