March 22, 2007

How Do Restrictive Covenants Affect The Buyers Of Homes For Sale?

Restrictive covenants (also called deed covenants) have been affecting buyers of real estate for as long as property has been transferring ownership. Such covenants are a condition of sale for real property, placed on the buyer by the seller or passed on from previous owners. By purchasing the property, the buyer agrees to abide by these restrictions on the use of the property.
Restrictive covenants are especially important to buyers of homes for sale; since they, like zoning laws, restrict how you may use your own property. Where city officials enforce public zoning laws, private parties enforce restrictive covenants 0 generally a homeowners association or individuals who are affected by violations.
Restrictive homes for sale covenants protect the value of the home, itself, as well as the properties surrounding it. Some homes for sale covenants protect the people who live in close proximity to the property, such as other condominium or townhouse owners.
In earlier and not so charitable times, such covenants restricted to whom you could sell your home. Upscale areas of a city wanted to keep their neighborhoods free of particular races or ethnic groups. In the 050s and 060s, such covenants were deemed unconstitutional by the 5th and 14th Amendments […]

Full Article At: KnowHow-Now.com Articles

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