Homeownership is a goal for most Americans, but it is a big responsibility. There are many financial, legal, and maintenance issues that you must keep up with.
PUD vs. condominium. One is a planned community. The other is a building with individual units.
PUD ownership resembles a house, because the resident owns the house and the lot.
A condo owner only owns the inside of the individual unit within the building.
How to find CC&Rs for a property may be challenging at times.
Often. the seller/owner does not have a copy anymore. Further, some complexes no longer have HOAs where you can find a copy.
If all else fails, they should be recorded with your local government.
What is CC&R in real estate? It means covenants, conditions, and restrictions.
Their purpose is to maintain property value and neighborhood aesthetics.
The are usually enforced by HOAs, but individuals may enforce them through civil litigation.
Structural encroachment is a big problem. Often it is expensive and time consuming to remedy.
Likely, you must hire a lawyer to deal with the issue.
Can someone steal your home title? No, but they can cause you a lot of problems.
Scammers use identity theft to forge documents and sell or borrow against your home.
There are steps you can take to prevent this from happening to you.
CC&Rs are legally binding agreements to maintain your property according to the community standards.
Their purpose is to maintain home values and help the appearance of the neighborhood.
Nonconforming use variances are granted when a property no longer complies with local zoning laws.
A business operating in a neighborhood when zoning laws change the area to residential probably will get a variance so they can continue to operate.
PUD in real estate is a planned unit development with a HOA. They enjoy flexible zoning.
Owners buy a lot and have access to opens spaces and amenities provided by the HOA.
The government uses eminent domain to take land for public benefit.
They can only take your land for public use or purpose. Also, they must pay you a fair price for your home.
You can fight to stop the action based on use or compensation, but the litigation is often long and expensive.
An encumbrance in real estate can be land use or financial.
Land use restrictions include easements, setbacks and zoning issues.
Liens are financial issues and include mortgage, mechanics, and tax.
