Restrictive Covenants Pros And Cons
RESTRICTIVE COVENANT
A restrictive covenant may be conceptualized as an agreement (covenant) included in a deed to real property that the buyer (grantee) will be limited (restricted) as to the future use of the property.
For example, no fence may be built on the property except of dark wood and not more than six-feet high; no tennis court or swimming pool may be constructed within 30 feet of the property line; and, no structure can be built within 20 feet of the frontage street. Commonly these covenants are written so that they can be enforced by the grantor and other owners in the subdivision, so that future owners will be bound by the covenant (called "covenant running with the land" if enforceable against future owners).
“The land where …show more content…
Restrictive covenants obviously place restrictions on the free use of land, but there can also be benefits to purchasing property subject to restrictive covenants. Restrictive covenants, such as architectural guidelines, ensure not only a certain level of uniformity and standard of design, but also the consistent use of property within a community .”
“Restrictive covenants are commonly created to impose restrictions that are customized to the needs of an area or development.
There are three main types of restrictive covenants:
• Building covenants imposed by developers to ensure that the owners of lots complete building works within a certain timeframe and in accordance with specific building requirements (for example, in relation to building height, colors and setbacks).
• Covenants designed to protect the neighborhood character or guide the long term development of an area.
• Covenants that impose rules of communal living on lot owners .”
Restrictive Covenants are also imposed to either increase property values (say, by preventing residents from painting their homes ugly colors) or to maintain order within the neighborhood (perhaps by mandating certain days or methods of putting out
A restrictive covenant may be conceptualized as an agreement (covenant) included in a deed to real property that the buyer (grantee) will be limited (restricted) as to the future use of the property.
For example, no fence may be built on the property except of dark wood and not more than six-feet high; no tennis court or swimming pool may be constructed within 30 feet of the property line; and, no structure can be built within 20 feet of the frontage street. Commonly these covenants are written so that they can be enforced by the grantor and other owners in the subdivision, so that future owners will be bound by the covenant (called "covenant running with the land" if enforceable against future owners).
“The land where …show more content…
Restrictive covenants obviously place restrictions on the free use of land, but there can also be benefits to purchasing property subject to restrictive covenants. Restrictive covenants, such as architectural guidelines, ensure not only a certain level of uniformity and standard of design, but also the consistent use of property within a community .”
“Restrictive covenants are commonly created to impose restrictions that are customized to the needs of an area or development.
There are three main types of restrictive covenants:
• Building covenants imposed by developers to ensure that the owners of lots complete building works within a certain timeframe and in accordance with specific building requirements (for example, in relation to building height, colors and setbacks).
• Covenants designed to protect the neighborhood character or guide the long term development of an area.
• Covenants that impose rules of communal living on lot owners .”
Restrictive Covenants are also imposed to either increase property values (say, by preventing residents from painting their homes ugly colors) or to maintain order within the neighborhood (perhaps by mandating certain days or methods of putting out