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What is a restrictive covenant? (PT5)

Hey this is your power realtor, Cherine Anderson with another power tip.

 

Have you heard the term restrictive covenants?

You see it pon your title?

 

Well let me explain, simply put, a covenant is a promise to do or not to do something and more specific to real estate, a restrictive covenant is a clause that is on your property title that says to the owner you cannot do so and so and so and so.

 

So for example, let’s say you have parameter walls that when you buy the property it was at four feet and you decided you want to take it to eight feet for security. You would be breaching that covenant.

 

Or let’s say you have an apartment and you want to turn it into a school or a church. You could also potentially be breaching the covenant and this could be a $300,000 problem.

 

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