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The habendum clause in a deed describes the interest and rights of the grantee, including any restrictions.
When it is on a lease, it describes the interest and rights of the lessee.
In layman language, it basically defines the relationship between the land and possessor. It specifies the rights, as well as the limits of those rights.
The clause usually starts with the words “to have and to hold” which defines the quantity of the estate granted via the deed.
In most real estate transactions where there is an outright transfer of ownership, the habendum clause by default will state that the transfer is without restrictions, giving the new owner absolute ownership.
The exception being government rights.
Limitation specifically stated in the clause are usually found in timeshare transactions where the sharing of ownership will mean some restrictions on owners.