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Page 23 of 34 |
What non-government restrictions are there on the use of my property? |
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In addition to laws established by the government, there may also be private party agreements and other restrictions controlling what you can do with your real property. For example, a real estate developer may sell homes in a subdivision or condominiums subject to restrictive covenants in the purchase contract (typically referred to in Real Estate World, as CC&R--covenants, conditions, and restrictions). Lot size, architectural design, vehicle parking and even placement of satellite dishes are subject to the conditions set forth in the purchase contract. Private easements and rights-of-way may be established by grant, implication and prescription enabling others to use a portion of the real property. Typical remedies for violation of private party agreements include an award of damages against the violator and injunctive relief (requiring removal of the violation and prohibiting such a violation in the future).
In addition to the rights that you obtain by owning property, it is important that you recognize that there are responsibilities and potential liabilities to others which also result through ownership of real property. For example,
(1) you may own property subject to a mortgage (if you fail to pay the mortgage, the lender will take the property back);
(2) a lien for payment of a debt can be placed against your property (such as a "mechanic's lien" or "judgment lien"); and
(3) if someone is injured on your property, you may be held liable to the injured person for all damages resulting from your negligence. |
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