What does t mean in real estate?
REO – real estate owned. ROI – return on investment. TT – transfer tax.
What does R mean in property?
Definition of “R value”
Heat resistance measure commonly used with insulating material, outside walls, and roofs. The higher the R value, the more heat transfer resistance a material has.”
Who enforces CC&Rs when there is no HOA?
Because recorded CC&Rs are a contract, any homeowner may enforce the terms of that contract against another homeowner. So if there is no functioning HOA, it may still be possible for any homeowner in the community to enforce the restrictions in court.
Is the seller liable after closing?
To hold a seller responsible for repairs after the closing, a buyer must prove that the seller withheld material facts about the home’s condition. A seller is unlikely to be held liable for repairs after the close of escrow if the seller disclosed all known defects to the buyer.
What does Zone R mean?
This zone is a residential zoning district, … Districts designated for residential use, RR, RS, R-1, R-2 and R-3, are limited to dwellings and the uses normally associated with residential neighborhoods. Such uses include schools, churches and parks.
What is the minimum setback for R-1 residential lots?
18.06. 030 Residential development standards.
|Building Site Characteristics||R-1||R-1–B1|
|Minimum site area (square feet)||5,000||6,000|
|Minimum average site width||50′||60′|
|Minimum front setback||20′||25′|
|Minimum side setback||5′||5′|
What is CC and R on a property?
The Declaration of Covenants, Conditions, and Restrictions, commonly known as the CC&Rs, is a legal document that is filed with the county recorder’s office and made a part of the official real estate records that run with the land that is part of the community.
What is the difference between CC&Rs and bylaws?
An HOA’s governing documents are usually in the form of a Declaration of Covenants, Conditions, and Restrictions (CC&Rs) and bylaws. The CC&Rs set out the rules of the HOA community. … The bylaws, on the other hand, govern how the HOA operates. They describe how to run the HOA as a business.
Do state laws override HOA rules?
The simple answer is NO. HOA rules cannot override state law. … Just as the country’s laws are designed with an ordered hierarchy (the Constitution trumps federal laws; federal laws trump state laws and so on), there is an order of priority for community association documents.
Does no HOA mean no covenants?
Civil Code often allows homeowners the right to enforce their community’s CC&Rs against their neighbors, even in the absence of a functioning HOA. … Some states rule that the enforcement of covenants and restrictions essentially ‘dies’ with the HOA if it ceases to function.
Can Neighbours enforce restrictive covenants?
Can a neighbour enforce a restrictive covenant? A neighbour can only enforce a restrictive covenant on a property or land if they are the landowner that benefits from the covenant. A neighbour that has no direct connection to the restrictive covenant cannot enforce it in any way.
Does a restrictive covenant run with the land?
Restrictive covenants usually run with the land which means they bind anyone who becomes the legal owner. So for example if the land is subject to a restrictive covenant of “not to build a structure on the property”, then anyone who buys the property must comply with this restriction.