What does Restrictions Mean in Real Estate?
In real estate, restrictions are things that are disallowed or limitations when buying property.
Real Estate Agent Explains Property Restrictions
You can do more with your own property than you can if you’re renting, but you can’t just do anything you want. And sometimes there are special restrictions that limit the use of a property – and these things are often (or should be) mentioned on real estate listings. Restrictions may be registered on title (or deed) or listed in condominium documents. It is important to read both documents and all references to fully understand the restriction.
Possible restrictions are*:
|0LOT||Zero lot line|
|BCOMM||Building commitment (time to start)|
|EASE||Easement registered on title|
|MOVE||Must remove mobile home from park|
|PETS-R||Pet restrictions (or board approval required)|
|PHLB||Phone listing agent|
|R-COV||Restrictive covenant (building/design/size)|
|REGSN||Subject to final registration|
|SUBDV||Subject to final subdivision approval|
|UTILR||Utility right of way|
|NOPET||No pets allowed|
*Please note that these are just the restrictions listed by the Edmonton Real Estate Board and that other cities and jurisdictions may have different restrictions.
Why Does It Matter?
Control over where and how you live is an important part of owning property (for more on this, see Why Buy A House), but that isn’t to say you wouldn’t take some limitations for the right place. Sometimes limitations are a good thing. Sometimes they aren’t. For example, having a ‘no pet’ condo would be great if you don’t have pets – you don’t have to worry about dogs barking or cats sneaking out into the hall where they’ll cause your allergies to act up. However, if you have a pet, you know they are one of the family and you might not want to give them up to live in a certain place. And perhaps your resale value is affected because someone with a pet can’t buy your place when you want to sell. It all depends. What you’ll know for sure is that you want to know when there is a restriction so you’ll be able to decide whether that restriction doesn’t matter, benefits you, or makes the property less desirable. More information is always good when buying property so be sure to ask if there are any restrictions to any potential property you’re interested in.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com