What are CC R's in real estate terms?

Answer 1

CC & Rs stands for Covenants, Conditions and Restrictions. Sounds complicated, but it's not really…although they can be lengthy with lots of legalese. You will find them most commonly in subdivisions and they are generally recorded documents. Simply put, this is a description of the things you can and cannot do with your property on the area in which the property resides. Restrictions limit the activities of homeowners (you can't turn your property into a farm) to assure that the property use is consistent with land use in the general area. Covenants are promises to do or not do certain things. You might be prohibited from parking your RV on the street or in the driveway (a separate area would normally be provided). A penalty is usually monetary damages or an injunction (a court order to stop what you are doing). Conditions are pretty much the same as covenants, except that the penalty could be return of the property to the grantor. If there is a Home Owner's Association (HOA) they have the authority to enforce these rules. These are not negotiable, and you will be expected to review and approve these as part of the contractual process. You, of course, will have a copy for your files. If you should decide you cannot abide by the rules, then your best course of action is to withdraw your offer before the end of the contingency period (see your contract).