Keep These Notes in Mind When Purchasing a Deed Restricted Community
When on a quest to find their dream home, many people already have an idea of what they want in a new house. Whether those wishes includes a fenced in yard, two car garage, or a place to park a camper for weekend getaways, it is important to know that some communities restrict what homeowners are allowed to do in the property’s deed. A deed restricted community has specific protocols in place that limit homeowners’ abilities to do certain things with their property. Before purchasing a home in one of these communities, prospective homeowners should be aware of some important items.
What is a Property Deed?
A property deed is a legal document that transfers ownership from one individual to another. It includes a description of the property being sold as well as the parties involved in the transaction. There are several different types of deeds depending on the transaction. Any deed can outline specific deed restrictions, which is a list of requirements regarding the property. This list is where buyers can see what they are allowed and not allowed to do with the property after purchasing it.
What is a Deed Restricted Community?
Some neighborhoods are considered deed restricted communities. These communities are usually run by a homeowners association (HOA) that has established rules and regulations. The HOA creates these regulations for the overall good of the community and its residents. Depending on the community, restrictions can vary.
Common Deed Restrictions
Some common deed restrictions include:
- Limited or no use of the property as a business.
- Restrictions on the type of fencing, color of a front door, or type of garage door allowed.
- The number of pets/animals allowed.
- Whether campers, boats, and even trash cans are allowed to be placed or stored within sight.
- Limits on property modifications.
- Age restrictions (i.e. 55 & older communities)
Before deciding to buy a home in a deed restricted community, buyers should review the restrictions in great detail to consider how they impact their current desires as well as future dreams. It may also be a good idea to discuss the restrictions with a lawyer before purchasing.
AR Management offers full-service property management to many deed restricted homeowner and condo associations. For additional information, contact us today.