They have a significant and substantial impact on the use and value of property yet they are often ignored entirely or not considered until the end of the due diligence period before purchasing the property. So, use this as a tool for evaluating the property for your use rather than an initial filter of criteria. They can be very restrictive or very minimally restrictive. The purpose is to try and maintain property values as well as have a uniform appearance to the public. Restrictive covenants are rules placed on a subdivision or on development that restrict or govern the people that live inside of that development. We refer to them as CCR’s, this usually incites a question and allows for explanation.
Give notice.Ĭovenants, Conditions and Restrictions is the common name, but can have many less “scary” terms. When documents are not filed it creates it’s own set of problems in the purchase and transfers of sale, so… if you have it, file it. Filing is “constructive notice, or notice to public”. They do not need to be filed at the courthouse to be valid, filing does not make something legal, the preparation and endorsements or the document do. They run with the land, meaning they transfer from owner to owner and are attached to the land and any subsequent sales. Here it is…ĬCR’s aka… covenants, conditions and restrictions, protective covenants, deed restrictions, restrictions, use encumbrances, subdivision rules, lot restrictions,Īs with title commitments, (click here) , CCR’s are a predetermined set of guidelines to live by if you purchase a property with them attached. While we have no attorney on staff, and these are not an attorney’s opinion and are we are not giving legal advice… we do have opinions based on our experience.
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