For readers of our Denver real estate legal blog who might be unfamiliar with the acronyms in the above post headline, we’ll quickly spell them out: homeowners association covenants, conditions and restrictions.
If you’re just looking into a Colorado purchase in a planned-development neighborhood as either a family home or investment property, you might reasonably have never heard of CC&Rs. If, however, you’re a seasoned member in such a community, you might be able to recite a few provisions applicable to them verbatim.
Moreover, it’s likely that you can offer up a bit of advice concerning them to a prospective buyer in the form of this admonition: “Look before you leap.”
One online overview stressing a would-be buyer’s need to thoroughly review and understand all realty contracts material to a transaction makes a telling point. It stresses that some buyers are so enamored of a home upon first impression that “they fail to take the time to read the CC&Rs that come with the property.”
That can turn out to be a big mistake, especially for tenants who later seek to adapt or otherwise modify their properties in a way that sets them off from other homes. Although that might be allowed, it might not be, with the details frequently being spelled out in a planned community’s covenants, conditions and restrictions.
Purchasing real estate is always a big deal, with it being important for a buyer to be forearmed with as much knowledge as possible concerning all key property-linked matters.
The above-cited article duly stresses that a prospective homeowner can enlist help from a proven real estate attorney to “cut through the CC&R confusion” and provide other importance assistance in a property transaction.