Monday, April 29, 2019 / by Jody Lee
I’m often puzzled when talking to a seller that they have either just barely flipped thru or never read their CC&R’s for their neighborhood. It is essential to buying and maintaining a home that you are familiar with your CC&R’s: Covenants, Conditions, and Restrictions.
Even as a seller your listing agent will need a copy of the most recent documents, how much you pay for the HOA and what your dues cover.
Buyers and Current homeowners need to thoroughly read the CC&R’s and understand what they are: declarations are a list of legally enforceable rules and regulations governing everything from maintenance of common areas to what color you can paint your home. While some consider these rules as controlling or a violation of personal freedoms, in fact, they are put in place to help maintain property values and preserve consistency in the community. The Declaration's are legally binding on the property, as well as on its original and all succeeding owners. While each community’s CC&R’s are unique, here are a few of the more common provisions we see:
They must approve and regulate the color you can paint the exterior of your home, what type of fence you can put up. They can restrict the number and type of animal you can own and keep at the home. Parking your vehicles can be regulated to time and placement in front of your home. This is just a few of the more common restrictions we see contained in CC&R’s. Some may even restrict home businesses, and noise coming from your property.
It is beneficial to provide as much info about CC&R’s and HOA dues up front, as a seller. You will want any potential buyers to know right away or before making any offers that the restrictions will work for them. The last thing you want is to have accepted an offer an then find out that there will be a restriction that is not going to work for the buyers and have them back out of the contract from that contingency.
The truth is CC&R’s are there to protect you as a homeowner and maintain the value of y
our community and individual property. Learning and following your CC&R’s is a benefit to the entire community.
I am happy to help if you have any other questions or are ready to sell your home!