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Restrictive covenants 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.
Whether you are purchasing property for residential use or for commercial use, it is important to know, first, what restrictions and obligations are tied to the land you are about to purchase, and second, the consequences to you if you don t, or can t, comply with those restrictions and obligations.
Newspapers and online publications frequently feature articles and editorials regarding restrictive covenants and the owners associations that enforce those covenants. Lawmakers have, and will likely continue to, attempt to pass legislation to reign in the powers of owners associations. Yet purchasers of property still do not seem to place enough importance on the impact restrictive covenants and the
Restrictive Covenants: What Are They And Why Should You Care? Thursday, May 6, 2021
Restrictive covenants 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.
Whether you are purchasing property for residential use or for commercial use, it is important to know, first, what restrictions and obligations are tied to the land you are about to purchase, and second, the consequences to you if you don t, or can t, comply with those restrictions and obligations.
Newspapers and online publications frequently feature articles and editorials regarding restrictive covenants and the owners associations that enforce those covenants. Lawmakers have, and will likely continue to, attempt to pass legislation to reign in the powers of owners associations. Yet purchasers of property still do not seem to place enough importance on the
To embed, copy and paste the code into your website or blog:
The concept and designation of the Declarant arise from the formation of a planned community or a condominium.
When the developer declares land to restrictions described in a Declaration for a planned community or a condominium, that developer has the opportunity to reserve certain rights to itself as the Declarant. Although there is no requirement that the developer reserve such declarant rights, it is common practice to do so and very unusual for a developer to form a planned community or condominium without reserving declarant rights. Subsequently, any party who holds any of the reserved declarant rights is a Declarant.