Are covenants needed?

[stanis]

2 married couples own a vacation house in Delaware. They are compiling an agreement to cover joint ownership, use, custody, maintenance, rights of sale, etc. One couple thinks these articles of agreement should be recorded on the deed as covenants, the other couple does not. Who is right? Why?

 

[HomeGuru]

There is no need to record the agreement but you may if you want to.
Reason being; the property cannot be sold unless all parties on title agree to the sale and the disbursement of funds, if any.

 

[stanis]

If the property is sold, would new owner be bound by these covenents? Is it difficult to remove or change covenents?

 

[HomeGuru]

Very good question. All your attorney would have to do is stipulate in the document that this agreement is terminated upon the sale of the property, etc.