Definition: In Perpetuity§
In perpetuity is a legal term used to describe something that is intended to last forever, without any end date. In real estate, it generally refers to rights, restrictions, or covenants that are meant to last indefinitely. This can include perpetual easements, land-use restrictions, and certain types of property ownership where rights are maintained by the current and subsequent owners forever.
Examples§
- Perpetual Easement: A grant of an easement that allows access to a piece of property indefinitely.
- Conservation Easement in Perpetuity: A conservation organization might place a conservation easement on a landowner’s property to protect specific environmental values forever.
- Deed Restrictions: These can include restrictions in property deeds that limit how the property can be used by the current and all future owners, such as restrictions on commercial use in a residential area.
Frequently Asked Questions§
Q: Can in perpetuity clauses be challenged or revoked? A: In perpetuity clauses are very strong, but under certain legal conditions, they can be challenged or revoked, especially if they are deemed unreasonable or no longer serve a public interest.
Q: How does in perpetuity affect property value? A: The impact on property value can vary. For instance, perpetual conservation easements might lower the value due to usage restrictions, while perpetual rights to access resources could increase it.
Q: Are there any taxes or costs associated with perpetual easements or restrictions? A: Yes, there could be taxes or maintenance costs associated with perpetual rights or restrictions. Additionally, legal fees might be incurred in the drafting and enforcement of these agreements.
Related Terms§
- Easement: A non-possessory right to use someone else’s land for a specified purpose.
- Fee Simple: The most extensive interest in real property, providing complete ownership that can be passed to heirs.
- Life Estate: A property interest lasting for the life of a particular person, after which the property reverts to another party.
- Covenant: A written agreement or promise in a deed that imposes certain obligations or restrictions on the use of the property.
Online Resources§
- American Bar Association: A resource for legal information and finding attorneys specializing in real estate law.
- National Association of Conservation Easement Holders (NACEH): Provides information on conservation easements.
- Legal Information Institute (LII): Cornell Law School’s online legal dictionary and encyclopedic entries on legal terms including perpetuity.
References§
- Black’s Law Dictionary, 11th Edition. An authoritative legal dictionary used extensively in the legal field.
- Garner, B.A. (2019). Garner’s Dictionary of Legal Usage. Oxford University Press.
Suggested Books for Further Study§
- Simowitz, R.C. (2018). Understanding Property Law. LexisNexis.
- Flores, A. & Hirsch, A. (2020). Real Estate Law. Cengage Learning.
- Hinkel, D. (2018). Practical Real Estate Law. Cengage Learning.
