If you’re buying a home for sale in Riverview in a community that has a homeowners association, you’ll have to abide by the HOA’s rules. Every HOA has CC&Rs, which are covenants, conditions and restrictions – also known as restrictive covenants.
What Are Restrictive Covenants?
The purpose of an HOA is to preserve property values in a neighborhood, which means the organization creates rules that every homeowner in the community has to follow.
Those rules are restrictive covenants.
When your offer is accepted in a neighborhood with an HOA, you are legally entitled to receive and review the community’s restrictive covenants. However, it’s a good idea to ask your real estate agent to get you a copy of the CC&Rs before you make an offer to purchase a home – that way, you have a pretty good idea of what to expect, and you can make the most informed decision possible. Even if you didn’t read the CC&Rs before your offer was accepted, though, you can typically back out of your purchase contract and keep your earnest money deposit if you find something in the CC&Rs that you can’t live with. (Talk to your agent to make sure, though.)
Are You Buying a Home in Riverview?
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- Riverview homes for sale over $1,000,000
When you’re ready, call us at 813-961-6000. We’ll help you find the right home for your needs!