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Metropolitan DC Local Politics
Reply to "There is no housing crisis in MoCo or most of the DMV for that matter "
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[quote=Anonymous]The rule against perpetuities is a legal concept that a future interest in land must vest or fail within a certain specified time frame. So, for example, if I give you a written option to purchase my house for $100, there has to be an ascertainable time frame during which you have to either exercise the option or not. There are lots of nuances but that is the basic option. A covenant is a present restriction on the use of land and it is binding between the parties to it (as well as their successors in interest to the land) unless the covenant is declared void as a matter of public policy, which was the case with racially restrictive covenants, or a historical pattern of being disregarded (e.g., all the houses on a block have a covenant requiring a100 foot setback but over the next 75 years the covenant is consistently disregarded and unenforced). Otherwise, private covenants are fully binding and very difficult to get out from under.[/quote]
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