North Carolina Real Estate: What Homebuyers Need to Know About CCRs
Posted by PerryBundyWebsite | Real Estate Lawyer, Real Estate Transaction Management
Residential real estate is booming. The total value of the residential real estate market in North Carolina surpassed $1.1 trillion for the first time earlier this year. In such an ultra-competitive market, homebuyers must ensure that their rights and interests are properly protected by any purchase agreements. CCRs are too often overlooked. Here, our Monroe real estate lawyers explain the key things to know about covenants, conditions, and restrictions (CCRs) in North Carolina.
Understanding Covenants, Conditions, and Restrictions (CCRs) in North Carolina
Broadly defined, covenants, conditions, and restrictions (CCRs, CC&Rs) are legal terms that affect the rights and responsibilities of a property owner (homebuyer). Most often, you will see CCRs in-home contracts for planned communities—such as in a condominium building or a community governed by a homeowners’ association (HOA). While CCRs are frequently grouped together, they technically refer to different things in North Carolina:
- Covenants: In real estate, the term covenant generally means a promise to something. It is often an affirmative obligation for a property owner. Many covenants run with the property itself. Though, some may only apply to a particular homebuyer.
- Conditions: A condition is a contingency that must be satisfied. If a homebuyer fails to meet a certain condition, they could lose out on certain property rights.
- Restrictions: A restriction on the use of the property. It is not uncommon for condo association restrictions or HOA restrictions to be placed on residential properties in planned communities in North Carolina.
Covenants, Conditions, and Restrictions Apply in Many Differents Contexts
CCRs are not the same as zoning or permitting. They are not a state or local rule or regulation. Instead, they are private responsibilities that arise from contract law. In the context of residential real estate, covenants, conditions, and restrictions may apply to any or all of the following:
- Exterior building or aesthetics;
- Interior building or aesthetics;
- Landscaping and parking;
- Property use, including vacation rental rights;
Every Real Estate Purchase Agreement Requires a Thorough Review
With residential real estate contracts in North Carolina, the specific terms of the agreement always matter. Before you finalize the purchase of a home in Union County, you must be sure that you fully understand the implications of the contract, including any covenants, conditions, and restrictions (CCRs). All residential real estate agreements should be thoroughly reviewed by an experienced attorney. A Monroe, NC residential real estate lawyer for homebuyers will make sure that the contract properly protects your rights and is truly in your best interests.
Schedule a Confidential Consultation With a Real Estate Lawyer in Union County
At Plyler, Long & Corigliano, LLP, our North Carolina real estate transaction attorneys have extensive experience advising clients on issues related to covenants, conditions, and restrictions (CCRs). Contact us at 704-289-2519 to set up your completely private appointment with an attorney. We provide real estate representation throughout Union County, including in Monroe, Mint Hill, Stallings, Indian Trail, Weddington, Unionville, and Hemby Bridge.