Buying a Condo: Reviewing the Covenants, Conditions & Restrictions
Category : Buying a Home
Are you interested in buying a condo? If so, Southwest Florida has plenty of options available to you. Before you sign on the dotted line, though, you should be aware of one key document that you’ll need to study for your purchase: the condo association’s Covenants, Conditions & Restrictions (CCR) document.
What is the CCR?
The CCR is otherwise known as the rules and regulations of a condo’s association, or the governing body for the condo community. The association is in charge of, among other things, overseeing the facility’s upkeep and maintaining the amenities in the community. They collect dues and assessments as a way of keeping everything in order.
Reviewing the Covenants, Conditions & Restrictions is a must because it tells you what is allowed and isn’t allowed in your condo. This could cover anything from pets to décor. They can address what kind of flooring you can have, how many parking spaces you’re allowed, what your responsibilities are for the common areas, and other things.
Why is reviewing the document important?
Reviewing the CCR before you decide on a condo is huge because you want to know exactly what you’re allowed to do. Since a condo association is a community of fellow owners, there are certain obligations and concessions that are made in the interest of the group as a whole.
Knowing the CCR is a way you can make sure you fit in with the expectations and avoid any penalties that can be assessed later if you are in violation.
Living in a condo community is often incredible. Going over this key document before you decide to buy is one way to ensure that you and the condo community you select are a perfect fit.