CC&Rs is real estate acronym which stands for Covenants, Codes, and Restrictions. Often regarded as classic legal boilerplate, CC&Rs variously regulate the usages and aesthetics of a neighborhood or development to a greater or lesser degree.
CC&Rs are covenants, conditions and restrictions applied to homeowners who live in areas that have a homeowners’ association. CC&Rs must be disclosed prior to final sale of a home, and can sometimes make the difference between whether or not a home is purchased. CC&Rs set forth particular rules that must be followed by the purchaser. Failure to comply with CC&Rs can result in warnings, fines and legal action against the homeowner. An agreement to purchase is assessed as an agreement to follow all CC&Rs.
Related Topics: cc rs, Covenants, Conditions, Restrictions