What are CC&R’s for a home owner’s association
Chances are if you are a homeowner in the Phoenix area, you’ll become familiar with HOA’s because the majority of homes are part of a HOA. The rules that home owners agree to abide by are called Covenants, Conditions and Restrictions (CC&R’s). These restrictions regulate various aspects of home ownership, such as leasing or renting, vehicle parking, architectural guidelines, animal and pets, and so on. Becoming familiar with the CC&R’s before you purchase a homes is a wise decision. Also find out if the HOA is attempting to exercise more control than it should.
Reviewing and Understanding Covenants, Conditions are Restrictions (CC&R’s) is critical
Purchasing a home can be like drinking out of a firehouse! Pre-qualification, loan application, offer acceptance, home inspections and repair negotiation, due diligence and preparing to move can be be overwhelming. Included in this timeline is the receipt and review of the CC&R’s which have long lasting effects on the homeowner. For a more complete discussion of CC&R’s, you’ll benefit from watching the video below.
Some of the more relevant areas a buyer should review in the Covenants, Conditions, and Restrictions include renting and leasing, vehicles and parking, architectural guidelines, residential use, and animal & pet restrictions. A less covered topic is the accuracy of CC&R’s when compared to the Arizona Revised Statutes. An important section of the statutes is found in ARS Title 33 Chapter 16 – Planned Communities. This welcomed section affirms the rights of homeowners who live in a HOA. For example, it sets legal boundaries for aspects such as signs, renting and leasing, displaying flags, parking and vehicles, and solar energy devices. Well worth the reading.
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Due Diligence During the Inspection Period