Covenants, Easements, Eminent Domain and Restrictions in Real Estate

By: Mark Nash
Submitted: 2007-01-17 16:25:36
Print this article | Tell a friend | For publisher | Social Bookmarking
Rating:
 

Owning property and it's legislated bundle of legal rights can become complex when you aren't aware when your rights are being violated. Once a property survey is done, it might include easements and encroachments which might affect the value of your property. Or, if you're purchasing a home in a Homeowners Association (HOA), you will be presented with the covenants and restrictions, and most deeds carry covenants on animals and other non-residential uses, make sure you read them carefully. Eminent domain has been a hot topic in 2006, as the Federal Courts have ruled in a new direction that has wide implications for homeowners across the nation.

Covenants. Is an agreement contained in a deed or Homeowners Association to limit or deny certain uses such as barnyard animals, industrial noise or waste. In HOA's covenants can eliminate motor homes or dictate that garbage cans are hidden from view.

Easements. A right given and assigned to a specific third party to use land for a specific function. Most properties grant easements to utility companies for water, sewer, cable, power and telephone lines. You can also give a neighbor an easement for their driveway to run over your property if theirs is land-locked. Many resort subdivisions grant easements to lake front beaches to homeowners who do not have lake frontage.

Eminent Domain.The power of local, county, state or U.S. Government to condemn and purchase at current market value a property to be used for public use; such as a road, school or hospital. Recent rulings have changed this to include "the highest and best use" for a property, including purchasing a single-family home for re-development as condominiums.

Restrictions. Similar to covenants in that they restrict fence heights or the number of cars you can park overnight outside a garage, the number and type of pets in a HOA or the style and color of alterations to your home.

© Copyright 2006 Mark Nash

Mark Nash, is a residential real estate author, broker, columnist and writer based in Chicago. His fourth book 1001 Tips for Buying and Selling a Home received eighteen five star reviews on Amazon.com. His latest book; Real Estate A-Z for Buying & Selling a Home will be published in December 2006. Mark publishes a free monthly ezine for real estate professionals. Agent to Agent features ten articles that offer free reprints for agents, home buyers and sellers through EzineArticles.com . Real estate news and book reviews, Celebrity Homestyles, Home selling and buying tips and advice, Joke-of-the-Month, Help this Agent, and agent marketing tips. Over 5000 subscribers in the U.S. & Canada. Subscribe at: http://www.1001realestatetips.com/forrealestateagents.html

Article source: Expert Articles

Most Recent Articles in Real Estate category

  • The Silver Lining of the Foreclosure Crisis - By: Leslie Eskildsen
    They need capital to not only buy the home, but also to restore it. Foreclosure homes can range from an empty, abandoned building to a trashed house with garbage strewn all over the place, missing fixtures and a galloping case of mold or termites.
  • Why You Should Invest in Spanish Property - By: Craig Edmonds
    The reasons why people choose to invest in Spanish property are varied. Those wanting to spend their vacation in this beautiful country know all about its beautiful beaches and romantic culture. They want to experience its golden sunsets and warm nights with the sea air wafting through the curtains.
  • Additional Inspections to Get Before You Buy That Home - By: Greg Smith
    Hiring a licensed pest inspector to check the home for wood destroying organisms such as termites and mold is always a good idea. Termite infestation wreaks havoc on the wood structures in your home, while keeping their presence a well-kept secret. Often it isn't until a great deal of damage has been done that you discover that you have termites.
  • The Ins & Outs of Sale Contingencies - By: Greg Smith
    A sale contingency is a critical contract addition for a buyer who owns a house that he or she needs to sell before closing on a new one. If she doesn't add this provision to the contract, she faces the possibility of having to pay two mortgages. With a sale contingency in place, the contract for the new home becomes null and void if she is unable to sell her home.
  • Problems With Mineral Rights Leasing - By: Anna Poelo
    Problems and disputes cannot be wholly avoided in mineral rights leasing.
  • Milwood homes for those wanting to settle - By: Joe Cline
    It is your typical Austin community: landscaped lawns, tree-lined side-streets, kids playing, couples strolling, all awash in Texas sun on a summer's day, and you scout around for 'for sale' or 'for rent' signs.
  • Rosedale: An Austin Neighborhood By Any Other Name - By: Joe Cline
    Rosedale is simply enchanting. The small cottage-like homes offer a charming, homey, and exquisite appeal. The neighborhood offers a mix of the old and new Austin.
  • The 4 Parts of a Business Plan for Real Estate Agents - By: Cheri Alguire
    This model of business planning and goal setting for Real Estate Professionals breaks the process down to four parts and seventeen steps.
  • Tenant Screening - the first line of defense - By: Garret Lloyd
    Getting a tenant for an unoccupied apartment is definitely a good idea. But getting good tenants is of prime importance in order to ensure safety and peace of mind in the long run.
  • What is online reverse auction? - By: Ron Victor
    Reverse auction deals with internet auction and e-purchasing. This is also known by many names like procurement auction, sourcing event, e-sourcing, and e-auction. Generally in an auction, purchaser is allowed to place a bid on an item on the amount that he is willing to pay so that he can buy that item.