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Simple English definitions for legal terms
assertory covenant
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A quick definition of assertory covenant:
An assertory covenant is a type of promise made in a formal agreement or contract that affirms certain facts. It is a covenant that states something to be true and is made under seal. There are many other types of covenants, such as affirmative covenants that require a party to do something, negative covenants that require a party to refrain from doing something, and restrictive covenants that limit the use or occupancy of real property. Covenants can also be present or future, personal or real, and can run with the land or be personal to the parties involved.A more thorough explanation:
Definition: An assertory covenant is a type of covenant that affirms certain facts or makes an affirming promise under seal. It is a formal agreement or promise, usually found in a contract or deed.
Example: A seller of a property may make an assertory covenant in the deed, affirming that the property is free from any liens or encumbrances. This means that the seller is making a promise that the property is clear of any legal claims or debts that could affect the buyer's ownership of the property.
Another example of an assertory covenant is a promise made by a borrower in a real estate financing transaction not to encumber or transfer the property as long as the loan remains unpaid. This means that the borrower is making a promise not to take any actions that could affect the lender's security interest in the property.
These examples illustrate how an assertory covenant is a type of promise that affirms certain facts or makes an affirming promise under seal, which is legally binding and enforceable.