LESLIE MONACO REAL ESTATE

Real Estate Term of the Day: Conditions, Covenants & Restrictions

CONDITIONS, COVENANTS & RESTRICTIONS (aka: CCRs) – often found in a condominium or a subdivision, these are rules, written into the deeds or bylaws, that define how property may be used.  They prevent property owners from making changes to their individual properties that could result in an unattractive or inharmonious setting, which could adversely affect other owners (Barron’s Dictionary of Real Estate Terms)

These documents will be provided to you before you fulfill the purchase of a property.  It is imperative that you take the time to read through to understand all of the rules & restrictions of the community.  In the Colorado Contract To Buy and Sell Real Estate, there is a condition called the Association Documents Deadline (formally known as the CIC Documents Deadline).  Section 7.3.3 of the contract states that the: “Buyer shall have the Right to Terminate before Association Documents Objection Deadline, based on any unsatisfactory provision in any of the Association Documents, in Buyer’s sole subjective discretion.”

See also: COMMUNITY ASSOCIATION, COVENANT & DECLARATION